Winter Timetable 2026: Services Departing Before and After November 3rd Brent settled Thursday at $113.17, the highest since May 4. On Friday it was edging toward $113.6 with WTI around $100, after seven

Best Man's Toast at the Wedding of Gold and Bitcoin, Reception Held at 5.13% [tapping a glass with a fork, then a second glass, then the microphone] Okay. Okay, everybody. Sit. The 10-year Treasury has

Liberty, Equality, 4.93% Somebody should tell the Élysée that the legislature has moved. It sits in the bond market now, votes every day, and unlike the Assembly it reliably reaches a majority. Tuesday's

A Hundred and Three Billion Dollars of Promises and No Wall Socket 04:52 Eleven and a half percent. That is the slice of Microsoft's 200,000-chip program with Nscale that was supposed to live in Loughton,

Initiating Coverage of Peace: Underweight, Target $108 We initiate coverage of Peace with an Underweight rating and a Brent-equivalent price target of $108, which is where it trades. The market spent the

Radio Silence at 3.7% Nine days until the FOMC meets, a blackout already underway, and one Chair who has built a personal brand around saying less. Congratulations, everyone. We have finally achieved the

Dear Nasdaq: A Letter From a Price-Weighted Index With Nothing to Be Proud Of Dear Nasdaq, You had a rotten week, and I am writing to say that I had a fine one. I am up 0.67%, my second straight weekly

Safe Haven of the Year: Acceptance Remarks of the 10-Year Treasury Note, Delivered at 5.09% Transcript of remarks at the annual dinner of the Society for the Preservation of Duration Risk. Applause omitted.

Gallery Seven: Instruments That Were Supposed to Hedge This Stop 41. The Ounce You are standing in front of gold, which spent January making its case. Spot reached $5,608, a figure printed on the wall

Gale Warnings for Every Sea Area That Sells You Diesel Here is the forecast for Wednesday the fourteenth, issued while an S&P 500 at 7,805 and a VIX near 15 insist the barometer reads fair. Brent.

Seoul Open, Minute by Minute: The Bid Went Home on October 6 09:00. The Kospi opens more than 3% lower and nobody on the floor looks surprised, which is the first bad sign. Monday's close was 6,384. Samsung

Cross-Examination of a Number: The Witness Will State Its Level for the Record Transcript excerpt. Monday, October 12, 2026. The witness is the Cboe Volatility Index, sworn in on a stack of option chains.

Pre-Mortem: Wednesday, 8:30 A.M. INTERNAL MEMO. DO NOT FORWARD. TO: Rates, Credit, Macro Strategy RE: September CPI, six bank prints, and which of our positions is lying to us SENT: Sunday night, because

Four Hours at the White House, Two Days After the Vote Someone in the West Wing read the Supreme Court's Cook opinion carefully, and that should worry you more than if nobody had. In June the Court ruled

Who Holds the Negative Carry The carry test is back, and it has no sense of humor. An asset yields more than the money that bought it or it does not. With the 10-year Treasury at 5.22% on Thursday's close,

A Hundred Trillion Won and a Shrug Prepared remarks to an investment committee, Thursday morning. Transcript lightly edited. Good morning. Put the Samsung number on the screen, please, and leave it there

Nobody Can Dye a Barrel Into Existence Somebody in Washington looked at a $6 diesel price, looked at a map of the Strait of Hormuz, and concluded the missing ingredient was food coloring. Monday evening

The Laggard Is Worth $5.8 Trillion Only in 2026 can a stock close at an all-time high of $238.90, carry a market value of $5.78 trillion, sit 3.8% short of becoming the first $6 trillion company in history,

Two Hundred Times Earnings, One Customer, and a Post on X Two hundred times forward earnings, and what broke it was a post on X. I'd admire the efficiency if I weren't busy doing arithmetic on the people

Eighty-Six Thousand Dollars of Memory Sunday, 02:40. A spot Bitcoin ETF allocator, awake, with the screen still on. Fine. Say it plainly. The best macro setup Bitcoin has had since September arrived on