The "debasement trade", the decline in the purchasing power of USD, in one chart since 2020:
Bitcoin: +1400% Silver: +182% Nasdaq 100: +176% Gold: +166% S&P 500: +102% In gold: NDX +4%, SPX -24% In Bitcoin: NDX -84%, SPX -89% Source: Global Markets Investor @GlobalMktObserv
Goldman Sachs basket YTD performances:
1/ GS US Drones + 128.7% 2/ GS US Quantum Computing +124.7% 3/ GS Meme stocks +73.4% Source: RBC, GS
Leveraged ETFs now have almost $160 Billion in assets, a new all-time high 🚨🚨
Source: Barchart
🔴 The US government posted a $1.8 TRILLION (6% of GDP) budget deficit in Fiscal Year 2025, which ended in September.
This matches the 3rd-largest budget gap in HISTORY. Revenues hit $5.2 trillion while spending $7.0 trillion. Source: Global Markets Investor
From Bloomberg:
“Bond holders want an ever-higher premium to hold the debt of developed-nation governments as turmoil in France and Japan underscores how politics is eclipsing central bank policy globally as a key market driver.” Source: Mohamed A. El-Erian @elerianm
Power Bills Surge in Deregulated States:
Over the past three years, residents in Maryland, Connecticut, Delaware, D.C., and California have seen electricity bills jump 29%, about 20 percentage points higher than overall inflation and well above the national average. By contrast, regulated states like Michigan, North Dakota, Arkansas, South Dakota, and Louisiana experienced only about a 5% rise in power costs Source: StockMarket.News @_Investinq
Quotes from Barron's & chart from McKinsey on AI CAPEX...
Source: Bloomberg, McKinsey, RBC
World‘s 4th richest country becomes first Eurozone member to invest in Bitcoin.
Luxembourg’s Intergenerational Sovereign Wealth Fund (FSIL) has allocated 1% of its $730 million portfolio to Bitcoin. Source: @CarlBMenger
