Non-asset owners are being left behind:
US consumer sentiment among non-stockholders stands at near its lowest level in at least 8 years.
This metric has been in a downtrend for 6-straight years.
At the same time, sentiment among the largest stockholders is up to the highest in 12 months.
The gap between the two groups has widened to ~15 points, the highest since 2024.
By comparison, in 2018-2022, sentiment between the groups moved in lockstep.
Own assets or be left behind.
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US consumer sentiment among non-stockholders stands at near its lowest level in at least 8 years.
This metric has been in a downtrend for 6-straight years.
At the same time, sentiment among the largest stockholders is up to the highest in 12 months.
The gap between the two groups has widened to ~15 points, the highest since 2024.
By comparison, in 2018-2022, sentiment between the groups moved in lockstep.
Own assets or be left behind.
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NEW: American-born skier Eileen Gu, who competes for China, starts laughing and bragging that she is the "most decorated" female freeskier after a reporter asked her about coming in second place.
Reporter: "Do you see these as two silvers gained or two golds lost?"
Gu: "I'm the most decorated female freeskier in history!"
That definitely struck a nerve.
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Reporter: "Do you see these as two silvers gained or two golds lost?"
Gu: "I'm the most decorated female freeskier in history!"
That definitely struck a nerve.
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Judge declares mistrial for 9 charged with ambush on Texas ICE facility after defense lawyer wore T-shirt with images of protesters
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BREAKING: The 60+ day delinquency rate on US subprime auto loans is up to a record 6.9%.
Serious delinquency rates have more than DOUBLED since 2021.
This exceeds the 1996 peak by 0.9 percentage points.
For context, the 2008 Financial Crisis high was 5.0%.
Meanwhile, total auto debt is up +$312 billion over the last 5 years, to a record $1.67 trillion, driven by surging vehicle prices.
Subprime financing makes up ~14%, or $234 billion, of all auto loans.
Americans are falling behind on their car debt at a record pace.
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Serious delinquency rates have more than DOUBLED since 2021.
This exceeds the 1996 peak by 0.9 percentage points.
For context, the 2008 Financial Crisis high was 5.0%.
Meanwhile, total auto debt is up +$312 billion over the last 5 years, to a record $1.67 trillion, driven by surging vehicle prices.
Subprime financing makes up ~14%, or $234 billion, of all auto loans.
Americans are falling behind on their car debt at a record pace.
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When you measure it well, both the Nordic countries and England have fairly low rates of social mobility.
Moreover, the transition to modernity hasn't changed social mobility, and the Nordics have only modestly higher mobility than England.
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Moreover, the transition to modernity hasn't changed social mobility, and the Nordics have only modestly higher mobility than England.
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NEW: Clavicular runs circles around Piers Morgan in new interview
PIERS: “Would you like to apologize for the HH Kanye song?”
CLAV: “No. I didn’t play it. Would you like to apologize for being in the Epstein files with Ghislaine Maxwell?”
PIERS: “No.”
CLAV: “Based. No apology. Epstein had aura, Piers.”
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PIERS: “Would you like to apologize for the HH Kanye song?”
CLAV: “No. I didn’t play it. Would you like to apologize for being in the Epstein files with Ghislaine Maxwell?”
PIERS: “No.”
CLAV: “Based. No apology. Epstein had aura, Piers.”
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ANOTHER REASON WHY BITCOIN IS DUMPING NON STOP.
Since Q4 2025, BTC has underperformed every major asset class. This has a lot to do with quantum computing concerns and lost coins.
Roughly 3.5–4 million BTC mined in Bitcoin’s early years are considered lost or permanently dormant today, nearly 18% of the total supply. These could potentially re-enter circulation one day.
With quantum computing advancing, older wallets (especially those with exposed public keys) are again being discussed as a long-term vulnerability.
Now compare that with institutional flows.
Since 2020, institutions, ETFs, and corporates have accumulated around 2.5–3 million BTC combined.
The amount institutions have absorbed is in the same range as the coins the market assumes are gone forever.
Even the possibility that part of this dormant supply could re-enter circulation changes forward supply expectations,and that matters for pricing.
If markets believe even a portion of the 3–4 million dormant BTC could return, they start discounting that supply today, which puts downward pressure on price.
But there’s another side.
On-chain data shows 13–14 million BTC have already moved in this cycle, the largest redistribution ever recorded.
Despite that massive sell-side liquidity, Bitcoin did not experience a structural crash. So when the market worries about a potential 3–4 million future overhang, it may be overstating the impact compared to what has already been absorbed.
There’s also a technical reality: quantum risk mainly applies to older wallets with exposed public keys,
not the entire network.
Bitcoin is not static. Wallet formats evolve, security standards improve, and quantum-resistant cryptography is already being researched and discussed at the protocol level.
The market is currently balancing two narratives: a theoretical future supply shock versus a system that continues to harden over time.
This may be one key reason Bitcoin has lagged despite strong institutional demand and supportive global liquidity.
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Since Q4 2025, BTC has underperformed every major asset class. This has a lot to do with quantum computing concerns and lost coins.
Roughly 3.5–4 million BTC mined in Bitcoin’s early years are considered lost or permanently dormant today, nearly 18% of the total supply. These could potentially re-enter circulation one day.
With quantum computing advancing, older wallets (especially those with exposed public keys) are again being discussed as a long-term vulnerability.
Now compare that with institutional flows.
Since 2020, institutions, ETFs, and corporates have accumulated around 2.5–3 million BTC combined.
The amount institutions have absorbed is in the same range as the coins the market assumes are gone forever.
Even the possibility that part of this dormant supply could re-enter circulation changes forward supply expectations,and that matters for pricing.
If markets believe even a portion of the 3–4 million dormant BTC could return, they start discounting that supply today, which puts downward pressure on price.
But there’s another side.
On-chain data shows 13–14 million BTC have already moved in this cycle, the largest redistribution ever recorded.
Despite that massive sell-side liquidity, Bitcoin did not experience a structural crash. So when the market worries about a potential 3–4 million future overhang, it may be overstating the impact compared to what has already been absorbed.
There’s also a technical reality: quantum risk mainly applies to older wallets with exposed public keys,
not the entire network.
Bitcoin is not static. Wallet formats evolve, security standards improve, and quantum-resistant cryptography is already being researched and discussed at the protocol level.
The market is currently balancing two narratives: a theoretical future supply shock versus a system that continues to harden over time.
This may be one key reason Bitcoin has lagged despite strong institutional demand and supportive global liquidity.
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CLAVICULAR: "I find it quite silly to me that you’re with the number one looksmaxxer and instead of asking how you can ascend so your wife wouldn’t tweet our captions like ‘When my husbands away, Mr. Suds comes out to play,’ maybe if you asked me how to ascend this would stop happening to you.”
Oh my God. Call 911.
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Oh my God. Call 911.
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One of the funniest mistakes I've seen in a paper on social mobility was when Chetty compared people aged 30-31 to their parents, aged 44-48.
He concluded, because they were so different, America had ~2x the mobility it really does.
Most people's incomes are still rising at 30!
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He concluded, because they were so different, America had ~2x the mobility it really does.
Most people's incomes are still rising at 30!
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I wanted to see what would happen if I asked Codex to make something run on CUDA instead of my CPU.
For reference, when I made this run on CUDA by hand, it went from ~685 seconds to ~8 seconds.
I don't even want to figure out what went wrong here.
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For reference, when I made this run on CUDA by hand, it went from ~685 seconds to ~8 seconds.
I don't even want to figure out what went wrong here.
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JUST IN: Senate Republicans are getting BLASTED in the White House press briefing
“Trump is backing a lot of these senators for reelection, and yet they will NOT get rid of this 60-vote cloture rule, which is holding EVERYTHING up!”
“EVERYONE in this room KNOWS if the Democrats take over, they'll get rid of that rule in 90 minutes!”
“DHS closed and SAVE America Act — BOTH can get solved in 15 MINUTES it Senate Leader Thune got rid of the phony 60-vote cloture rule, and got 51 votes, and that would be the END of it!”
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“Trump is backing a lot of these senators for reelection, and yet they will NOT get rid of this 60-vote cloture rule, which is holding EVERYTHING up!”
“EVERYONE in this room KNOWS if the Democrats take over, they'll get rid of that rule in 90 minutes!”
“DHS closed and SAVE America Act — BOTH can get solved in 15 MINUTES it Senate Leader Thune got rid of the phony 60-vote cloture rule, and got 51 votes, and that would be the END of it!”
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DoomPosting
JUST IN: Senate Republicans are getting BLASTED in the White House press briefing “Trump is backing a lot of these senators for reelection, and yet they will NOT get rid of this 60-vote cloture rule, which is holding EVERYTHING up!” “EVERYONE in this room…
Well, seriously, because we are enraged it's taking this long, especially in my state, being held hostage by illegals voting and FRAUD
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US is done
Iranian battle plan is foolproof … as long as American jets fly past by the air defense at close range, ofcourse .
Publish more of these … love it
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Iranian battle plan is foolproof … as long as American jets fly past by the air defense at close range, ofcourse .
Publish more of these … love it
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