Market Notes The Dollar's Second Life Is Being Built On Chain Now The market is acting like AI is the whole story. I don't think so. AI is the visible trade. The deeper trade is the measuring stick: whether the dollar can extend its reserve-currency life through stablecoins, whether the world keeps moving reserves toward gold, and whether asset inflation is hiding how weak the real economy feels underneath. That's the part I care about here. Not the YouTube headline about "fake money." The cleaner version is this: prices look different depending on the measu
Market Notes Your Index Fund Is About to Buy SpaceX Whether You Want It To SpaceX is expected to price its IPO on June 11 and begin trading June 12 under the ticker SPCX. If it gets added to the Nasdaq-100 under Nasdaq's new fast-entry rules, anyone holding QQQ or a Nasdaq-100 tracker could own it shortly after the debut. You don't get a vote on that. The index decides, and the fund follows. What the Data Shows Nasdaq's rule change went into effect May 1. Under the new methodology, a newly public company can be evaluated after its seventh trading day and become eligi
13F Coverage Tepper Nearly Tripled UBER in Q1 2026 — Why It Matters Disclosure: I don't hold a position in UBER or any security mentioned in this article at the time of publication. This isn't personalized investment advice. David Tepper nearly tripled his Uber position in Q1 2026. Not a small add. A +242% increase that brought Appaloosa's stake to 6.33 million shares worth approximately $455M. That's the signal. Not a new discovery, not a passive rebalance. Tepper moved aggressively into Uber while the stock was sitting 26% off its 52-week high of $101.99.
13F Coverage Four Managers Quietly Added Amazon in Q1 — Nobody Noticed Disclosure: I hold a position in AMZN at the time of publication. This isn't personalized investment advice. Four managers added to Amazon in Q1 2026. No headlines. No press releases. Just Klarman, Nygren, Ackman, and Tepper all quietly increasing their positions in the same quarter. That's two Tier-1 long-duration investors and two Tier-2 opportunistic managers adding to the same name while Amazon traded between its February low of $196 and $250. Nobody coordinated. Nobody announced it. The
Market Notes The Dollar Trade Nobody’s Talking About in 2026 The most important financial story right now may not be tariffs. It may be what’s sitting behind them. Trump’s Beijing trip was framed publicly as trade. But the market signals underneath it point to something bigger: a possible attempt to weaken the dollar through gold, investment flows, and industrial policy instead of a direct currency deal. I don’t know if that deal gets done. Nobody outside the room does. But the fingerprints are worth watching. What the Data Shows The dollar has been w
13F Coverage Klarman and Elliott Both Opened NCLH in Q1 — The Stock Is Now at 52-Week Lows **Disclosure:** I don't hold a position in NCLH or any security mentioned in this article at the time of publication. This isn't personalized investment advice. Klarman opened a new position in Norwegian Cruise Line in Q1 2026. So did Elliott's Paul Singer — $246M worth. That's a Tier-1 value investor and a Tier-2 activist entering the same beaten-down name in the same quarter, independently. Since those Q1 filings, NCLH has kept falling and is now sitting near 52-week lows, down 45% from its
13F Coverage The Smart Money Just Moved Into Alphabet — And It's Not Just Buffett Disclosure: I don't hold a position in GOOGL, GOOG, or any security mentioned in this article at the time of publication. This isn't personalized investment advice. Buffett tripled Berkshire's Alphabet position in Q1 2026 — but he wasn't the only long-duration investor who moved. Li Lu added to his position as well. Dan Loeb opened a new position. Lone Pine opened a new position. That's two Tier-1 value investors and two Tier-2/3 managers all moving into the same name in the same 90-day window
