Michael Howell says the US liquidity cycle has peaked and expects 2026 to be a down year for US liquidity but a potential up year for Chinese liquidity. In his estimation these will combine to produce a stronger US dollar, flatter yield curves, and defensive and commodity outperformance.
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$GLXY I was surprised at how quickly they tapped the equity market after uplisting. Clearly, the market was as well. Long-term, they are going after a massive opportunity and I think the returns on equity are very high assuming AI datacenter pricing remains anywhere close to current levels. This may have been them wanting to give real institutions the opportunity to enter in size. A deep dive on Helios relative peers below ๐งต