CHOOSE YOUR FIGHTER Warren Buffett vs Stanley Druckenmiller Buffett stepped down as Charman of Berkshire Hathaway $BRK.B today. Druckenmiller has never had a losing year in more than 30 years. Here are their full portfolios as of Q2 2026. BERKSHIRE HATHAWAY - Apple $AAPL: 22% - American Express $AXP: 17% - Google $GOOGL: about 12.6% across both share classes - Coca-Cola $KO: 11% - Bank of America $BAC: 9.2% - Chevron $CVX: 4.7% - Occidental $OXY: 4.3% - Chubb $CB: 3.9% - Moody's $MCO: 3.7% - Kraft Heinz $KHC: 2.6% - DaVita $DVA: 2.1% - Delta $DAL: 1.8% - SiriusXM $SIRI: 1.2% - VeriSign $VRSN: 0.8% - Kroger $KR: 0.7% - Liberty Live $LLYVA: about 0.6% across both share classes - Ally $ALLY: 0.4% - Lennar $LEN: 0.4% - New York Times $NYT: 0.4% - Capital One $COF: 0.2% - Louisiana-Pacific $LPX: 0.1% - Nucor $NUE: 0.1% - Macy's $M: 0.1% - NVR $NVR - Jefferies $JEF - D.R. Horton $DHI DUQUESNE FAMILY OFFICE - Natera $NTRA: 17% - Insmed $INSM: about 5.7% in shares and calls - Taiwan Semi $TSM: 5.4% - Brazil ETF $EWZ: about 5.1% in shares and calls - Amazon $AMZN: about 4.6% in shares and calls - STMicro $STM: 4.5% - S&P 500 Equal Weight $RSP: about 3.7% in calls and shares - Fox $FOXA: about 2.8% across both share classes - YPF $REPYY: 2.7% - CDW $CDW: about 2.7% in shares and calls - BBB Foods $TBBB: 2.3% - Google $GOOGL: 2.3% - Seagate blockstack:native: 2.3% - United Airlines $UAL: 2.1% - Sea $SE: 2.0% - NewAmsterdam Pharma $NAMS: 2.0% - Russell 2000 ETF $IWM: 1.9% in calls - Sandisk $SNDK: 1.5% - Revolution Medicines $RVMD: 1.4% - S&P 500 ETF: 1.3% in calls - Bitdeer: 1.2% - CRH: 1.1% - Delta: 1.1% - Tesla $TSLA: 1.0% in calls - Fluor: 1.0% - D.R. Horton: 0.9% - Coupang: 0.9% - AMD: 0.8% - Palo Alto Networks: 0.8% - Cleveland-Cliffs: 0.8% - Hut 8: 0.7% - Caris Life Sciences: 0.6% - Argentina ETF: 0.6% - Woodward: 0.5% - Meta: 0.5% in calls - Nuvation Bio: 0.5% - Protagonist Therapeutics: 0.5% - Roku: 0.5% - Cavco: 0.5% - ADMA Biologics: 0.4% - Hyperliquid Strategies: 0.4% - Rambus: 0.4% - Rhythm Pharmaceuticals: 0.4% - Champion Homes: 0.4% - Daktronics: 0.4% - PureCycle: 0.4% - Southern Copper: 0.4% - Linde: 0.4% - Entegris: 0.4% - Teva: 0.4% - Unity: 0.4% - Aeva: 0.4% - Riot Platforms: 0.4% - Qnity Electronics: 0.4% - Equinix: 0.4% - Lam Research: 0.4% - Definium Therapeutics: 0.3% - Belite Bio: 0.3% - 10x Genomics: 0.3% - Wabtec: 0.3% - Eli Lilly: 0.3% - Xenon Pharmaceuticals: 0.3% - Olema Pharmaceuticals: 0.2% - Repligen: 0.2% - Rocket Companies: 0.2% - Baidu: 0.2% - Arm: 0.2% - Carvana: 0.2% - Reddit: 0.2% - Alcoa: 0.2% - Thermo Fisher: 0.2% - Danaher: 0.2% - F5: 0.2% - Vista Energy: 0.2% - Skeena Resources: 0.2% - JBS: 0.1% - Monte Rosa Therapeutics: 0.1% - Relay Therapeutics: 0.1% - DBV Technologies: 0.1% - CCC Intelligent Solutions: 0.1% - UWM Holdings: 0.1% - Navitas Semiconductor: 0.1% - Solstice Advanced Materials: 0.1% - FTAI Aviation: 0.1% - Beam Therapeutics: 0.1% - Aurora Innovation: 0.1% - IREN: 0.1% - Grupo Financiero Galicia: 0.1% - Wave Life Sciences: under 0.1% Both own Google, Delta and D.R. Horton. Neither owns Nvidia $NVDA.

In Q2/26, $MU had the biggest share gain in the Enterprise SSD market share (Total $39.2B) Samsung 35.0% Micron 17.2% (up from 13.1%) Solidigm 14.1% (up from 13.6%) SK Hynix 10.1% Other 10.0% Kioxia 9.1% Sandisk 4.4% $SKHY $SNDK

📊 @Solana is the largest network by RWA holder count at 290,353, up 133.5% year-to-date Below is the breakdown by asset class and market share: 1) Stocks: 234.6K (80.8%) 2) Commodities: 27.2K (9.4%) 3) U.S. Treasury Debt: 8.9K (3.1%) 4) Specialty Finance: 8.1K (2.8%) 5) Asset-Backed Credit: 5.6K (1.9%) 6) Non-US Government Debt: 4.3K (1.5%) 7) Real Estate: 1.3K (0.5%) 8) Diversified Credit: 159 (0.1%) 9) Corporate Credit: 71 (0.02%) 10) Active Strategies: 27 (0.01%) 11) Private Equity: 20 (0.01%) 12) Cryptocurrencies: 12 (0.01%)

$VKTX vs $LLY in terms of Safety and tolerability so far based on available data. Conclusion- $VKTX 17.5 mg Is the best Commercial Dose (de-risked PH3) with best tolerability-to-efficacy ratio and is competitive with retatrutide in efficacy and best in class in safety vs retatrutide. Data here ⬇️⬇️ Retatrutide- Safety TRIUMPH‑1 shows: Nausea: 4 mg: 28.6% 9 mg: 38.4% 12 mg: 42.4% Diarrhea: 4 mg: 25.2% 9 mg: 34.1% 12 mg: 32.0% Placebo: 13.5% Constipation: 4 mg: 23.8% 9 mg: 25.9% 12 mg: 26.1% Placebo: 10.9% Vomiting: 4 mg: 10.6% 9 mg: 22.8% 12 mg: 25.3% Placebo: 4.8% Dysesthesia: 4 mg: 5.1% 9 mg: 12.3% 12 mg: 12.5% Placebo: 0.9% Keep in mind- Skin sensitivity event is not a class-wide GLP/GIP feature, could likely be linked to this molecule. Discontinuation due to AEs 4 mg: 4.1% 9 mg: 6.9% 12 mg: 11.3% Placebo: 4.9% Basically, a double-digit discontinuation at 12mg dose a real risk for commercial take. $VKTX Based on Maintenance data reported last week. My focus is primarily on $17.5mg dose Nausea Placebo: ~10–12% 10 mg: ~15–18% 15 mg: ~18–22% 17.5 mg: ~20–25% 20 mg: ~22–28% 22.5 mg: ~25–30% Vomiting Placebo: ~2–3% 10 mg: ~4–6% 15 mg: ~5–7% 17.5 mg: ~6–8%20 mg: ~7–10% 22.5 mg: ~8–12% Diarrhea Placebo: ~8–10% 10 mg: ~10–12% 15 mg: ~12–14% 17.5 mg: ~12–15% 20 mg: ~14–17% 22.5 mg: ~15–18% Discontinuation Due to AEs Placebo: ~3–4% 10 mg: ~3–4% 15 mg: ~4–5% 17.5 mg: ~4–6% 20 mg: ~5–7% 22.5 mg: ~6–8% Key point: The 17.5 mg discontinuation rate is essentially placebo‑like safety.

JAPAN’S Q2 GDP GROWS 1.4% ANNUALIZED, BEATING THE 1.1% PRELIMINARY ESTIMATE AND STRENGTHENING THE CASE FOR A BOJ RATE HIKE. || CAPITAL SPENDING FELL JUST 0.9% Q/Q, BETTER THAN INITIALLY REPORTED, WHILE MARKETS NOW ALMOST FULLY PRICE A SEPTEMBER BOJ HIKE.

Premarket movers: Mag 7 stocks are mostly lower: Nvidia (NVDA) climbs 0.9% after its board authorized an additional $150 billion under the company’s existing share repurchase program, increasing the total remaining amount authorized to $235 billion (Meta Platforms (META) -2.5%, Alphabet (GOOGL) -1%, Amazon (AMZN) -0.7%, Tesla (TSLA) -0.5%, Microsoft (MSFT) -0.5%, Apple (AAPL) -0.3%) Precious metals miners are broadly lower, following a drop in gold and silver prices as persistent tensions in the Middle East push up government bond yields and dent the appeal of non-yielding metals. Shares of oil majors rise. Kodiak Sciences (KOD) jumps 66% after saying the company has met key endpoints for both Zenkuda and tabirafusp-ted in the Phase 3 study in patients with wet age-related macular degeneration. NetEase ADRs (NTES) rise 4% after Morgan Stanley names it top pick among peers, expecting the firm’s new Ananta game to become a blockbuster launch and a core growth driver next year. SK Hynix ADRs (SKHY) drop 3% as reports of subsidiary Solidigm’s IPO plans trigger concerns over the rationale behind the move. Snowflake (SNOW), a maker of software that helps organize and analyze corporate data in the cloud, falls 4% as the company intends to offer $3.5 billion of convertible senior notes. Teleflex (TFX) inches 1.4% higher after BofA Global Research upgraded the medical device supplier to buy, citing upside to earnings.

⚡️ TODAY: WARSH TAKES THE FED CHAIR. HISTORY SAYS DAY 1 STARTS RED. Every new Fed Chair since 2006 has seen markets open lower on their first day. Day 1 performance: Bernanke: -2.2% Yellen: -0.9% Powell: -4.1% One year later: Bernanke: +13.3% Yellen: +13.0% Powell: -1.3% Markets do not reject new Fed chairs. They make them earn credibility.

Good Morning from Germany, where house prices are defying the bond selloff. The Europace House Price Composite Index rose 0.2% in July MoM and 1.4% YoY, while existing homes jumped 0.9% MoM. Remarkable resilience given the sharp rise in long-term yields and financing costs.

Tesla is still dominating. In the first half of 2026, they secured over 52% of the U.S. EV market. 1. Tesla: 52.3% — 242,100 units sold 2. Chevrolet: 6.1% — 28,267 3. Hyundai: 5.8% — 26,936 4. Cadillac: 4.7% — 21,855 5. Rivian : 4.7% — 21,770 6. Toyota: 4.7% — 21,767 7. Ford: 3.6% — 16,606 8. Kia: 2.7% — 12,627 9. BMW: 2.4% — 10,790 10. Subaru: 2.2% — 10,064 11. Honda: 1.8% — 8,407 12. Lexus: 1.7% — 7,814 13. GMC: 1.4% — 6,645 14. Lucid: 1.1% — 5,208 15. Volvo: 0.9% — 3,964 16. VW: 0.8% — 3,768 17. Mercedes: 0.6% — 3,010 18. Porsche: 0.6% — 2,967 19. Other Brands: 0.6% — 2,596 20. Nissan: 0.4% — 1,774 21. Audi: 0.4% — 1,697 22. Genesis: 0.1% — 560 23. Dodge: 0.1% — 534 24. Jeep: 0.1% — 418 25. Mini: 0.1% — 307 26. Acura: 0.0% — 108 (Data Via Cox Automotive Q2 2026 EV sales)