When the failure point is one company instead of one bank, the channels are the same. Only the names change.
Deep Dive
May payrolls hit 172,000 against an 80,000 forecast. The S&P closed its first losing week in ten. CPI prints Wednesday.
Weekly Review
Junior miners, pre-IPO units, and leveraged funds all promise multiplier exposure. The structure hides the cost. Here is how it actually works.
Concentration creates upside on the way in and gravity on the way out. The mechanism is structural, not psychological.
Stocks closed May with the longest weekly winning streak since 2023. Gold's floor strengthened in parallel.
A one-year truce on export controls expires in November 2026. What happens to supply chains then is the real question.
Combined valuation tops $3 trillion. Combined annual profit is zero. The 1999, 2014, 2019, and 2021 IPO clusters all ended one way.
Nvidia delivered, the Dow set records, and the Fed minutes pointed to a policy shift. The next move belongs to Warsh.
