2Q26 Client Update
After our terrific year last year, I was hoping for more of the same in 2026. And while we got off to a good start in 1Q26, we didn’t make much progress in 2Q26. That’s because the market is increasingly…
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The Contradiction at the Heart of the Market
Let’s start with some context. The current bull market is being driven by optimism about Artificial Intelligence (AI). The premise is that AI will radically improve economic productivity resulting in a massive economic boom. It began on the afternoon of…
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The Mises Moment: AI, TSLA, Iran
The great Austrian Economist Ludwig von Mises was the first to pinpoint the cause of the business cycle: overexpansion of credit by the central bank. The difficulty for investors has always been in applying his insight in a pragmatic way…
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Data Center REITs Are A Conservative Way To Play AI
The WSJ’s Dan Gallagher wrote an excellent overview of the recent tech stock market on Tuesday (“Picks and Shovels Still Rule The AI Tech Trade” [SUBSCRIPTION REQUIRED]): Investors are choosing the companies on the receiving end of big tech’s spending…
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MU: Demand Has Collapsed
Semiconductor manufacturer Micron (MU) reported 3Q22 earnings for the quarter ended August 31 after the close Thursday. On August 9 they warned that revenue in the current quarter would come in at or below previous guidance of $7.2 billion and…
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SNPS Is A Long Term Winner
Synopsys (SNPS) – the largest maker of software for semiconductor design – reported 2Q22 earnings just now. While semiconductor companies have been warning recently SNPS may be immune. That’s because semiconductor makers don’t want to fall behind in an always…
