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On today’s show, we discuss:
- Talking Wealth: Private Equity’s Liquidity Problem
- Future Proof – Miami Beach, FL
- The Week Anthropic Tanked the Market and Pulled Ahead of Its Rivals
- Microsoft and Software Survival
- Private Markets’ AI Panic: When ‘Recurring Revenue’ Isn’t
- The Credit Pitch
- Dorsey’s Block Cutting Up to 10% of Staff in Efficiency Push
- As investors sour on software, private credit loans come into sharp relief
- Why the dollar may have much further to fall
- AI Adopters: Beneficiaries of the Boom
- AI and the Economics of the Human Touch
- AI Boom Is Triggering a Loan Meltdown for Software Companies: Credit Weekly
- The Best and Worst Airlines of 2025
- Millennials spend more time than past generations with their children
Listen here:
Charts:
Recommendations:
Tweets/Bluesky
Amazon P/E: 29x
Walmart P/E: 46x
Costco P/E: 54x— Ed Elson (@edels0n) February 9, 2026
YTD, 60% of S&P 500 stocks are outpacing the index, compared to less than 35% in each of the previous three years. @truist @soberlook https://t.co/EGLX7QmA3x pic.twitter.com/SzZxXgrzdj
— Mike Zaccardi, CFA, CMT 🍖 (@MikeZaccardi) February 5, 2026
$DIA leading all flows on Friday as the Dow Jones hits ATH and is running laps around SPX this year. This index is equiv of a rotary phone, price-weighted, invented when Grover Cleveland was POTUS, but it could be perfectly situated for 2026's equity rotations. Good note on this… pic.twitter.com/Yt87iSTeqe
— Eric Balchunas (@EricBalchunas) February 9, 2026
h/t @MichaelKantro for this: iShares Expanded Tech-Software Sector ETF (IGV) and Bitcoin look like twins pic.twitter.com/dgD3wuutkm
— Alexandra Semenova (@alexandraandnyc) February 5, 2026
GS basket of most shorted stocks jumped by 8.8% on Friday … best day since April 2025 and one of the best days in the post-pandemic era pic.twitter.com/RjeZcxwYTG
— Kevin Gordon (@KevRGordon) February 9, 2026
BofA: Hyperscalers’ capex as % of operating cash was 65% in 2025, expected to be nearly 90% In 2026
It was 40% from 2017-2023 pic.twitter.com/KfldLRfZu2
— Mike Zaccardi, CFA, CMT 🍖 (@MikeZaccardi) February 8, 2026
$314B of incremental CapEx spend in 2026 guidance from the Big 5.
That's +1% point of GDP growth from and >2% of total US GDP from 5 companies. pic.twitter.com/vOjrUX0uDy
— Matt Vinson (@mattmvinson) February 5, 2026
Wild inflows to sectors outside of technology this year
"Sector funds excluding Tech have seen a record $62bn in inflows in the first five weeks of the year. To put that in context, that’s more than they saw in all of 2025 (just over $50bn)" –DB
— Gunjan Banerji (@GunjanJS) February 6, 2026
h/t @MichaelKantro for this: iShares Expanded Tech-Software Sector ETF (IGV) and Bitcoin look like twins pic.twitter.com/dgD3wuutkm
— Alexandra Semenova (@alexandraandnyc) February 5, 2026
I’ve now seen multiple big crypto accounts saying this is the worst sentiment they’ve ever seen.
And we aren’t even in a recession. Can’t imagine what would be happening if stocks were crashing too https://t.co/YDWWQF17Nd
— Nick Maggiulli (@dollarsanddata) February 5, 2026
Why is a $3M home a status symbol but a $3M portfolio isn't?
How can someone value "looking wealthy" over having more financial freedom?
Makes zero sense.
— Nick Maggiulli (@dollarsanddata) February 5, 2026
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