World's Biggest Pension Funds have halted their investments in the U.S. until the country stabilizes
Some of the world’s biggest pension funds are halting or reassessing their private market investments into the US, saying they will not resume until the country stabilises after Donald Trump’s erratic policy blitz. The moves underscore how big institutional investors are rethinking their exposure to the world’s largest economy as the US president’s trade policy upends markets, adding pressure to America’s private capital industry, which is under increasing liquidity strain. Some top Canadian funds are backing away from taking on more US private assets because of geopolitical concerns and fears they will lose tax breaks on their American investments. Canada Pension Plan Investment Board, which has C$699bn ($504bn) in assets, is among those considering its approach. Meanwhile, one of Denmark’s biggest retirement funds has paused new investments in US private equity because of concerns over stability and Trump’s threats to take over Greenland, an executive at the fund told the Financial Times. Source: FT, Barchart
$AAPL Apple gets upgrade at KeyBanc, Wedbush keeps bullish views amid Trump's tariffs scenario.
$APPL is up +4% Source: @DivesTech
NVIDIA TO MANUFACTURE AMERICAN-MADE AI SUPERCOMPUTERS IN US FOR FIRST TIME:
RTRS NVDA PLANS TO PRODUCE UP TO $500BN INFRASTRUCTURE IN THE US US VIA PARTNERSHIPS WITH TSMC, FOXCONN Source: zerohedge Image by created with DALL·E
Global M2 (in orange) vs bitcoin lagged 10 weeks (in blue)
M2 proxy vs BTC continues to hold. Could the surge in Global M2 push $BTC to new highs?
Isn't it the most compelling chart for being a stock market investor?
Over the last 50 years: -US Inflation: up 6x -S&P 500 dividends: up 21x -S&P 500 total return: up 323x Over the long run, stocks trounce inflation and protect your purchasing power. Source: Peter Mallouk
This is a fascinating chart for anyone looking at the gold-to-silver ratio in a historical context - courtesy of Otavio (Tavi) Costa.
Over the past 125 years, the ratio has only spent brief moments above the 100 level — extremes like this tend not to persist for long... Source: Tavi Costa, Crescat Capital
Crazy numbers coming out of China
A $100 billion (goods) surplus in March, a $275 billion goods surplus for q1 (up from $185 billion last year) and a surplus of nearly $1.1 trillion over the last 4 quarters... The easy explanation is tariff front running. But it seems "too easy" as an explanation. China's exports to the US and the EU look identical -- and there is no "reciprocal" tariff threat out of the EU. Same story with emerging markets: more exports and fewer imports. Source: Brad Setser @Brad_Setser on X
Mag7 stocks trade at the cheapest in more than 2 years
Source: Mike Zaccardi, CFA, CMT @MikeZaccardi
