The hardest pill for bears to swallow:
The S&P 500 is up +10.3% YTD, yet the forward P/E has fallen from 22.3x to 21x
This rally hasn’t been driven by speculative multiple expansion
It’s been driven by earnings estimates rising faster than stock prices
NVIDIA x Microsoft might release the first PC built for the agentic AI era
right now your laptop just runs apps and YOU do the work. these new chips change that
AI runs locally on the device. and the smaller models got good enough that a laptop can run one by itself now
the computer stops waiting for you and starts working with you. coding, editing, research, all on your machine
that's what "a new era of PC" actually means
0 AP stories on this deadly attack
0 PBS stories on this deadly attack
0 NYT stories on this deadly attack
0 NPR stories on this deadly attack
0 WSJ stories on this deadly attack
0 BBC stories on this deadly attack
0 CNN stories on this deadly attack
0 WAPO stories on this deadly attack
0 Reuters stories on this deadly attack
0 MSNBC stories on this deadIy attack
#Bitcoin MVRV Z-Score - in my opinion the most important on-chain metric - tells us the true story of where we are in the BTC cycle.
MVRV shows the difference between Bitcoin's market cap and what people actually paid for their coins (realized cap). The Z-Score normalizes this data.
Simple version: When it's high (red zone), people are sitting on massive profits and usually sell. When it's low (green zone), people are underwater and smart money buys.
Look at the pattern: Every major top coincided with MVRV Z-Score above 7-9 (red area)
- 2017: Hit 9+ before the crash
- 2021: Hit 7+ before the crash
- 2025: We're sitting at around 2
We're not even close to the danger zone yet. People aren't massively overextended on profits like they were at previous tops. This tells me we've got room to run.
Lets get caught up on what happened over the weekend and what's going to happen this week.
See you a little before 7 am Central Time! :)
https://t.co/mQccMHDSX2
The UK feels like a scam compared to other countries:
UK:
→45% + income tax
→20% VAT
→12% NI
→40% inheritance tax
→Council tax
→Fuel tax
→Stamp duty
→Corporation tax
→Dividend tax
→Capital gains tax
→ULEZ, TV licence, sugar tax…
↳Singapore: 22% top tax rate. No capital gains. No inheritance tax.
↳Dubai: 0% income tax.
↳USA: No VAT. Capital gains exemptions.
↳Hong Kong: 15% flat rate.
And we’re told it’s to “fund public services”.
Have you used a public service lately?