James Boyd

Just a timely reminder, before you rush to buy the Anthropic IPO, that out of the 20 largest public offerings since 2010, the average drawdown was 60% in their first 12 months.

“If you want to be successful, I would encourage you to grow a tolerance for failure.” — Nvidia CEO, Jensen Huang

BREAKING: The 15 largest S&P 500 stocks now account for a record 46.7% of the index’s market value. By comparison, during the 2000 Dot-Com Bubble, the 15 largest stocks accounted for 27.2% of the S&P 500. The remaining 485 stocks represent just 53.3% of the S&P 500’s market cap. This comes as Nvidia, $NVDA, Apple, $AAPL, Alphabet, $GOOGL, and Microsoft, $MSFT, account for 7.5%, 7.1%, 5.9%, and 5.6%, respectively, or 26.1% combined. This means just 4 stocks account for more than the next 11 combined. Furthermore, the combined market cap of the 5 largest stocks now equals that of the bottom 434 stocks in the index, the largest gap on record. Market concentration is at historic extremes.

“Honesty is a very expensive gift. Don’t expect it from cheap people.” — Warren Buffett

BREAKING 🚨: Housing Market Pending Home Sales plunge to lowest level in history 📉 📉

"My life has been a product of compound interest. Nothing more. Nothing less. And nothing brilliant. " - Warren Buffett

BREAKING: US Pending Homes Sales collapsed -7.3% in September, to their lowest level on record in data going back to 2001. The West saw the steepest decline of -9.2%, while sales in the South, the biggest home-selling region, fell -8.2%. The housing market is frozen.

Retirees will get a raise in 2027 … social security benefits are set to increase by 3.6%, marking the largest cost of living adjustment since 2023