What I'm watching... 👀 US Net Liquidity is still languishing at levels initially seen in... wait for it... May 2020!! Unless something changes in the near-term, this bodes poorly for US-centric, liquidity-sensitive assets. (Disclaimer: Just an observation. Not individual investment advice.)

GM fam. ☕️ A gentle reminder that under fiat, productivity gains flow to whoever sits closest to the money printer. Under sound money, they flow to everyone who saves. 🧡⚡ #Bitcoin# is Better Money for a Better World.

must feel good to be an Anthropic co-founder > help build chatgpt at OAI by training on world's collective knowledge > keep model weights closed to extract max profit from every token you sell > leave and launch a direct competitor > spend years and millions lobbying washington on how dangerous your own models are > get designated a supply chain risk by the pentagon and fail to ban OSS anyway > pay $1.5bn to settle over 500k pirated books (while watching equity value rocket past $2tn) > predict you will soon create a "country of geniuses in a data center", warn that half of entry level white collar jobs will vanish, and sell the dream of curing cancer > have your staff call it presumptuous to expect your company to make money > meanwhile have your company buy back your shares above fair value, then sell again in a second tender and into the IPO > pledge 80% to charity, which your own s1 calls "voluntary, revocable" and "not legally binding" > keep a fixed 50.1% of the votes through one share, even after selling 98% > help pick the trustees who pick the board > park 5% of the company in a "public benefit fund" you co-run > have shareholders cover the private jet for personal use > call it a public benefit corporation anyway

UPDATE: The price of a dozen eggs... 🥚 TL;DR Groceries are still expensive. A dozen eggs costs 63% more in US dollars than it did ten years ago, $2.27 vs $1.39. Now measure the same dozen in hard money: • In gold, it's 47% cheaper (about 0.00056 oz, down from 0.00106 oz). • In bitcoin, it's 99% cheaper (about 2,850 sats, down from 226,000). Young people aren't wrong to be angry today. Wages paid in a debasing currency can't keep up with a basket of goods that only gets more expensive. Prices aren't really going up. The dollar is going down.... It is constantly and methodically being debased. The fancy word for it is #inflation#. Learn the difference between price and value. Then decide what you want to measure your life in. Source: (BLS average price, eggs, Grade A large, US city average, via FRED. Monthly points through Sep 2026, with Oct data due Nov 10, priced in gold and BTC as of Oct 26.) (Disclosure: I am long BTC. Not individual investment advice.)

What I'm watching... 👀 Tesla x SpaceX 🚀🚗 Barclays upgraded $TSLA to Overweight this morning (target $450), calling a SpaceX combo "a key part of the bull case." No terms yet, antitrust questions, and it needs a majority of ALL outstanding votes. Big if. Regardless, it's fun to watch (Disclosure: I and the fund I manage are long $TSLA & $SPCX. Not individual investment advice.)

Thought experiment: Hey @grok: Regarding the 2026 mid-term elections, what specific day would work best for the Trump administration to announce a surprise end to the war with Iran and allow the economy and markets to feel the beneficial effects?

I gave this pod a listen on today's walk. It was a great listen, with many helpful financial planning tips... especially for those in or near retirement! Kudos @DavidGFool and @RobertBrokamp for another solid rip. 🤝