Here’s a preview of what we’ll cover this week:  Macro: Fewer Openings ≠ Recession; Consumers are Confident Markets: What Causes A Top?; High Valuations Aren’t A Problem; Did the Data Center backlogs hold up in Q2 2025?; Datacenters in Space...

October 2025 The S&P 500 returned 2.34% in October 2025. (on.spdji.com) How major asset classes performed in October. (capitalspectator.com) Strategy Don’t check your investments too often. (optimisticallie.com) Investing is all about...

Every week I’ll provide updates on the latest trends in cloud software companies. Follow along to stay up to date! Subscribe now Rule of X Meritech and Bessemer both recently did an analysis that looked at the Rule of 40 and asked the question “what if...

Every week I’ll provide updates on the latest trends in cloud software companies. Follow along to stay up to date! Subscribe now 10Y Rising The start of the year has not been kind to software stocks! In the basket I track and discuss in Clouded Judgement...

It’s November 2025, and AI Data Center & Power capex boom is driving most of the US quarterly GDP growth. The earnings results of most of the big tech Mag 7 had investor focus mostly on AI capex, with post market reactions up or down. Wall Street for...

I’ve been clear and vocal on the ongoing fears over AI leading to net job losses, for some time now. And continue to believe we will look back on this AI Tech Wave in a few years, and wonder why we thought AI meant fewer people needed overall. Fears over...

Strategy Why we have a bias towards action in the markets. (ritholtz.com) Should you buy at all-time highs? (ofdollarsanddata.com) Crypto Bitcoin is not digital gold. (advisorperspectives.com) Why the pardon of Binance founder Changpeng Zhao is coming...

Happy Monday folks! Tesla’s robotaxi finally hit the streets on Sunday as the company deployed its first paid autonomous rides with a small fleet of driverless Model Y SUVs.  The service operates within a limited geofence in South Austin, charging $4.20...

Round-ups A round-up of recent research including ‘Optimism Everywhere: Beliefs during Stock Price Bubbles.’ (quantseeker.com) A round-up of recent academic research including ‘Do S&P 500 Options Increase Market Volatility? Evidence...

Happy Monday! Welcome to Trends with No Friends. For those just joining us, here’s an overview… Trends With No Friends sifts through the noise and discovers stocks above $1B market cap with high relative strength and low social following. Why is...