Stocks vs Gold: You’re Looking at This All Wrong

I got my start on Wall Street in the summer of 2003, right as gold was beginning one of the great runs of our lifetime. At the time, I didn’t know much about anything. Not gold. Not stocks. I was…

I got my start on Wall Street in the summer of 2003, right as gold was beginning one of the great runs of our lifetime. At the time, I didn’t know much about anything. Not gold. Not stocks. I was…

There are some enormous initial public offerings (IPOs) lining up this year, and already there’s no shortage of opinions about what it all means. SpaceX could be out as soon as this quarter. OpenAI looks like it’s also coming in…

If you just listened to the headlines, you’d think technology is rolling over and dragging the entire market down with it. That’s the narrative. But the data tells a different story. Small-cap technology stocks have now risen for four straight…

Everybody loves to hate short sellers. They’re the “villains.” These are the “pessimists.” They’re the ones “betting against America.” But if you’re actually trying to make money instead of just sharing opinions, you should be grateful that short sellers exist.…

The first quarter is in the books. This is when I lean hardest on what I already know works. Zooming out isn’t optional. It’s the closest thing we have to a cheat code. Prices trend. That’s not an opinion. And…

Are you surprised stocks aren’t down more? Because if you’re just following the headlines, they’ll tell you things are breaking down everywhere. Bear market. Risk off. Get defensive. But when you actually look under the hood, it’s a different story.…

My friend Ari Wald put something on my radar this weekend that I haven’t been able to stop thinking about. Most people hear “buy the dip” and immediately look for whatever just got hit the hardest. The problem is, a…

For most of my career, biotech was an automatic “no.” It wasn’t worth the headache. I don’t understand the science. I don’t understand the drugs. And I’ve seen what happens when people convince themselves they do. Early on, some of…

Everybody spent years telling you rates only go one way. Down. Central banks have your back. Bonds are safe. Duration is your friend. Just sit there and let the math work. Then something funny happened. The Fed finally started cutting…

This is the game. You can sit there and complain that insiders are trading ahead of a tweet. Ahead of an announcement. Ahead of whatever headline you didn’t see coming. Or you can grow up. Because this isn’t anything new.…

Your best players are supposed to lead the way. That’s how winning works. In sports, in markets, anywhere performance actually matters. The stars show up, they produce, and the rest of the team follows. When that’s not happening, you’ve got…

If the Dow Jones Industrial Average is Michael Jordan, the Dow Jones Transportation Average is Scottie Pippen. You don’t get all those banners without both of them. You don’t get dynasties with just one guy putting up numbers. That’s what…