Helping our clients achieve superior risk-adjusted portfolio performance
is Merk's mission

Hats off to the founders of @uaustinorg for starting a university—not just complaining. No one said it would be easy. Setbacks happen. Encouraging to see @nfergus helping chart the path forward. Congrats to an outstanding faculty and student body.x.com/uaustinorg/sta…

"My portfolio is a little different" @TruthGundlach

In his latest "just markets" broadcast, Gundlach says what I've heard other successful investors say.

Amazon is buying copper output directly from a mine.

Just-in-time manufacturing assumed supply would always exist at some price. That assumption is breaking. Securing access—not price—is becoming the constraint in a changing world.
wsj.com/finance/commod…

Help me out here... banks are upset that stablecoins can pay rewards that are the equivalent of interest. Why not, um, allow banks to pay interest on checking accounts - and all be friends??wsj.com/finance/regula…

Reversion to the mean?
Gold-Silver ratio, the long-view.
#notinvestmentadvice

Gotta love the ingenuity of business: apparently a credit card issuer is now offering new card with a 10% interest rate cap.

Not mentioned: presumably you need a good credit score to qualify. Also: this is a new card, not a reduction in rate on existing cards.

Do I get this right? In their zest to attract premium card holders, card issuers are subsidizing benefits from interest income. In plain English: consumers paying over 20% interest are subsidizing your reward mile stay at a luxury hotel.
wsj.com/personal-finan…

@MoiseNoise