First Word
The 5 challenges we see for incoming Fed Chair Warsh in his first 100 days.
VIDEO_:_ We discuss the 5 challenges in the first 100 days for incoming Fed Chair Kevin Warsh. The economy is strong, but we know there...
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Macro Minute Video
Video: Macro Minute: The 5 challenges we see for incoming Fed Chair Warsh in his first 100 days.
VIDEO_:_ We discuss the 5 challenges in the first 100 days for incoming Fed Chair Kevin Warsh. The economy is strong, but we know there...
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First Word
$NVDA results good enough. FOMC minutes hawkish bias if inflation persists. Equities show impressive resilience
Equities are essentially flat for the week, a sign of impressive resilience considering oil is still near multi-decade highs and interest rates are at 1-year...
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Macro Minute Video
Video: Macro Minute: $NVDA to report Wed and with a forward P/E of 19X, still reasonably priced. Oil and 10Y headwinds, but swaps show CPI YoY likely to peak in June 2026
VIDEO_:_ NVDA is set to report Wed and equities have been soft in front of this, particularly given oil is back to highs and yields...
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Macro Minute Video
Video: Macro Minute: $NVDA results Wed and Warsh Friday are key macro events. Software risk/reward still attractive given the sizable underperformance since Oct
VIDEO_:_ There is a lot of macro this week and the focus will be on NVDA -2.01% Wed and new Fed Chair on Friday. We should...
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Macro Minute Video
Video: Macro Minute: Hot April Core PPI, but market takes this in stride = good. Median P/E of S&P 500 still "de-rating"
VIDEO_:_ April Core PPI was higher than consensus at +1% MoM and many of the biggest surges were petroleum and chemical based products. Despite this...
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Macro Minute Video
Video: Macro Minute: April Core CPI above expectations at +0.38% MoM, distorted due to Oct govt shutdown. Alternative Truflation shows much lower current inflation
VIDEO_:_ Today's April CPI report highlights the question of what are the inflation metrics that matter to the Fed. Energy will cause inflation to rise. ...
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Macro Minute Video
Video: Macro Minute: April Core CPI on Tue am and will likely show first hints of inflation. Polymarket shows 74% chance of Clarity Act passage = good for crypto
VIDEO_:_ There are a few things we are watching this week. First, is April Core CPI on Tuesday. This will reflect the first impacts of...
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Macro Minute Video
Video: Macro Minute: The stocks working in 2026 so far sell things that are scarce = our thesis is tracking.
VIDEO_:_ We look at the leaders in 2026 so far, and it is companies that sell something scarce. The crypto bear market or 'crypto winter'...
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First Word
The stocks working in 2026 deliver things that are scarce = market makes sense. Still see a 3-phase market in 2026.
The S&P 500 registered a new high today (7,273 intraday high) and we continue to see positive risk/reward. While some investors remain wary and even...
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