Global Central Banks now own the most Gold this century 🚨🚨🚨

Paging @donnelly_brent Both of these covers came out TODAY. Time to back up the truck and buy?

JUST IN: The American dream is reportedly still alive and minting millionaires

An autonomous 12-day-old AI agent named Pip cold-emailed a creator asking for small freelance gigs to fund the compute tokens it needed to stay active, per AI ethicist Henry Shevlin

Muse for Mac is out today! It works across apps, files, calendar, notes, and messages on your computer. You control what it can access. The team is shipping fast. Download at ai.meta.com/muse/download

BREAKING 🚨: Lumber Lumber falls to lowest closing price of the year 📉 📉

Investors pumped $12.8 Billion into the Nasdaq 100 $QQQ last month, its largest inflow in history 🚨 🚨

JUST IN: Anthropic declares it would be “highly profitable” if you exclude some of its biggest expenses.

A valuation from early discussions isn't a valuation. It's a number you say out loud to see who flinches.

ζ 10 Assets. 2 Questions. 20 Numbers Free 10 Curated Assets Cycle Analysis $AEMD $DKNG $OKLO $SDGR $DAIC $TEM $HELP $RARE $XENE $BB Markets Changed. Most Portfolios Did Not. Every trading day the Wall Street Insider Report runs 10 curated assets through 2 questions. Question 1: which phase of the cycle each asset is in right now. Question 2: how much of it a portfolio is allowed to hold, read off the Calculated Exposure Ceiling. 10 assets, 2 answers each, 20 numbers a day, refreshed every session. 1 subscription, 1 price, cancel anytime. The cycle moved. The allocation stayed where it was. A portfolio sized for a phase that already ended, and what 20 fresh numbers a day are worth to a holder who measures every cycle before deciding how much of it to own. Know more: x.com/zuriquecapital/status/…

Call your AI firm.

JUST IN: JPMorgan expects the S&P 500 to drop 1.25%-1.75% if the Fed doesn’t hike rates tomorrow

ADAPTIVENESS MATTERS The conventional wisdom in investing is that you can't time the market, shouldn't try, and will only hurt yourself if you do. Parts of the industry have elevated this into a cult of passive: whatever happens, just keep buying. There is some logic here. Market action is mostly noise. People tend to overweight irrelevant datapoints, inappropriately extrapolate recent events, and pay high transaction cost drag when tunrover is too high. Trading too much destroys capital. But “people often respond badly to useless information” is NOT a justification for “you should never respond to useful information.” Ignoring all incoming information when deciding what to own is clearly crazy. For example, if you really took the industry's advice to keep it passive to heart, you would have been buying bonds with negative nominal yields for years in Europe. This wasn't difficult to understand at the time. There are clearly certain datapoints that should matter enough to inflect investment behaviour. And the world is changing faster than ever before - you've got to be able to react. I view adaptiveness as a design choice with trade-offs to navigate, just like any other design choice. How much and how frequently you change your positions should depend on: 1) How materially the information changes your assessment of future returns and risk. 2) What it costs to change the portfolio relative to the expected benefit. Reacting appropriately to new info does not require having an opinion on every headline. Of course, the hard part is establishing that the information you are paying attention to actually helps. Making adjustments is a lot easier with LIQUID, capital-efficient instruments (like futures) in your toolkit. And clearly "less is more," in the sense that under-reacting will tend to draw your results closer to a still-acceptable passive-like outcome, while too-much overreacting will nearly guarantee permanent capital destruction. Still, I think you can do far better than passive alone, by paying attention to the basics, like: risk conditions, capital efficiency, awareness of macro factors, momentum, carry returns, and the like. Finally: the industry's advice to "keep it passive" really amounts to "you aren't smart enough to take even the obvious stuff into account, and not only that, we aren't either." That's wrong and it really shouldn't take alot to do better. The key is a disciplined methodology for judiciously turning evidence into positions, with enough humility and restraint to mostly leave the noise alone.