Markets Real yields are at multi-decade highs. (axios.com) Equities now make up a record percentage of U.S. household wealth. (bloomberg.com) Finance Passive investing killed the mediocre fund manager. (ft.com) When it comes to private credit allocations,...

Today’s theme: the ‘best of the rest’ AI models. This week the two top US frontier models came off ice — Anthropic’s Fable 5, freed after the three-week ‘Blip 2.0’ stoppage, and OpenAI’s GPT-5.6, freed from its gated release. Now we’re seeing the best of...

I’ve discussed for a long while how China’s tech/AI companies large and small have taken the lead globally in open source AI models this AI Tech Wave. The lead was ceded by Meta’s global Llama models lead a couple of years ago, as it shifted its focus to...

Today’s theme: the US and China continue to work at cross-purposes on AI — both within and outside their borders. Almost every day, each country seems to reach for kryptonite against its own AI superpowers. Politicians and regulators on both sides keep...

Markets Big changes in market structure are afoot including ‘Retail has become the structural bid.’ (citadelsecurities.com) Ten charts going into the second half of 2026. (bilello.blog) Some market insights including ‘Since the end of...

Books An excerpt from “Little Blue Dot: How GPS Shaped the Modern World” by Katherine Dunn. (washingtonpost.com) Tyler Cowen talks with Joel Mokyr, author of “Two Paths to Prosperity: Culture and Institutions in Europe and China,...

It’s been three weeks after Anthropic’s screeching halt called by the US Government, in what I’ve been calling ‘The Blip 2.0’, and the green light to Anthropic in releasing Fable 5 (though not Mythos 5 for now). The US Government after also held back...

Today’s theme: AI price umbrellas getting larger. Led by the frontier labs — Anthropic especially, and OpenAI to a degree — the AI companies are widening the prices they charge their best customers for their latest and greatest models, and moving to a...

Good morning… Nearly 10 years ago I coined the term ‘Social Relative Strength’. I am a fan of the original Investors Business Daily/Marketsurge.com which created the amazing ‘Price Relative Strength’ indicator. What I started to do once Stocktwits had...

View the video of this post here. This week’s post is sponsored by YCharts, a powerful investment research platform that helps advisors analyze markets, compare securities, and create compelling client visuals. Learn more and get 20% off your initial...