Short Interest SurgesU.S. short interest has climbed from $958 billion in 2023 to $1.5 trillion by late 2025. This level of leverage means that any downturn could force rapid covering, amplifying volatility. If markets rise, crowded shorts could drive sharp squeezes. Positioning risk is now a major volatility factor. Oil and Middle East TensionsRoughly 20…
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After Chair Kevin Warsh’s speech at Jackson Hole, the Federal Reserve’s path forward is anything but clear. Warsh reaffirmed that price stability, and the 2% inflation target, remain at the core of Fed policy. He cautioned that if inflation doesn’t ease convincingly, “we have work to do.” Markets took notice: odds of a September rate…
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The U.S. national debt has topped $40 trillion, and the 30-year Treasury yield is now at its highest since 2007, above 5%. Meanwhile, China, with the world’s second-largest bond market, is locking in long-term debt at just 2%. What’s really driving this historic gap? Here’s what the data shows: For investors, it’s essential to look…
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In 2026 alone, the top 11 companies in the sector, OpenAI, Nvidia, Microsoft, Amazon, Anthropic, CoreWeave, Oracle, SoftBank, AMD, Google, and Meta, moved over $136 billion in direct investments among themselves. Yet when you consolidate these flows, the net new capital entering the system is close to zero. That doesn’t mean the infrastructure isn’t real…
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I believe today’s retail sales report deserves investors’ attention. July sales fell 0.6%, a sharp reversal that underscores how household affordability remains under pressure even as markets price in optimism. Yes, some of the weakness stems from timing quirks, Prime Day moved to June, the World Cup ended in July, gas prices dropped, but these…
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The latest U.S. inflation data tell a story that headline CPI alone cannot capture. The CPI rose just 0.1% in July, bringing annual inflation to 3.4%. That sounds encouraging. But for American households, the bigger economic problem may no longer be inflation. It is affordability. Lower inflation does not mean lower prices. It means prices…
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The recent coordinated intervention by the United States and Japan to support the Japanese yen marks one of the most significant currency market moves in decades. After the yen plunged to nearly ¥164 per U.S. dollar, the weakest level in around 40 years, joint action helped the currency rebound roughly 5% over three trading days.…
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I’m excited to announce that I’ll be speaking at TSAM New York on Wednesday, September 23, 2026! My presentation, “The Rise of Private Markets: Reshaping the Future of Asset Management,” will explore one of the most significant transformations occurring across the investment management industry today. Private markets are no longer viewed as a niche asset…
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Today, we celebrate the birthday of an independent nation that continues to stand as one of the most extraordinary social experiments in human history. At 250 years, the United States remains a living testament to an idea that was bold in its origin and still evolving in its meaning: that freedom, responsibility, and self-government can…
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This week’s inflation data sends a clear and sobering message: inflation is proving more persistent than many policymakers and investors anticipated. In May 2026, the Producer Price Index (PPI) climbed 6.5% year-over-year, with Core PPI (excluding food and energy) rising 5.2%. Even PPI excluding trade services remained elevated, underscoring inflationary pressures spreading through supply chains…
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