Sometimes the wrong turn is worth $32 billion. Bravo 👏 It was a practice round at 2020 Augusta National. The tradition at The Masters is simple: players try to skip their tee shot across the pond in front of the green. You aim low, you hope it bounces, you try to land it somewhere on the putting surface. Most shots skip once or twice and die in the water. That’s the expected outcome. That’s physics. Jon Rahm‘s ball skipped four times. It kicked to the back of the green. It fed down the slope. And then — in front of exactly nobody, because it was a Tuesday practice round...

There is nothing better than a Saturday burger. It’s even more in my area… 😬 You’re standing in the meat aisle. Ground beef, $6.86 a pound. You’ve done this calculation before — last month it was $6.71, the month before that $6.58. You know it’s going up. You’ve known for a while. You buy it anyway. So does your neighbor. So does the guy behind you. So did 330 million Americans last year, collectively spending $45 billion on beef — 12% more than the year before. Not 12% more beef. Just 12% more dollars for roughly the same amount of meat. In economics, there’s...

Schrödinger had a cat. Wall Street has four of them. In 1935, a physicist named Erwin Schrödinger proposed a thought experiment that has been breaking people’s brains ever since. Put a cat in a sealed box with a radioactive atom. Until someone opens the box and actually looks, the cat is simultaneously alive and dead. Both things are true at once. Reality only collapses into a single answer the moment someone decides to observe it. Schrödinger meant it as a critique of quantum mechanics. Wall Street turned it into a business model. This week, four major stories dropped across the market....

Still processing… There is a list of the busiest stocks on Wall Street every single day — JPMorgan, Exxon, Nvidia, Apple, the names you’d expect to see moving billions of dollars before lunch. Yesterday a shoe company crashed that list. Not a tech company or an AI darling or a defense contractor riding the Iran war trade. A shoe company. One that had already sold its shoes, with a market cap of $22 million. It traded $3.8 billion in a single session. More than JPMorgan. More than Exxon. More than 25 times its own entire market cap in one day. The explanation is somehow even more absurd...

The market just erased a war. In 8 days. credit: Yahoo Finance Let that sink in for a second. The S&P 500 quietly erased every single loss from the Iran war. Every. Single. One. 1 The S&P is knocking on the door of 7,000.2 The Nasdaq just notched its tenth straight winning session.3 The Magnificent Seven ETF is up another 2%.4 The VIX surged above 30 in the early days of the war. It’s now back to a 17 handle. That round trip took only eight trading sessions. The war happened. The market just… moved on. Here’s what’s actually going on. ⇩ SPONSOR BREAK...

That exhale didn’t last long. credit: Me → Chicago, IL (had to double check the pump) You know that feeling when you finally exhale. The tension is gone. You sleep well. You make plans. 1 Then you wake up Saturday morning and the peace talks collapsed. 2 Then Sunday President Trump blockaded the Strait of Hormuz on Truth Social. 3 Then Monday oil hit $103 before you finished your coffee. That exhale didn’t last long. Here’s everything happening today⇩ SPONSOR BREAK presented by FerrisReport*  Prepare For $10 GasYou’ll wait in line for hours at the gas station…...

The kind of week that requires a very long weekend… 1 The week opened with US-Iran tensions running dangerously high. 2 By Wednesday a ceasefire was taking shape and stocks were flying. 3 By Friday the ceasefire was being held together with what appeared to be optimism and extremely fragile goodwill. Here’s the scoreboard:→ The S&P 500 snapped its seven-day winning streak on Friday but still ended the week up 3.6%. → The Nasdaq edged higher on the day. → The Dow fell 0.56%. All three indexes posted their biggest weekly gains since November. On inflation: March CPI came in at 3.3%...