Good Morning from Germany, where Berlin’s growth is outpacing that of the country as a whole. The irony: despite its often dysfunctional governance, the capital is less exposed to the pain of deindustrialization b/c it has little heavy industry. Instead, Berlin benefits from tourism & a rising digital economy, both of which remain positive drivers.
https://t.co/U38lscEDgT
The world’s biggest economies based on purchasing power parity (PPP), not nominal GDP — according to the IMF.
(PPP adjusts for cost of living and inflation, so it reflects what people can actually buy in their own countries — not just raw dollar totals.)
I find it fascinating that not one single financial commentator has referenced the massive sucking sound of the decline in the FED’s balance sheet as one of the primary causes of the stock market rout. $2.3 trillion of primary liquidity has been removed so far.
What I Read This Week…
President Donald Trump achieved a historic victory in the 2024 presidential election, securing 312 electoral votes to Vice President Harris's 226 and completing an unprecedented sweep of all seven battleground states: Arizona, Nevada, Wisconsin, Michigan, Pennsylvania, North Carolina, and Georgia.
This marked the largest electoral victory margin since Obama's 2012 win.
The scope of Trump's victory extended beyond electoral college votes: he secured over 74 million votes, the highest raw vote total ever achieved by a Republican presidential candidate, with a margin of approximately 4 million votes over Harris, making him the first Republican to win the popular vote since George W. Bush in 2004.
Particularly notable was Trump's performance in traditionally Democratic states like New York and California, where he secured 44% and 40% of the vote respectively, marking improvements of 12 and 6 points from his 2020 showing.
President Trump addressed supporters after the race was called, outlining his vision for what he termed would be the "golden age of America."
These kids sold a video-sharing website for $1.65 billion in 2006.
Then vanished overnight.
Today, that site is worth over $455 BILLION dollars.
Here's why they walked away from the most valuable website in history:
Mental strength is not a gift, it is something that you have to work very hard to develop.
Even though there is no physical contact in tennis, there’s still a lot of eye contact.
A masterclass on competition, by Novak Djokovic (@DjokerNole)