Confidence is Back
How bad do you want it?
This a cool story as to what next level hustle looks like from Thomas Laffont of Tech fund Coatue. (link to video)
The Treasury and Fed reportedly summoned Wall Street CEOs to an urgent meeting to discuss the capabilities of Anthropic’s latest model. Maybe they really are on their way to building a digital god.
And Anthropic releases were once again causing the software complex to sharply sell-off yesterday. I think the market will be wrong about some of these and AI will actually accelerate some of these businesses.
Equity markets have effectively declared the war in Middle East over. Most indices are already back to pre-conflict levels. Are they forward looking or wrong? We will find out soon enough. (John Authers)
Goldman’s data shows hedge funds remain cautious. The long to short ratio is near the highest level of the past five years. The last time positioning looked like this was around Liberation Day.
They may be licking their wounds. Morgan Stanley notes it was the second worst month in the past decade for L/S funds.
Following up on yesterday’s post, there is one group of stocks driving EPS revisions higher. They have consistently exceeded expectations. Leadership remains narrow. The narrative has been, it’s time for the S&P 493 to outperform but it has not come to fruition fundamentally. (John Authers)
If you subscribe to three streaming services ad free, it costs about $55 per month.
Monetization is proving too tempting. Streaming platforms are moving into ads. We are slowly rebuilding the cable bundle.
Why is U.S. healthcare so expensive. Across a range of procedures, the U.S. system is roughly 3x more expensive than the average of eight other countries.
Drug prices are even more extreme.
Administrative costs now account for roughly 25% of U.S. healthcare spending.
In the UK, real weekly wages have flatlined since the Global Financial Crisis, far below the pre 2008 trend. I wonder what changed.
Even in the U.S., gains have skewed toward higher income households, although wage growth has been solid across most groups.
