WallStreet_3.0

[James Chanos @RealJimChanos]

This isn’t even remotely true. $AMZN went public in 1997 at a $450M valuation, or 3x revenues. $GOOGL went public in 2004 at a $23B valuation and at 7x revenues. $META had a $104B valuation in 2012 at 20x revenues(and immediately sold off almost 50%). SpaceX dwarfs these numbers.

[George Noble @gnoble79]

"I see so many ghosts. They're already dead. They don't even know it."

A 45-year Wall Street veteran just said that about the current generation of finance professionals to me.

George Robertson started at Salomon Brothers in 1981 when bond yields were 14%. He's survived every blow-up from Long-Term Capital to 2008 to COVID.

And he's convinced a massive reset is coming that will produce RUIN for people who don't see it.

I just interviewed him, and let me walk you through the one thing most people in this space fail to understand:

The stock market has effectively become a single instrument.

Every major quant fund is staffed by the same MIT graduates running the same models through the same filters arriving at the same conclusions. There are maybe 4 or 5 ideas being expressed across the entire systematic trading universe at any given time. The diversity that makes markets function as a price discovery mechanism is GONE.

Jane Street just reported $16.1 billion in trading revenue in a SINGLE QUARTER. One firm. 3,500 employees. More trading revenue than JPMorgan or Goldman Sachs. Full year 2025 was $39.6 billion.

Lever that capital 10 to 1 across all the major quant players and you're looking at trillions in gross exposure approaching the monthly GDP of the United States. Until something overwhelms that kind of firepower, these firms effectively dictate market behavior.

The rest of us are passengers.

And that's why markets look so deceptively calm right now. Tight ranges, suppressed volatility, weeks and months where nothing seems to move.

But the calm IS the danger.

All the mispricing that should be correcting incrementally through normal price discovery is instead building up like pressure in a sealed system. And when it finally releases, it won't be a normal correction where you have weeks to adjust your positioning...

It will be years of stored mispricing detonating in DAYS.

We've seen the same thing before:

In the 1990s, Long-Term Capital Management was so dominant in fixed income that it killed price discovery across the entire asset class. Danish mortgages, basis trades, risk arbitrage, nothing functioned properly while LTCM existed. Normal pricing only returned after they literally collapsed.

Now apply that dynamic to the ENTIRE equity market.

And the agencies that were supposed to protect investors from exactly this kind of concentration have been gutted. Sherman Act enforcement is effectively dead. The AI industry operates as an informal trust, 3 or 4 companies integrated vertically and horizontally in ways we haven't seen since Carnegie and Rockefeller.

Trevor Milton rolled a truck down a hill, called it technology, and got pardoned. Crime pays. So who stops the next guy?

Meanwhile capital markets have grown to roughly 4x GDP. When I started in this business they were roughly the SAME size. So when the repricing comes, the damage to the real economy will be multiples of anything we've experienced.

Nobody has a clean answer for what to do about this. Not me. Not Robertson. Not anyone being honest with you.

But after 45 years doing this myself I know this much:

The correction WILL come.

Price discovery WILL return.

The only question is whether you survive it or whether you're one of the ghosts who never saw it coming.

[Marko Kolanovic @markoinny]

Trump lost interest in Iran. It's too complicated vs. Cuba, Ballroom, pumping tech stocks like $INTC, $PLTR, or trashing allies on TS. But every hour of waiting is half million barrels lost now, perhaps a million lost later. Will come back to haunt soon.

[Martin's Music @XMartinsMusicX]

Released on Sticky Fingers, don't think they'd get away with that title these days 😬great Riff though 🎸

The Rolling Stones - B1tch
(Marquee Club 1971) ▶️

[RiskReversal Media @RiskReversal]

"I go back to the year 2000, at some point, some advertiser jammed one too many banner ads on the internet and it was over... that's going to happen here."

Dan Nathan talks dot-com comps on the latest MRKT Call

[Marko Kolanovic @markoinny]

Like the Fed, Trump admin has its own (different) dual mandate: to keep tech stocks up, and to keep oil prices down. Unlike the Fed method is less scientific, i.e. by hook or by crook. There is a tension between these two mandates building up and an increasing risk of a blowup.

[Marko Kolanovic @markoinny]

In other words you can't solve Iran and have stocks at ATH short term. Higher the stocks bigger the fall once oil catches up to missing barrels.

[Cassandra Unchained @michaeljburry]

Trade Alerts are here.

To ensure exclusive distribution of Dr. Burry’s trades only to paid subscribers, Cassandra Unchained will transmit Trade Alerts by email, similar to how research pieces are distributed.

The idea is to get information out both quickly and securely to the right people.

https://t.co/8B9wGiSXCW

[Marko Kolanovic @markoinny]

All that happened is that Pakistan and Trump conned Iranians for a 15% drop in paper Oil and a short squeeze stock rally that buys Trump some polls relief. But it doesn't matter for underlying energy crisis as ships are still not crossing.

[Cassandra Unchained @michaeljburry]

Ben Affleck is clearly a smart guy. So this does not surprise me. It sounds familiar and on point.

Delivered much better than I ever could.

[David Watts @fred79977]

#Headlines
#RollingStones

[QE Infinity @StealthQE4]

Never forget:

[Marcello @Marcello1967IT]

The Rolling Stones - Love You Live - 1977

It is drawn from shows in the US in the 1975, of Europe shows in 1976 and from the El Mocambo nightclub concert venue in Toronto in 1977.

The album artwork was prepared by Andy Warhol.

[Henrik Zeberg @HenrikZeberg]

HAPPY NEW YEAR!

The Blow-Off Top Before the Bust: Year-End Economy and Market Outlook for 2026

Why I’m bullish Equities and Crypto for the final “Sugar-High” rally into early 2026. And why I’m preparing to flip hard defensive as the business cycle turns after Q1-Q2 2026.

Read my article here:
https://t.co/5J4qx6rDeI

[Henrik Zeberg @HenrikZeberg]

BTC is in the Topping Phase of a Massive Expanding Diagonal. Massive Bearish Divergence. MACD crossing over on Monthly.

This is NOT Bullish (after the final rally). It is extremely BEARISH!

The Technical Minimum Target is 3-4K. Potentially lower.

But first - final BlowOffTop - into 154K-ish.

A Bubble like this does not leave without a proper "BANG"! Euphoria will be extreme. Wait for it!

And then a Crash of 97-98%.

Impossible? Well - Nasdaq dropped by 80-85% after https://t.co/kppuH9oBrc. And BTC always outperforms - to the upside - and to the downside.

So when AI/Crypto Bubble bursts - we will see massive declines. And you don't want to hold BTC into that Crash.

Happy New Year!

[Bill Madden @maddenifico]

That time Barbara Walters destroyed Trump. 🙌💪👏✊️👇

[Irlandarra @aldamu_jo]

Russell Crowe on Gaddafi

They killed him because he nationalized the oil & was about to create a currency for all the African countries. He wasn't a puppet for the U.S.

[Justin Wolfers @JustinWolfers]

Context you rarely hear: global stocks are up about 30% over the past year. U.S. stocks? Around 18%. That means American investors underperformed the world by about 12 percentage points, even while headlines called it a “fantastic year.”

[Marin @Marin_0x]

Straight on point right there ladies and gentlemen

[Field Yates @FieldYates]

This Malik Nabers @IHOP commercial belongs in the hall of fame