Is Nvidia Upside Over?
Is Nvidia Upside Over? If you've been watching Nvidia lately, you might think its best days are behind it. After an extraordinary run that made it one of the world's most valuable companies, the stock has stumbled. Since reaching an all-time high in May, Nvidia has fallen roughly 16%, wiping out nearly $1 trillion in market value in less than two months. Through the first half of the year, the stock has significantly underperformed the broader market, trailing both the S&P 500 and the Nasdaq...
The Predicament of Kevin Warsh
I was going to call this article "Everybody Hates Kevin," but that felt a little unfair. Poor Kevin Warsh may have one of the toughest jobs in America right now. When President Trump nominated him to lead the Federal Reserve earlier this year, most people thought they knew how the story would go. Inflation seemed to be cooling, economic growth was slowing, and investors were expecting interest rates to gradually come down. Given President Trump's preference for lower rates, many assumed...
What’s next for SpaceX?
SpaceX Filed Its S-1. Here’s What Happens Next. After years of speculation, SpaceX has officially filed its S-1 registration statement, giving investors their first detailed look at the company’s financials and starting the final countdown toward what could become the largest IPO in history. Reports suggest SpaceX could seek a valuation of roughly $1.75 trillion and raise between $75 billion and $80 billion, potentially eclipsing every IPO that has come before it.¹ For investors, the filing...
This Market Is More Normal Than You Think
This Market Is More Normal Than You Think If you’ve felt uncomfortable investing lately, you’re not alone. The S&P 500 is near all-time highs while headlines are dominated by geopolitical tension, inflation concerns, and uncertainty around interest rates. That combination feels contradictory, and many investors instinctively interpret it as a warning sign. But historically, markets spending time at all-time highs is not unusual. It is, in many ways, the baseline condition of a growing...
Is Boring the Key To Investment Success?
Over the past several years, investing has not felt boring at all. A small cluster of mega-cap technology companies has driven an extraordinary share of market performance, and if you happened to own the right handful of names, your portfolio likely looked exceptional. If you did not, it may have felt as though you were falling behind.
The Strait That Moves the World
Markets don’t panic over noise, they panic over oil. Over the past 2 weeks, investors were reminded that one of the most of the oil in the world passes through an important chokepoint; a narrow strip of water called the Strait of Hormuz.
What Happens to China If Iran Has a Revolution?
When people talk about Iran being attacked or possibly heading toward revolution, most Americans think about oil prices or instability in the Middle East.
The Economic Impact of Oil Prices Is Different This Time
It is a narrow shipping corridor between Iran and Oman, which carries roughly 20 million barrels of oil per day, representing about 20% of global petroleum supply.¹ When conflict threatens this route, markets notice immediately.
This War Is Making America More Powerful, Not Less
Every time a major conflict unfolds, the immediate reaction is the same; markets turn volatile, oil prices spike, and the conversation shifts toward uncertainty. But beneath that initial reaction, something more structural is happening. These moments tend to reveal where real power sits in the global system, and right now, that answer is in the United States.
Earnings Season Isn’t Just About Results, It’s About Expectations
We kicked off earnings seasons last week, and this is always an interesting time because companies' price moves depend more on how it does against expectations, rather than how they do in general. Picture it like a teacher that grades a student based on ability rather than standardized testing. If the teacher expects a student to do well, it will be a lot harder for them to impress. If the teacher expects them to fail, it is easier to impress.
