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Aram Viridian notes that AI reached 100 billion dollars in revenue in just four years, whereas software as a service took 15 years. Aram Viridian views AI as a core allocation because it attacks 30 trillion dollars of global GDP.
Aram Viridian notes that up to 300 billion dollars in software buyout transactions from 2021 and 2022 carried 200 billion dollars in debt. These companies are now worth half their purchase prices, prompting credit redemptions.
Aram Viridian states that only 15 to 20 public SaaS companies now trade above 10 times revenue. In public valuations, one percentage point of organic growth is worth three percentage points of EBITDA margin.
The 10-year Treasury yield rose to a three-year high following the Treasury Department's plan to repurchase up to $6 billion in debt. Investors rejected the intervention, which was designed to cool down borrowing costs for consumers and businesses.
On September 9, 2026, global commodities surged with Brent crude crossing the threshold to sit above one hundred dollars per barrel. Concurrently, Bitcoin traded stable at seventy-eight thousand four hundred sixty dollars with a market capitalization of one point five eight trillion dollars.
Daniel Lacalle warns that economic crises rarely spark market liberalization. Instead, governments routinely use crises like the 2008 financial crash to expand intervention, increase regulations, and blame free markets for the collapse.
Prior to Javier Milei taking power, Argentina suffered from 25% monthly inflation, over 50% poverty, and more than 40 different exchange rates. Its central bank was entirely bankrupt with 12.5 billion dollars in negative assets.
Under Javier Milei, Argentina achieved a zero fiscal deficit and grew at a 4% annual rate. Daniel Lacalle reports that Milei pulled 14 million people out of poverty and reduced the overall poverty rate below 25%.
Daniel Lacalle explains that Javier Milei has not yet dollarized or closed the central bank because doing so with negative reserves would collapse the banking system. Instead, Milei is floating both currencies and letting banks lend in dollars.
Saagar Enjeti highlights severe United States munitions shortages as the Patriot missile stockpile becomes depleted. Ryan Grim notes that a single defense battery cluster interception cost hundreds of millions of dollars, firing missiles that take a year to manufacture.
Major foreign creditors are offloading United States debt, threatening to spike long-term borrowing costs. Saagar Enjeti and Ryan Grim explain that Japan sold treasuries to prop up the yen, while Norway slashed its holdings by 80 billion dollars.
Chris Drzyzga notes that commercial real estate faces three key headwinds: accelerating monetary debasement, economic obsolescence of aging building inventory, and competition from Bitcoin. Over the past year, the national monetary base expanded by roughly five and a half percent.
Chris Drzyzga introduces balance sheet appreciation as a fifth driver of real estate value. This strategy complements the traditional four drivers of net operating income growth, capitalization rates, leverage, and capital improvements.
Through a systematic treasury strategy, Chris Drzyzga helped a client accumulate a Bitcoin strategic reserve covering more than seven years of mortgage payments. This extensive runway insulates the property owner from potential tenant vacancies or broader economic black swans.
Kinley Sammon reports that Javier Milei successfully reduced Argentina's monthly inflation from 13 percent to 2 percent, lowering poverty to 28 percent. However, voters now prioritize stagnant wages and job losses over inflation control.
Argentina's economic growth remains concentrated in non-labor-intensive sectors like mining and oil. Kinley Sammon highlights that this has led to a loss of 230,000 private sector jobs and 80,000 public sector jobs since 2023.
High interest rates maintained by Javier Milei to combat inflation have restricted credit and strained household finances. Kinley Sammon notes that nearly six million Argentines are currently more than 90 days behind on debt payments.
Javier Milei's tight alignment with the United States secured a crucial 20 billion dollar peso-swap line. Despite calling Chinese leaders assassins during his campaign, Milei pragmatically maintained ties, securing another swap line renewal.
James Daunt opened Daunt Books in 1990 during a major recession and the first Gulf War, taking five years for the shop to become financially stable.
James Daunt claims that the UK economy is less dynamic than the US economy because of a massive cultural stigma surrounding personal and business bankruptcy.
Jake Woodhouse warns against pairing volatile long-term assets with fixed short-term obligations. When asset prices crash, unhedged commitments turn investors into forced sellers who must liquidate positions at basement prices to pay immediate invoices.
Jake Woodhouse advises that any asset harvesting strategy must immediately ring-fence the associated tax liability and a liquidity buffer. Failing to set aside tax reserves creates a secondary forced liquidation event when the tax authority demands payment.
Jake Woodhouse cites Lyn Alden's thesis that ballooning interest costs will force modern governments to print money to service existing debt. This macroeconomic reality reinforces his long-term conviction in Bitcoin over government bonds or traditional fiat assets.
Krystal Ball argues that the war with Iran has fractured the 50-year petrodollar cycle. Instead of reinvesting oil profits back into US treasuries, foreign nations are selling off their US debt reserves to defend their own depreciating currencies.
Global shipping container rates have spiked from under $2,000 per box to up to $9,000. Sal Mercogliano attributes this to high bunker fuel prices of $800 to $900 per ton and low inventories at major fueling hubs like Singapore.
William Cohan reports that Apollo manages $1 trillion in assets, with $850 billion dedicated to private credit. Apollo funds these investments using capital from Athene, its insurance and annuity business, creating a long-term capital flywheel.
William Cohan estimates the total private credit market at $40 trillion when including investment-grade credit, or $2 trillion when focused purely on riskier junk bonds and mezzanine financing.
Lyn Alden argues the United States is long-term insolvent because its entitlement and defense obligations are untenable. To manage this fiscal dominance, the government employs financial repression, such as treasury buybacks, to orderly manipulate yields downward without resorting to yield curve control.
Treasury Secretary Scott Bessent is mimicking Janet Yellen's dovish duration strategy despite his past criticisms of her approach. By issuing more short-term T-bills over long-term bonds, the Treasury reduces market duration but exposes the state to volatile short-term interest rate rollovers.
Lyn Alden notes that while most treasury buybacks are routine liquidity adjustments, the recent unscheduled announcement to buy back older, illiquid coupon debt is highly unusual. The intervention signals non-traditional treasury coordination to suppress long-term yields during a non-crisis period.