Narwhal Capital

[Boring_Business @BoringBiz_]

Still think about this

[Elon Musk @elonmusk]

@iam_smx *trillioniare

[Monetary Metals @Monetary_Metals]

The passive investing thesis looks unbreakable. Buy the S&P 500. Fall asleep. Wake up a millionaire.

@DiMartinoBooth says it breaks when the confluence hits.

AI leverage cracking. Private credit cracking. Baby boomers are retiring every day and stopping their 401k contributions. New entrants to the job market are decreasing and not opening new 401k plans.

"It's a real combination of the credit market conditions, demographics, and the magnitude of the bubble in the public markets."

And credit spreads? They look calm. They look tight.

But that calm is not what it appears to be.

There was no $2 trillion fixed-income passive universe during the last financial crisis. Today there is.

When redemptions hit the biggest high-yield or investment-grade bond ETFs, only the most liquid bonds get sold. The illiquid ones cannot be touched.

"What you see in credit spreads is a reflection of liquidity in the biggest traded names, which is not reflective of prior cycles."

[Precious 💫 @Uwhe_P]

In case you’ve never seen an eagle flying with a shark before

[33 Strategies of War @33StrategiesBot]

Keep yourself restless and unsatisfied.

[The Driven Man @Thedrivenman]

Marcus Aurelius wrote this over 1800 years ago:

“Until death, all defeat is psychological"

[FINMAN @erikfinman]

@naval @rauchg @maxhodak_ @bscholl Compute is the factory floor of the AI age.

[Mastery Quotes @MasteryQuot]

Study as deeply as possible the technology you use.

[33 Strategies of War @33StrategiesBot]

“Everyone sees what you appear to be, few experience what you really are.”

— Niccolò Machiavelli

[Trading Composure @TradingComposur]

Execution = 1%
Patience = 99%

Trading in a nutshell.

[Prosperity Time @ProsperityTime_]

Audemars Piguet Royal Oak Skeleton 15407ST.

Available.

[Mastery Quotes @MasteryQuot]

When it comes to your work, be supremely rational and realistic, always looking to improve.

[Jeffrey Gundlach @TruthGundlach]

A Private Credit Fund of Funds in 2026 seems to rather closely resemble a CDO-squared in early 2007.

[The ₿itcoin Therapist @TheBTCTherapist]

Stanley Druckenmiller is worth $8.7 billion and says he use to puke “once or twice a week from the anxiety of the drawdowns” in his portfolio.

“Just get over it and move on.”

[zerohedge @zerohedge]

Robinhood remains the undisputed champion in selling your option orderflow data to Citadel and HFT giants