Buffered Growth Note — RSP (Equal Weight S&P 500)
How to stay long the market without being all-in on AI.
Owning the S&P 500 today is a bigger AI bet than most
American Exceptionalism
America has 5% of the world's population but a quarter of its GDP and 60% of the 100 most valuable companies on earth. On its 250th
Humans just press enter
Its not just Coders....adoption for Open AI's codex platform is sweeping into every profession
Source: OpenAI
A Trillion Dollars On
Worst-of Growth Note — Gold & Silver
Is protection worth revisiting while it’s on sale?
Nearly everything sits at or near record highs — the S&P 500 is just 1.4%
Twenty-Three Trillion Printed
The US money supply has exploded to a record $23 trillion — a near-vertical climb since 2020. There has never been this much money
Income Note — Tech Leg Swap
On an income note the coupon grabs the eye — but downside risk is what actually matters, and the tech leg you pick is what drives it
I'm sure I would have held it all the way..
A $100,000 bet on SanDisk one year ago would be worth roughly $7.2 million today — the stock is up about 7,000% as
Income Note — Semis Basket
Four picks-and-shovels plays on the AI boom.
In a gold rush, the durable money is often in picks and shovels. The AI buildout is this
SpaceX proxies fall
EchoStar owns roughly 2% of SpaceX — and on the day SpaceX soared 19%, EchoStar fell from the mid-$130s to as low as $106. Turns out it doesn
Small Business Boom
New business formation applications are inflecting toward 500K per month — above even the COVID spike
Source: Coatue
The Leverage Tax
Ninety
Income Note — XLF / XLP / XLV
Nine percent. No NDX. No SPX. No RTY.
Consumer Staples (XLP), Financials (XLF), and Healthcare (XLV) posted the three smallest 3
Good timing on SMH puts
SMH total put open interest hit nearly 2 million contracts, 3x call open interest. Put OI tripled in 6 months while call OI barely moved
