Warren Buffett: "[Charlie Munger] has been the person, subsequent to my dad, that I didn't want to disappoint. It's good to have somebody in your life you don't want to disappoint. It's enormously important. It makes you a better person."
Gas prices are back below $4 for the first time since March 30.
The AAA average gas price fell to $3.999 today.
That's still a dollar above where gas prices were before the war in Iran began. But it's a psychological milestone to see prices drop below $4 again
Warning: Getting back below $3.50 could be harder. In 2022, it took until after Thanksgiving to get back below $3.50
Pursuing higher levels of education contributes to accumulating more human capital, which helps one earn more income. As household surveys show, this results in a more positive financial outlook https://t.co/peiih8lWwU
In the week ending June 13, seasonally adjusted initial claims for unemployment insurance benefits—those filed for the first time after a job loss—fell by 4,000, to 226,000. The four-week moving average ticked up by 4,000, to 223,250 https://t.co/AITHZXf25C
May pending homes increased +3.8% m/m vs. +0.3% prior … contract signings rose regionally led by Northeast +8.7%, followed by Midwest +8.1%, South +1.0% and West +0.1%
BREAKING: US housing starts dropped -15.4% MoM in May, to 1.18 million units annualized, the lowest since May 2020.
Furthermore, April was revised lower by -73,000 units from the initially reported 1.39 million units.
By comparison, the 5-year moving average is 1.44 million units.
This drop was primarily driven by multifamily starts, which fell -40.2% MoM, to 284,000 units annualized, the lowest since November 2024.
At the same time, single-family starts declined -1.9% MoM, to 882,000 units annualized, the lowest since September 2025.
Residential construction activity is rapidly slowing.
Permits to build privately owned U.S. housing were at a seasonally adjusted annual rate of 1.413 million units in May, a pace 0.7% below the April rate of 1.423 million and 0.2% below the May 2025 rate of 1.416 million https://t.co/zjzRWr7RI7
The US stock market is rewriting every record in the financial history books:
The top 10 US stocks now have a combined market cap of $25.3 trillion.
If the top 10 were a stock market, they would be the 2nd-largest in the world, even exceeding China.
The top 10 US stocks' market value is also larger than China's GDP of $19.4 trillion, the world’s 2nd-biggest economy.
Together, these companies are now worth ~80% of US GDP.
Furthermore, the top 5 companies alone have a combined market cap of $18.6 trillion, exceeding the value of every global stock market outside the US.
Truly unprecedented numbers.
Inflation concerns among US consumers are intensifying:
~38% of Americans now perceive inflation as a greater risk than unemployment over the next year, the highest proportion since March 2025.
This percentage has risen +13 points over the last 2 months, the biggest 2-month increase in at least 2 years.
By comparison, 48% of consumers perceived inflation as a higher risk in July 2024.
At the same time, only ~5% see unemployment as a greater risk than inflation over the next year, the lowest reading in at least 2 years.
This brings the gap up to 33 percentage points, the widest since February 2025.
Inflation remains a major issue for US households.
Science suggests you don’t need a long vacation to recharge. A 24-hour break that interrupts your routine—and puts you into a flow state—can be hugely restorative. https://t.co/Uqimgp3xVY
Household net worth grew at its slowest pace in a year, rising $113.1B to $183T in 1Q26; equity losses were offset by gains in real estate and other assets
In the week ending June 6, seasonally adjusted initial claims for unemployment insurance benefits—those filed for the first time after a job loss—rose by 4,000, to 229,000. The four-week moving average ticked up by 4,250, to 219,000 https://t.co/in6RFyN9pm
Misery Index (CPI y/y + unemployment rate) increased 4 percentage points in May and now sits at a cycle high of 8.5%, driven by the recent rise in inflation
The consumer price index rose 4.2% year-over-year in May, not seasonally adjusted. Excluding food and energy, “core” consumer prices increased 2.9% https://t.co/LganlGz4NV