Buffett's few final thoughts in his final letter-
Source: Jeff Park @dgt10011
This is Historic: Retail investors own the risk.
Households are holding a record 52% in equities, up from 25% after 2008. That’s above every cycle before it. Source: Goldman Sachs, zerohedge
Buybacks are back...
"Goldman estimates over $6B worth of stock buyback vwap demand for each November trading day" Source: zerohedge
US corporate earnings growth is booming:
S&P 500 quarterly earnings growth is up to +18% YoY in Q3 2025, the highest since Q3 2021. Excluding the post-pandemic recovery, this marks the strongest growth since 2018. This comes as 6 of the 11 S&P 500 sectors reported positive average EPS growth in Q3, a material improvement from just 2 sectors in Q2. Additionally, median profit growth in the Russell 3000 index hit +11% YoY, the highest since Q3 2021 and up from +6% in Q2. Overall, the frequency of earnings beats is now among the highest on record. Earnings momentum is incredibly strong. Source: FT, Global Markets Investor
Data centre operator CoreWeave’s stock has fallen more than 20 per cent over the past two weeks, alongside the drop in bigger names.
On Tuesday, the company’s shares were down a further 16 per cent after it lowered its forecast for annual revenue as a result of expected data centre delays. The cost to protect against a default on CoreWeave’s debt has jumped as the equity price has fallen, with the group’s five-year credit default swaps trading at 505 basis points, from below 350bp at the start of October, according to LSEG data. Source: FT
Germany creates a substantial infrastructure package and then allocate 50% of it to other purposes.
At least, that's what a study finds. Source: FT
*SOFTBANK SHARES FELL AS MUCH AS 10% (before recovering somewhat to close at -3.5%)
Maybe liquidating NVDA to invest in its biggest cash-incinerating client wasn't the best idea... Source. zerohedge
Odds of a rate cut at Fed December meeting have increased again (70%+) but Fed officials remain divided on three questions that come down to judgment calls:
1. Will tariff-driven cost increases truly be a one-off? 2. Does weak hiring reflect a demand slump or reduced supply? 3. Are rates still restrictive?
