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
Participation Note — EEM
Emerging markets are up 22% this year. Many clients have little to no exposure.
EEM — the broadest emerging markets ETF — is up +22.0%
MRVL +255%. SMH +77% - Jensen Speaks and the market listens
Marvell Technology is up +255% year-to-date vs the semiconductor ETF at +77%. The gap has been
1881. No Precedent.
CAPE at 39: no historical period since 1881 has been followed by attractive long-term real returns. 145 years of data for SPX.
Source
The $9 Stock That Channeled SpaceX
EchoStar (SATS) went from $9.68 in November 2023 to a $141 peak this month — a 14x run driven entirely by SpaceX IPO
Income Note — SPX / XLC / RTY
The standard basket was built for a different market. It may be worth asking if it’s still the right one.
The standard worst-of
