Breaking: Michael Burry exposes Oracle's accounting trick they've been using to inflate revenue Burry claims "Oracle manufactured an extra 19% of revenue" through these steps: 1. A customer prepays Oracle $10B today for cloud capacity to be delivered 3 to 5 years from now 2. Oracle books that as an $11.9B contract liability, accreting interest at 6% over the wait 3. When Oracle finally delivers the capacity, it recognizes the full $11.9B as cloud infrastructure revenue against the original $10B 4. The extra $1.9B becomes revenue for capacity that was never used and work that was never performed This would be bad news for $ORCL investors if true

It's official. As the bond market "meltdown" accelerates, the average interest rate on a 30Y mortgage in the US is up to 7.45%. That's up +150 basis points in 6 months and the highest since 2023, when inflation was at 6.4%+. What is happening? Let us explain. (a thread)

BREAKING: Special Counsel Jack Smith will testify before the Senate Judiciary Committee next Tuesday.

Some interesting big donors to Byron Donalds last week: - Big Sugar producer Florida Crystals ($205,000) - DeVos family ($1 million) - Disney (~$78,000 in free stuff) - NE Florida agricultural enclave developers: Davis family/DDI Inc., PARC Group & Hutson Cos. ($450,000)

A joint statement from Texas Cattle Feeders Association, Kansas Livestock Association and Oklahoma Cattlemen’s Association regarding the ongoing ICE operations in Texas, Oklahoma and Kansas: “The Kansas Livestock Association, Oklahoma Cattlemen’s Association and Texas Cattle Feeders Association are closely monitoring reported U.S. Immigration and Customs Enforcement (ICE) activity affecting agricultural communities in Oklahoma, Kansas, and Texas. Our organizations respect the responsibility of federal agencies to enforce the law. At the same time, cattle producers, feedyards, dairies, livestock markets, processors, and other rural businesses depend on a stable workforce to care for animals, protect food safety, and keep the supply chains operating. Sudden workforce disruptions can create immediate animal-welfare, operational, and economic consequences that extend well beyond an individual business. These ICE operations are having a massive chilling effect on the legal, documented, skilled workers that put beef on the table and keep the cattle supply chain moving. Additionally, these types of disruptions will lead to higher beef prices for consumers. Reported impacts to our organizations throughout the past few days have been: - Thousands of fed cattle slated for shipping to processors now delayed, resulting in millions of dollars in lost revenue and additional costs. - Workforce disruptions at numerous supply chain chokepoints such as feedyards, dairies, processors, feed and grain companies, transportation hubs, and community services. These disruptions come at a time of enhanced focus and pressure on the cattle and beef supply chain. They are a costly and unnecessary impact to cattle producers already suffering from unwelcome political interference to both the markets as well as the physical supply chain. Frustratingly, the harm these actions cause to cattle producers last for days and weeks after such operations conclude. We urge federal officials to conduct enforcement actions in a lawful, orderly, and transparent manner; respect due process; and communicate clearly with affected employers and communities.”

BREAKING: The Supreme Court allowed the Trump administration to resume its expanded voter citizenship verification program, which lets states use Social Security records to check voters' citizenship. Justices Sotomayor, Kagan, and Jackson dissented.