PJW

[PJW @timot78]

@gnoble79 @SECGov @SECPaulSAtkins With ~4% float at IPO, there will be no chance for public to go short. By design.

[PJW @timot78]

@Kacper_PK_CH At a speed of depletion 30-35 Mb /mo, the US would empty all reserve tanks in 10-11 mos. https://t.co/FzryHQfDFF . However, the "world" will feel the pinch by mid July'26 or so. Something has to happen by then .

[PJW @timot78]

@Kacper_PK_CH When I hit session's max (or daily max) on Opus I typically switch to GPT5.5 to do some continuation. This way $20 +$20 provides continuity.

[PJW @timot78]

@minenergybiz Global distribution of major tungsten deposits. Source: ResearchGate

[PJW @timot78]

@LawrenceLepard @TheApeOfGoldST

[PJW @timot78]

@coinbureau https://t.co/Zsn1ftHTzv

[PJW @timot78]

@0xReflection The market does not have $3.9T of incremental demand to absorb these valuations at full float. It doesn't have $2T. The current valuations exist only because 92-97% of the shares aren't tradeable. When they become tradeable, the clearing price is lower. Much, much lower.

[PJW @timot78]

@RecessionAlert A lot of this (if not all) is AI (Claude) created.

[PJW @timot78]

@RecessionAlert The crowd sees something different

[PJW @timot78]

@OilHeadlineNews Yes—but only a fraction as many as are killed by house cats, buildings, or even the fossil fuel operations that wind farms replace. https://t.co/KLPEqRwpRi

[PJW @timot78]

@Dev1_dj @ZakariaMDv3 Do some research first.

[PJW @timot78]

@JohnFMauldin your link does not work.

[PJW @timot78]

@Kacper_PK_CH Indeed, BHP is regaining strength vs COPX

[George Noble @gnoble79]

John Hussman just published one of the most important pieces of market analysis I have read this year and every serious investor needs to read it.

His warning flag system just triggered at levels only seen THREE other times since 1992.

One of those times was March 24, 2000, the exact peak of the tech bubble. The other clusters preceded significant market drawdowns as well. We are now seeing daily tallies of overextension signals that rival or exceed every prior extreme in the data.

But here's what's really scary:

The S&P 500 Information Technology sector trades at a P/E of 45 on operating profit margins of 30% which is more than THREE TIMES the historical norm. If you normalize those margins to anything resembling what competition and creative destruction have produced in every prior cycle, the effective P/E is north of 135.

And people are calling this a buying opportunity.

10 companies now make up 40% of the S&P 500. Bank of America's latest fund manager survey shows the highest jump in equity exposure on record. This is the same level of crowding we saw right before the market gave up a third of its value in 2022.

The script never changes. Only the names of the stocks and the narrative used to justify paying any price for them.

In the late 1990s it was the internet. In 2007 it was structured credit. Today it is AI.

Every single time the crowd convinces itself that valuations do not matter because THIS TIME the technology is transformational. And every single time the math eventually wins.

Read Hussman's full piece, then look at your portfolio and ask yourself honestly whether you are positioned for what history says comes next:

https://t.co/rSuMhqDjof

[PJW @timot78]

@DrDavidKass https://t.co/Zsn1ftHTzv

[PJW @timot78]

@0xReflection The market does not have $3.9T of incremental demand to absorb these valuations at full float. It doesn't have $2T. The current valuations exist only because 92-97% of the shares aren't tradeable. When they become tradeable, the clearing price is lower. Much, much lower.

[PJW @timot78]

@business https://t.co/Zsn1ftHTzv

[PJW @timot78]

@0xReflection The market does not have $3.9T of incremental demand to absorb these valuations at full float. It doesn't have $2T. The current valuations exist only because 92-97% of the shares aren't tradeable. When they become tradeable, the clearing price is lower. Much, much lower.

[PJW @timot78]

@jonbrooks rather Affordability

[PJW @timot78]

@michaeljburry https://t.co/Zsn1ftHTzv

[PJW @timot78]

@0xReflection The market does not have $3.9T of incremental demand to absorb these valuations at full float. It doesn't have $2T. The current valuations exist only because 92-97% of the shares aren't tradeable. When they become tradeable, the clearing price is lower. Much, much lower.

[PJW @timot78]

@0xReflection The market does not have $3.9T of incremental demand to absorb these valuations at full float. It doesn't have $2T. The current valuations exist only because 92-97% of the shares aren't tradeable. When they become tradeable, the clearing price is lower. Much, much lower.

[PJW @timot78]

@Kacper_PK_CH This maybe in past tense b/c:
Q1 2026 NTRA Reached Rev = $696.6 million (a 38.8% increase year-over-year), beating analyst estimates. Loss:
Reported a net loss of $85.1 million, or -$0.60 per share, which was wider than the expected -$0.54 per share.

[PJW @timot78]

@Kacper_PK_CH I am not an expert on biotech, but in the AI field of biotech, there are: TEM (45 funds) and NTRA (Druckenmiller) . The former has ~260 patents, the latter ~ 500. Some info on both.