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Quiver Quantitative
BREAKING: The Senate Rules Committee has advanced Senator Kennedy's bill to withhold lawmakers' pay during government shutdowns. https://t.co/VZR07TPc8t
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BREAKING: The Senate Rules Committee has advanced Senator Kennedy's bill to withhold lawmakers' pay during government shutdowns. https://t.co/VZR07TPc8t
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Fiscal.ai
Why is Lululemon struggling in the United States?
Revenue is now declining for the first time in 10+ years (excluding COVID).
$LULU https://t.co/H8cKjiB4hA
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Why is Lululemon struggling in the United States?
Revenue is now declining for the first time in 10+ years (excluding COVID).
$LULU https://t.co/H8cKjiB4hA
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The Few Bets That Matter
$BABA still trades at ~2.5x sales.
Cloud growing 30%+ & accelerating with governmental push.
Core e-com massively profitable and growing.
And growth is depressed by the sales of Sun Art and Intime.
Q1 FY26 will see 15%+ revenue growth, yet valuation remains ~2.5x sales.
Hmhm https://t.co/kYRDL9jVVl
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$BABA still trades at ~2.5x sales.
Cloud growing 30%+ & accelerating with governmental push.
Core e-com massively profitable and growing.
And growth is depressed by the sales of Sun Art and Intime.
Q1 FY26 will see 15%+ revenue growth, yet valuation remains ~2.5x sales.
Hmhm https://t.co/kYRDL9jVVl
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Clark Square Capital
Looks like Interactive Brokers is adding Brazil to its tradeable markets https://t.co/5SRhB9JXdg
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Looks like Interactive Brokers is adding Brazil to its tradeable markets https://t.co/5SRhB9JXdg
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Wasteland Capital
2021 grift hall-of-famer $LAZR finally filed Chapter 11.
This sh*t was traded by imbeciles at $23bn in 2021, and the assets were now sold for $110m to, I kid you not, Quantum Computing $QUBT. Ayoo!
And the founder’s $83m Palisades home burned down in the fire this year. Sad. https://t.co/2X2r8did16
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2021 grift hall-of-famer $LAZR finally filed Chapter 11.
This sh*t was traded by imbeciles at $23bn in 2021, and the assets were now sold for $110m to, I kid you not, Quantum Computing $QUBT. Ayoo!
And the founder’s $83m Palisades home burned down in the fire this year. Sad. https://t.co/2X2r8did16
The spoils of tech mega-grift: $LAZR founder Austin Russell owns the $83m house from Succession. The stock, which was pumped to the dumbest investors by mega-banks, has lost $15.8bn since 2021 (down 77%). The biz had $41m rev, a negative 148% gross margin & lost $446m last year. https://t.co/vDBN4aOk8t tweet
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EndGame Macro
This is Ford acknowledging the first EV strategy didn’t match how truck buyers behave in a high rate environment. The all electric F-150 was expensive to build, hard to make money on, and demand dropped fast once payments rose and tax credits faded. So instead of burning billions trying to force it, Ford is pivoting toward what sells and pays the bills with more hybrids, extended range electric setups, and smaller, cheaper EVs that don’t require a lifestyle change. Gas and hybrid F-Series keep funding the company, while EV investment shifts toward affordability, energy storage, and platforms that can actually scale without massive losses. It’s less about ideology and more about survival and to protect the cash engine now, stay in the EV game, and wait until the economics make sense again.
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This is Ford acknowledging the first EV strategy didn’t match how truck buyers behave in a high rate environment. The all electric F-150 was expensive to build, hard to make money on, and demand dropped fast once payments rose and tax credits faded. So instead of burning billions trying to force it, Ford is pivoting toward what sells and pays the bills with more hybrids, extended range electric setups, and smaller, cheaper EVs that don’t require a lifestyle change. Gas and hybrid F-Series keep funding the company, while EV investment shifts toward affordability, energy storage, and platforms that can actually scale without massive losses. It’s less about ideology and more about survival and to protect the cash engine now, stay in the EV game, and wait until the economics make sense again.
BREAKING: In a massive hit, Ford, $F, is writing down $19.5 billion in EV investments.
Ford also says it will stop producing the electric version of the F-150. https://t.co/cWMPDeO9d0 tweet
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Giuliano
The reason behind each pick:
- Poor Charlie's Almanack.
The other day, a friend asked me for a book recommendations that would "rewire his brain." This is the only book I could think of that changes your thinking on so many levels.
- Guns, Germs and Steel.
We are largely ignorant about what has happened before us. This book gives you a fantastic framework for the past 10,000 years. How things played out.
- 1984.
Winston remains sane in a world full of craziness. Thinking is banned. Reading and writing are prohibited. Humanness is forbidden.
- Deep Simplicity.
The most complex systems are rooted in deep simplicity. Whenever you see something crazy complex (DNA, biological matter, the motion of bodies), it's always a few things interacting with one another and compounding over time.
- The Pleasure of Finding Things Out.
You can have fun by just thinking. Careful with pseudoscience. Beautiful takes on things.
- From Third World to First.
"Study the life of Lee Kuan Yew, you'll be flabbergasted" - Munger
- Zen and the Art of Motorcycle maintenance.
This book gives you a better understanding of deep human emotions, archetypes of people, what an obsession over knowledge can do to you, and you get a better grasp of things that you sense but can't fingerpoint.
- The Wealth of Nations OR the Origin of Species.
From any of these two, you'll get what it feels like to read an intellectually honest and curious individual. Someone who really writes to get to truth and advance civilization. + in both you get a great understanding of economics or evolutionary biology.
- The Prince.
I read this over 2 years ago but it's still top of mind. Deep insights into politics, trends in society, and how a 'wise prince should act'. It's fascinating because, for each insight, Machiavelli provides a historical example.
- Leonardo Da Vinci.
You don't realize how far extremely talented people can get if they also put time to it. The other idea is that, while some might write or just think, Da Vinci drew.
- The Brothers Karamazov.
No other author speaks to your soul as Dostoevsky does. What rationality can do to you, what goodness is about (or not?), and what does everything mean.
- Built from Scratch.
"How a couple of regular guys built a $380bn company." What business is about (customer satisfaction). You're only in business as long as you serve your customers well.
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The reason behind each pick:
- Poor Charlie's Almanack.
The other day, a friend asked me for a book recommendations that would "rewire his brain." This is the only book I could think of that changes your thinking on so many levels.
- Guns, Germs and Steel.
We are largely ignorant about what has happened before us. This book gives you a fantastic framework for the past 10,000 years. How things played out.
- 1984.
Winston remains sane in a world full of craziness. Thinking is banned. Reading and writing are prohibited. Humanness is forbidden.
- Deep Simplicity.
The most complex systems are rooted in deep simplicity. Whenever you see something crazy complex (DNA, biological matter, the motion of bodies), it's always a few things interacting with one another and compounding over time.
- The Pleasure of Finding Things Out.
You can have fun by just thinking. Careful with pseudoscience. Beautiful takes on things.
- From Third World to First.
"Study the life of Lee Kuan Yew, you'll be flabbergasted" - Munger
- Zen and the Art of Motorcycle maintenance.
This book gives you a better understanding of deep human emotions, archetypes of people, what an obsession over knowledge can do to you, and you get a better grasp of things that you sense but can't fingerpoint.
- The Wealth of Nations OR the Origin of Species.
From any of these two, you'll get what it feels like to read an intellectually honest and curious individual. Someone who really writes to get to truth and advance civilization. + in both you get a great understanding of economics or evolutionary biology.
- The Prince.
I read this over 2 years ago but it's still top of mind. Deep insights into politics, trends in society, and how a 'wise prince should act'. It's fascinating because, for each insight, Machiavelli provides a historical example.
- Leonardo Da Vinci.
You don't realize how far extremely talented people can get if they also put time to it. The other idea is that, while some might write or just think, Da Vinci drew.
- The Brothers Karamazov.
No other author speaks to your soul as Dostoevsky does. What rationality can do to you, what goodness is about (or not?), and what does everything mean.
- Built from Scratch.
"How a couple of regular guys built a $380bn company." What business is about (customer satisfaction). You're only in business as long as you serve your customers well.
If you want to read 1 astounding book every month in 2026, follow this plan: (5 of these are so good that I either gifted or lent)
Jan: Poor Charlie's Almanack.
Feb: Guns, Germs and Steel.
Mar: 1984.
April: Deep Simplicity.
May: The Pleasure of Finding Things out.
Jun: From Third World to First.
July: Zen and the Art of Motorcycle maintenance.
Aug: The Wealth of Nations OR the Origin of Species.
Sep: The Prince.
Oct: Leonardo Da Vinci, Isaacson.
Nov: The Brothers Karamazov.
Dec: Built from Scratch. tweet
EndGame Macro
QT Ended But The Plumbing Still Needed Help
When people see that the Fed injected $5.2 billion, the knee jerk reaction is that something broke. But an overnight repo isn’t QE and it isn’t a bailout. It’s basic plumbing. Cash goes out against Treasuries and comes back the next day. By itself, it doesn’t stimulate the economy or prop up asset prices.
Why it still matters even after QT ended
QT has officially ended. The Fed stopped draining reserves. But ending QT doesn’t mean liquidity suddenly becomes abundant or that money markets can’t get tight. It just means the Fed isn’t actively shrinking its balance sheet anymore.
What matters here isn’t the dollar amount, it’s the fact the Fed was needed at all. In normal conditions, banks and dealers handle short term funding quietly in private markets. When they don’t, it’s usually because balance sheets are tighter than they look. That’s how stress starts to show up not with a crash, but with the pipes needing help.
We’ve seen this movie before. In 2019, repo operations were brushed off as technical until it became clear the system had far less slack than people assumed. In 2020, the same plumbing issue reappeared under extreme pressure. Different scale, same mechanics.
Why now
The timing makes sense. Even with QT ended, reserves aren’t unlimited. Treasury issuance has been heavy, settlement days matter, and year end always makes banks more defensive. Balance sheets get protected, regulatory optics kick in, and nobody wants to be the marginal liquidity provider in December. So the Fed steps in not to stimulate, but to keep funding markets orderly. That’s exactly what these tools are designed to do.
My View
This isn’t a crisis yet but it’s not nothing. Market stress rarely announces itself loudly at first. It shows up quietly, in places most people don’t watch. If this stays isolated, it fades. If it keeps happening, it’s a signal the system is running tighter than the headlines suggest even without QT.
tweet
QT Ended But The Plumbing Still Needed Help
When people see that the Fed injected $5.2 billion, the knee jerk reaction is that something broke. But an overnight repo isn’t QE and it isn’t a bailout. It’s basic plumbing. Cash goes out against Treasuries and comes back the next day. By itself, it doesn’t stimulate the economy or prop up asset prices.
Why it still matters even after QT ended
QT has officially ended. The Fed stopped draining reserves. But ending QT doesn’t mean liquidity suddenly becomes abundant or that money markets can’t get tight. It just means the Fed isn’t actively shrinking its balance sheet anymore.
What matters here isn’t the dollar amount, it’s the fact the Fed was needed at all. In normal conditions, banks and dealers handle short term funding quietly in private markets. When they don’t, it’s usually because balance sheets are tighter than they look. That’s how stress starts to show up not with a crash, but with the pipes needing help.
We’ve seen this movie before. In 2019, repo operations were brushed off as technical until it became clear the system had far less slack than people assumed. In 2020, the same plumbing issue reappeared under extreme pressure. Different scale, same mechanics.
Why now
The timing makes sense. Even with QT ended, reserves aren’t unlimited. Treasury issuance has been heavy, settlement days matter, and year end always makes banks more defensive. Balance sheets get protected, regulatory optics kick in, and nobody wants to be the marginal liquidity provider in December. So the Fed steps in not to stimulate, but to keep funding markets orderly. That’s exactly what these tools are designed to do.
My View
This isn’t a crisis yet but it’s not nothing. Market stress rarely announces itself loudly at first. It shows up quietly, in places most people don’t watch. If this stays isolated, it fades. If it keeps happening, it’s a signal the system is running tighter than the headlines suggest even without QT.
Federal Reserve injects $5.2 billion into US banking system via overnight repos, marking the 6th largest action since pandemic amid mounting funding pressures
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MacroEdge (@MacroEdgeRes) on X
Federal Reserve injects $5.2 billion into US banking system via overnight repos, marking the 6th largest action since pandemic amid mounting funding pressures
#MacroEdge
#MacroEdge