Our message to Nvidia's board: Do not fire Jensen Huang. There is no clear replacement for Jensen Huang. We are confident that his departure would ultimately be a net negative for Nvidia, its shareholders, and the AI Revolution. First, take a look at the data. History also suggests that removing a successful CEO will come with a significant cost. A study of 187 forced CEO departures from S&P 1500 companies found that removing outperforming CEOs resulted in negative long-term stock returns. This case would be no different, in our view. Jensen Huang is the definition of an outperforming CEO. Nvidia's board must not make a decision in the heat of the moment. The board should take the time to conduct a thorough investigation and consult with shareholders, with a strong emphasis on the latter. Quite literally, Nvidia's board should convene a special shareholder meeting and hold an advisory vote on this decision. This is the most consequential CEO controversy in world history. Shareholders deserve a say. In addition, Nvidia's stock, $NVDA, is now down -35% in 26 trading days, nearly half of which is a result of the recent scandal. We believe Jensen Huang's potential removal as CEO is now ~80% priced in. Why take an action with massive downside potential when the market has already priced in much of that risk? The downside of retaining Huang may be limited, while the potential upside is tremendous. Lastly, history shows that retaining Jensen Huang could still lead to a favorable outcome. In 2019, Amazon retained Jeff Bezos as CEO after his extramarital affair became public, and the company's stock subsequently surged +108% by 2021. Personal misconduct should not be ignored, but it must also be distinguished from corporate wrongdoing and weighed against the consequences of removing an executive who is instrumental to the company's success. We believe Jensen Huang is an irreplaceable part of Nvidia and the AI Revolution more broadly. Once the dust settles, firing Jensen Huang would prove to be a costly mistake. It is time to pause and consult your shareholders.

LlamaRisk proposes repositioning Aave V3 Core, Aave's largest market, to focus on liquid, blue-chip collateral. The proposal would remove several categories of exposure: 1. Restaking assets 2. Leveraged wrapping strategies 3. Issuers whose operational and security resources fall short of Aave's risk standards 4. Low-demand reserves that no longer justify ongoing maintenance This means potentially moving $1.52B in collateral backing $1.17B in debt out of V3 Core in favour of blue-chip collateral. As the risk landscape evolves and Aave V4 grows, the goal is to sharpen V3 Core's risk profile and raise the bar for collateral eligibility. Some affected assets could transition to isolated Aave V4 markets, where more granular risk controls allow for better risk-reward alignment. The proposal comes from LlamaRisk, an Aave Protocol Risk Manager, and remains subject to governance discussions and engagement with asset issuers. Aave will continue applying continuous risk assessment for all assets across all deployments.

What is the right level of diversification for a $19 billion endowment? “The quantitative benefits from diversification trail off really quickly when you get more than 20 or 30 names in the portfolio. There are really no quantitative benefits beyond 30 underlying look-through exposures. We target roughly half of our portfolio in our top 50 look-through positions. It is still very diversified.” Love to hear your thoughts @choffstein @MebFaber @dampedspring @awealthofcs

The case for gold into Q1 2027, from the D2 desk. Gold printed 4,070 Friday, the same tick as a year ago (4,001 on 7 Nov 2025). From that tick the next twelve weeks ran it to 5,595 (chart 1, green box). The 2006 template, mapped onto the 29 Jan top, puts about 5,000 in the second half of January 2027. Debasement++ Epoch 2 runs 100 to 300% of NAV gold delta into 19 Feb 2027 on that read. Ten points, timeline since the Trump election. 1. Cycle low 2,537 on 14 Nov 2024, nine days after the election. 5,595 on 29 Jan 2026, +121% print to print. The buyer was the official sector: Japan and China cut Treasuries for a decade while adding gold, the swap @LukeGromen has charted for years. Overseas UST holdings fell ~$70B in June. 2. 28 Feb 2026 the Iran strikes started; gold has given back 23% from the pre-war close. Oil pushed CPI to 3.7% by September and the Fed from easing to hiking. Central banks sold into us to pay for the oil. Brent: 72 pre-strikes, 126 at the April top, 98 now. The 2025 setup returns if Iran resolves and it trades in the 80s. 3. 19 Aug Bessent doubled long-end buybacks. Yields dipped a day, back above 4.7% within the week, dollar down vs every G10, gold +5%. Window closed 4 Nov with the refunding; ~$6T rolls in Q4; ten-year 4.86% now. Bessent remains Bessent. 4. The 3 Nov result does not touch the arithmetic. $38.6T at a 3.1% weighted coupon; Q4 coupon interest alone $196B. Bloomberg Economics has interest at 6.4% of GDP by 2035, above Italy, debt to GDP 131%. 5. October was the washout: almost -7%, worst October since 2008, low 3,870 on the 30th. Goldman says early to buy. CFTC managed money net longs 104,297 in the week to 3 Nov, a 21-week low, shorts at a 17-week high. The washout @MacleodFinance tracks weekly in COMEX data. 6. Democrats swept. Gold +5% on the week, BTC -2.6% since Tuesday's close (round trip in the quoted post). Whether crypto trades as a debasement hedge or a Trump trade is unclear. If the Dems go after it hard, better the old rock than digital, and yes @PeterSchiff, that point is yours. BTC and MSTR stay in the basket, smaller. 7. Saturday's data: PBOC added 830K oz in October, month 24 of the streak, buying harder as price fell. Ten-month additions 129t; official sector net 321t in Q3. WGC survey: 45% of central banks plan to buy next year, a record, the bid @JamesGRickards has argued since The New Case for Gold. Poland at 700t. 8. The bid sits in Asia. The July rebound ran in Asian hours while London and New York went sideways (chart 2). India's wedding-season demand is back on the pullback. Hong Kong central clearing for gold goes live Q1 2027. 9. The 2006 template: 22% fall in 24 trading days from the 12 May top, three fifths back a year later, new high 16 months out. This leg ran 31% and sits at day 195, so the cycle is behind the template. The difference is the buyer: 2006 had no PBOC adding every month of the fall. Date soft, shape is what we trade. @PeterLBrandt @TheDailyGold, does a 31% leg break the analog or stretch it? Three-month vol 22 vs 28 realized, flat risk reversal: the call wing is unpaid. 10. The short leg is the Fed. Warsh is the hawk. Friday's payrolls beat put a 9 Dec hike at 78%; gold gave back 1.5%. Ten-year real yield 2.61%, DXY 4% above the January top. Gold outran the dollar in the 2009-10, 2020 and 2025-26 suppression episodes and lost each time credibility came back. 30-day gold-dollar correlation -0.44. Epoch 2 deposits open now, term 19 Feb 2027. Markets do not repeat, but they often rhyme.