The big upward revision was due to trade, adding 1.6% to GDP. Exports are at second-highest ever, imports are lower. Optimistic for 2026 due to even better trade numbers, data center boom, and tax cuts.

It's a K-shaped recovery. Baby boomers with homes and stock portfolios have discretionary money. Younger people are running out. The Conference Board survey likely didn't call enough boomers. Tax cuts will put more money in pockets.

Three reasons: 1) Tax cuts, 2) Data center/AI boom (orders up 20% QoQ, 50-65% YoY), 3) Exports growing bigger from onshoring (pharmaceuticals, automotive), which could close the trade deficit. Automated plants boost productivity.

He has to. Residential real estate was a 5.1% annual drag on GDP. As a home builder president, he needs to fix it fast. Rental prices have fallen, home prices are soft, partly due to insurance issues. Needs lower rates and insurance reform.

Yes. Most CPI inflation was owner's equivalent rent, which has disappeared and may turn negative. Lower crude oil prices (except in California), moderating food costs, and deflation imported from China (e.g., cheap TVs) add to deflation. The dollar is firming and will get stronger, making imports cheaper. We are 'bordering on deflation.' Economists are trained to fight it; Fed candidates like Christopher Waller say we need at least 100 bps cuts. Trump would like 200 bps, which would fix housing and add to GDP.

Yes. Shows chart of gold, silver, platinum appreciation. Lack of confidence in central banks globally. Banks buy gold to shore up credibility. Silver and platinum demand is up due to industrial use (data centers, catalytic converters). Russia is a major platinum supplier, and people are avoiding Russian supply.

Cites 'clash of civilizations.' Major city centers dominated by immigrants changing culture. France cancelled fireworks due to terror alert. Farmers are protesting EU policies (culling herds for net zero, unfair Latin American trade). Protests are working (e.g., UK tax relief). The EU may eventually implode; another country could leave after Britain.

Ukraine peace deal (US/Russia/Ukraine negotiating, Europe upset), Venezuela (US naval blockades, seizing tankers, choking off Maduro financially; boosting Venezuelan oil could mean permanently low oil prices), and US midterm elections (media negative, Trump needs Republican majority or becomes lame duck).

Lists stocks by high net operating margins as 'monopolies': Interdigital (IDCC), Nvidia, Robinhood, Apple, gold stocks (AGI, AM), Eli Lilly, UI, Palantir, Kinross Gold, Royal Caribbean. High margins mean dominance and safety for years.

Problem was under Janet Yellen due to poor long-term bond auctions. Fixed under Treasury Secretary Scott Bessett. Long-term rates up a little after last Fed meeting, but short-term rates are down due to Fed balance sheet actions. The curve is now normal and getting steeper. More Fed rate cuts coming.

Stock strong on Robotaxi anticipation. Making two-door version without steering wheel. Launching soon. In San Francisco power failure, Tesla Robotaxis kept going while Waymo stopped. People believe in Elon's vision.