Individual Economists

Real Estate Newsletter Articles this Week: Economic Questions for 2026

Calculated Risk -

MiB: Jay Leno, Live Audrain Newport Concours & Motor Week

The Big Picture -

 

 

This week, I speak with Jay Leno at the Audrain Newport Concours & Motor Week. They discuss the future of late night comedy after The Late Show with Stephen Colbert was canceled. They also discuss Jay’s classic car collection, watches, and his approach to wealth.

A transcript of our conversation is available here Tuesday.

You can stream and download our full conversation, including any podcast extras, on Apple Podcasts, SpotifyYouTube, and Bloomberg. All of our earlier podcasts on your favorite pod hosts can be found here.

Be sure to check out our Masters in Business next week with Stephanie Drescher, Apollo’s Chief Client and Product Development Officer. She oversees everything from the global wealth business to portfolio management, product development, and client marketing. She is a member of the firm’s leadership team. Since 2020, Barron’s has named her annually to its list of the 100 Most Influential Women in U.S. Finance.

 

 

 

The post MiB: Jay Leno, Live Audrain Newport Concours & Motor Week appeared first on The Big Picture.

Schedule for Week of December 28, 2025

Calculated Risk -

Happy New Year! Wishing you all the best in 2026.

The key economic report this week is the Case-Shiller House Price Index.

----- Monday, December 29th -----
10:00 AM: Pending Home Sales Index for November. The consensus is for a 1.0% increase in the index.

10:30 AM: Dallas Fed Survey of Manufacturing Activity for December. This is the last of regional manufacturing surveys for December.

----- Tuesday, December 30th -----
9:00 AM: FHFA House Price Index for October. This was originally a GSE only repeat sales, however there is also an expanded index. 

Case-Shiller House Prices Indices9:00 AM ET: S&P/Case-Shiller House Price Index for October.

This graph shows graph shows the Year over year change in the seasonally adjusted National Index, Composite 10 and Composite 20 indexes through the most recent report (the Composite 20 was started in January 2000).

The consensus is for an 1.1% year-over-year increase in the Composite 20 index for October.

9:45 AM: Chicago Purchasing Managers Index for December.

2:00 PM: FOMC Minutes, Meeting of December 9-10

----- Wednesday, December 31st -----
8:30 AM: The initial weekly unemployment claims report will be released. 

----- Thursday, January 1st -----
The NYSE and the NASDAQ will be closed in observance of the New Year’s Day holiday

----- Friday, January 2nd -----
No major economic releases scheduled.

10 Weekend Reads

The Big Picture -

The weekend is here! Pour yourself a mug of Danish Blend coffee, grab a seat outside, and get ready for our longer-form weekend reads:

How Warren Buffett Did It: The most successful investor of all time is retiring. Here’s what made him an American role model. (The Atlantic)

The Last Human Edge: In an age of machines, Henry Ellenbogen’s alpha comes from reading people, patterns, and the painful transition where certain companies either compound for life or die trying. (Colossus) see also The war is over. Human advisors won. Wildly wrong predictions from a generation ago are laughable today. (Downtown Josh Brown)

The 20-something billionaires ushering in a betting bonanza in Trump’s Washington: The CEOs of Polymarket and Kalshi were facing off with the federal government one year ago. Now they’re new power players in Washington. (Politico)

Stanford’s star reporter takes on Silicon Valley’s ‘money-soaked’ startup culture: “How to Rule the World,” out May 19 — three weeks before he graduates — promises an explosive look at how venture capitalists treat Stanford students as “a commodity,” wooing favored undergrads with slush funds, shell companies, yacht parties, and funding offers before they even have business ideas in their hunt for the next trillion-dollar founder. (TechCrunch)

The United States of Klarna: Want to understand the state of the economy? Just look to all the shoppers flocking to “buy now, pay later” services. (Businessweek free) see also America’s hidden economic crisis: From healthcare costs to layoff worries, the country’s under-the-radar problem is personal financial chaos. (Business Insider)

We Might Not Be So Strange: Perhaps intelligent life wasn’t so unlikely after all: It seems a rather odd coincidence that in the 4.6 billion years since Earth formed, humans have emerged now. For us to be here, first life itself had to get started, of course, and then develop more complexity. Then enough oxygen had to accumulate in the atmosphere. And habitability had to continue for a further 2 billion years or so while complex animals evolved. But here we are, now, thinking about such things, on a world that seems uniquely hospitable to us. (Nautilus)

The 26 Most Important Ideas For 2026: Modern trends and history lessons—across culture, politics, AI, economics, science, and the long story of progress. But first: an announcement! (Derek Thompson)

Melissa Hortman Died in a Shocking Act of Political Violence. This Is the Story of Her Life: The Minnesota Speaker’s closest friends and family open up for the first time. (Rolling Stone)

An amateur codebreaker may have just solved the Black Dahlia and Zodiac killings: To attack the problem, Baber used artifical intelligence and generated a list of 71 million possible 13-letter names. Using known details of the Zodiac killer, based on witness descriptions, he cross-checked those names against military, marriage, census and other public records. (L.A. Times)

21 Facts About Throwing Good Parties: Parties are like babies, if you’re stressed while holding them they’ll get stressed too. Every other decision is downstream of your serenity: e.g. it’s better to have mediocre pizza from a happy host than fabulous hors d’oeuvres from a frazzled one. (Atoms vs Bits)

Be sure to check out our Masters in Business interview this weekend with comedian Jay Leno, former Tonight Show host, and creator of Jay Leno’s Garage.

 

Sentiment remains nearly 30% below December 2024

Source: Bloomberg

 

Sign up for our reads-only mailing list here.

~~~

To learn how these reads are assembled each day, please see this.

 

The post 10 Weekend Reads appeared first on The Big Picture.

The Stoic's Guide To Life: Ancient Wisdom For Modern Struggles

Zero Hedge -

The Stoic's Guide To Life: Ancient Wisdom For Modern Struggles

Authored by Duncan Burch via The Epoch Times (emphasis ours),

Epictetus, a Greek Stoic philosopher who flourished during the early second century, said the chief task in life is to separate what is within one’s control from what is not.

A man sits on the edge of Areopagus hill opposite the ancient Acropolis hill in Athens on November 21, 2025. Aggelos NAKKAS/AFP via Getty Images

Externals are not in my power; will is in my power,” the famed Stoic said, according to a series of teachings compiled by his student Arrian and known as “The Discourses.” “Where shall I seek the good and the bad? Within, in the things which are my own.”

The philosophy of Stoicism promotes the reliance on reason and logic to determine what is good or virtuous and calls on its adherents not only to make such a determination but to act on it.

Stoic ideas have had a profound effect on Western culture, including in the fields of philosophy, literature, ethics, and even mathematics, and many of the teachings remain popular today.

The word “Stoic” derives from the Greek term “Stoa Poikile,” or “painted portico,” which refers to a colonnade adorned with murals depicting famous battles in the central public hub of ancient Athens. It was along this decorated colonnade that Zeno of Citium, the founder of Stoicism, walked with his students, imparting the tenets of his philosophy.

Born into a merchant family during the reign of Alexander the Great, Zeno initially took up his father’s trade. However, after surviving a shipwreck, he went to Athens, where he discovered teachings by Socrates and decided to devote himself to philosophy.

After studying under several prominent Athenian philosophers, Zeno opened up his own school. He taught regularly in the public marketplace for almost 40 years, until his death around 262 B.C., and his ideas became the foundation of what became known as Stoicism.

Although most of the writings of Zeno and the other early Stoic philosophers did not survive, their ideas had a profound influence on the philosophical discourse of the time, in Athens and beyond.

They became especially popular in the early period of the Roman Empire, where Stoic ideas were often part of the educational curriculum and espoused by prominent statesmen such as Cicero and Seneca, and even by the emperor Marcus Aurelius.

Statue of Socrates at the Academy of Sciences, Humanities and Fine Arts in Athens on January 11, 2023. Photo by Martin Bertrand/Hans Lucas/AFP via Getty Images

Zeno and other early Stoics were undoubtedly influenced by Socrates, and the philosophy of Stoicism shares certain basic ideas with other philosophers in the Socratic tradition.

The four cardinal virtues taught by the Stoics—prudence, fortitude, temperance, and justice—were also discussed in the writings of both Plato and Aristotle. Stoics considered these virtues to be the highest virtues, on which all other virtues depend.

Prudence

It’s not the accident that distresses this person,” said Epictetus, according to a short manual of practical Stoic ideas compiled by Arrian known as “Enchiridion.” “[It] is the judgement which he makes about it.”

Prudence comes from the Latin word “prudentia,” meaning foresight or sagacity. It is described by Stoics as the ability to discipline one’s thoughts and actions through the use of reason.

Stoics taught that each individual has the potential to think and act in accordance with the divine reason of the universe by employing the portion of reason that resides in his or her own mind. By applying the intellect to the impressions created by the universe, one can make logical judgments concerning what is good or virtuous and what is not.

One of the main themes of Stoic philosophy is distinguishing between external factors that one can’t control and internal factors that one can. While many things that occur in the world are beyond our control, what we can control are our thoughts, actions, and reactions.

Fortitude

Roman statesman Seneca, who faced his death at the order of Roman emperor Nero with Stoic calmness, had written in one of his letters: “He who has learned to die has unlearned slavery; he is above any external power, or, at any rate, he is beyond it. What terrors have prisons and bonds and bars for him?”

Fortitude refers not only to patience and endurance, but also to courage and bravery. Stoics pointed to the importance of forbearance, of calmly enduring those things in life that cause pain and suffering, and of accepting those things as part of the world in which we live.

Suffering is an inevitable part of human existence. Though we can’t stop or prevent it, we can control how we react to it. To consider it reasonably and bear it nobly is wisdom.

Yet it is not only suffering that must be faced with courage, but also fear. Whether the fear of battle, loss, poverty, or even death, Stoics believe that it should be overcome with reason and faced with bravery.

Roman emperor Marcus Aurelius (121–180) is known for his “Meditations.” Biba Kayewich

According to his student Arrian in “Enchiridion,” Epictetus said, “I must die. If now, I am ready to die. If, after a short time, I now dine because it is the dinner-hour; after this I will then die. How? Like a man who gives up what belongs to another.”

Another theme that recurs frequently in Stoic writings is that of acting in accordance with one’s beliefs. It is not enough to merely attain wisdom; one must act in a manner that conforms to the wisdom one has attained. This is especially true when those actions might bring trouble, condemnation, or even death, as a violation of one’s conscience is worse than all of those.

Temperance

Temperance means self-control or self-restraint, and it was often used by Stoics to refer to guarding against both the indulgence in pleasure and the avoidance of pain.

The early Stoic philosopher Chrysippus described passion, or strong emotions, as a misleading force resulting from a failure to reason. In his treatise “On Passions,” Chrysippus identified the four primary passions to guard against: sorrow, pleasure, fear, and desire.

He referred to sorrow and pleasure as present emotions, while identifying fear and desire as emotions directed at the future. In all cases, he believed these emotions should be constrained by reason whenever they appear in one’s mind.

Stoics did not believe in seeking pleasure, nor in pursuing wealth, fame, or status. They also did not advise avoiding hardship or shying away from difficult, unpleasant, or uncomfortable tasks. They believed in using reason to determine what is right, and in acting on that determination regardless of whatever emotions may arise.

Justice

Cicero, who wrote extensively on Stoic ideas in “On Duties,” deemed justice as “the crowning glory of the virtues” and its primary duty to “keep one man from doing harm to another.”

He said that justice constitutes the common bond of human society and of a virtuous community of life. The Stoic virtue of justice is based on acting in accordance with the highest good.

Volunteers serve food during the "Turkey and Blessing" dinner at Lindale Church in Houston on Nov. 25, 2025. Ronaldo Schemidt/AFP via Getty Images

In other words, justice compels each person to conscientiously perform whatever duties fall to them, and it requires doing what is best for the community in which one lives. Thinking and acting with justice means fulfilling your duties to your fellow man, whatever they may be.

Justice, then, to the Stoic, is not some external system of punishment and reward, but rather a way of thinking and acting.

“Neither the senate nor the people can give us any dispensation for not obeying this universal law of justice,” Cicero wrote in “Treatise on the Commonwealth.” “It needs no other expositor and interpreter than our own conscience.”

Enduring Value of Stoic Virtues

These four cardinal virtues of Stoicism—prudence, fortitude, temperance, and justice—are interdependent.

Courage without prudence or temperance, or for purely selfish means, is not true courage, and neither is wisdom of any value without the fortitude to act on it. And of course, temperance, prudence, and fortitude are all necessary components of acting in service of the highest good, which is justice.

The virtues of Stoicism still provide guidance to the people living in modern society. The fact that this ancient philosophy has endured throughout the centuries and continues to inspire people around the world is a testament to its inherent value.

“The true felicity of life is to be free from perturbations, to understand our duties towards God and man, [and] to enjoy the present without any anxious dependence upon the future,” Seneca wrote in “Seneca’s Morals of a Happy Life, Benefits, Anger and Clemency.”

“[Rest] satisfied with what we have, which is abundantly sufficient; for he that is so, wants nothing,” he continued. “The great blessings of mankind are within us, and within our reach.”

Tyler Durden Fri, 12/26/2025 - 20:30

Chinese Cargo Ship Converted Into Concealable Missile Destroyer

Zero Hedge -

Chinese Cargo Ship Converted Into Concealable Missile Destroyer

Concealing missile and rocket artillery launchers, as well as loitering munition swarms, within civilian-style transport platforms such as container ships and commercial trucks is a long-established and well-documented tactic in asymmetric warfare.

Over the years, we have observed a wide range of these concealable missile systems:

The latest example comes from a report published earlier this week by The War Zone, which documents a Chinese commercial cargo ship converted into a heavily armed vessel equipped with containerized weapons and high-tech sensors.

"It appears we are getting at least one installment of this in the form of a medium-sized cargo ship packed full of containerized vertical launchers, along with sensors and self defense systems," TWZ's Tyler Rogoway wrote in a note, adding, "The message is clear, China is making it known that it could, and likely will, turn ships from its behemoth of a commercial fleet into not just shooters, but arsenal ships."

Rogoway noted that one of the most striking features is a deck covered with containerized vertical-launch system modules, providing an estimated 60 large launch cells, approximately two-thirds of the missile capacity of a U.S. Arleigh Burke-class guided-missile destroyer. This suggests that the vessel will serve as a multi-operational platform. 

We have long pointed out that weaponized container ships constitute a credible asymmetric threat...

... with Beijing reportedly wargaming scenarios in the Caribbean theater amid elevated tensions over President Trump's gunboat diplomacy aimed at destabilizing the Venezuelan and Cuban regimes, the big question is how many such ships China has already outfitted with VLS modules.

Tyler Durden Fri, 12/26/2025 - 20:00

Washington's National Security Strategy Sends Mixed Signals To India

Zero Hedge -

Washington's National Security Strategy Sends Mixed Signals To India

Authored by Andrew Korybko via Substack,

The worsening of Indo-US ties under Trump 2.0 has been one of the most unexpected foreign policy outcomes of his second presidency thus far, which this analysis here argues is due to him wanting to punish India for refusing to subordinate itself to the US.

Pakistani-US ties have inversely strengthened despite being very troubled under Trump 1.0, so much so that there’s been talk about Pakistan giving the US a commercial port for re-establishing its regional presence, which could have dual military purposes.

This background explains why Trump 2.0’s new National Security Strategy (NSS) was such a surprise for South Asian observers. Pakistan is only mentioned once and just in the context of Trump’s contentious boast of brokering a ceasefire between it and India even though Pakistan has been the centerpiece of this second administration’s regional policy up till this point. India is mentioned three other times in the document, however, with the next one pertaining to the Quad.

In their words, “We must continue to improve commercial (and other) relations with India to encourage New Delhi to contribute to Indo-Pacific security, including through continued quadrilateral cooperation with Australia, Japan, and the United States (‘the Quad’).”

They then proposed that “America should similarly enlist our European and Asian allies and partners, including India, to cement and improve our joint positions in the Western Hemisphere and, with regard to critical minerals, in Africa.”

In connection with that, “We should form coalitions that use our comparative advantages in finance and technology to build export markets with cooperating countries. America’s economic partners should no longer expect to earn income from the United States through overcapacity and structural imbalances but instead pursue growth through managed cooperation tied to strategic alignment and by receiving long-term U.S. investment.”

This can be interpreted as an allusion to India’s allegedly “unfair” trade practices.

The final reference was about “keep[ing] [South China Sea] lanes open, free of ‘tolls,’ and not subject to arbitrary closure by one country. This will require not just further investment in our military—especially naval—capabilities, but also strong cooperation with every nation that stands to suffer, from India to Japan and beyond, if this problem is not addressed.” In other words, building upon the second Quad-related reference, the US wants India playing a more active military role in the South China Sea.

Putting it all together, the US’ NSS sends mixed signals to India.

On the one hand, Pakistan’s conspicuous omission except in the context of Trump’s boast about brokering spring’s ceasefire should please India, provided that it believes that this presages a policy recalibration.

On the other hand, this is apparently conditional on India ramping up cooperation with the Quad, cooperating with the US on African mineral deals, opening its markets to more US exports, and containing China in the South China Sea.

Joint projects in third countries are possible as is India’s lowering of tariffs on US imports, but the Quad’s role has been overshadowed by AUKUS (and its informal NATO-like expansion of AUKUS+), while the incipient Sino-Indo rapprochement makes India reluctant to contain China outside of South Asia.

If the US’ attaches security strings to improving ties with India, particularly if it demands that India contain China in the South China Sea, then India will likely decline this proposal to avoid becoming the US’ proxy.

Tyler Durden Fri, 12/26/2025 - 19:30

Federal Judge Rules California Can't Hide Child Gender Swaps From Parents

Zero Hedge -

Federal Judge Rules California Can't Hide Child Gender Swaps From Parents

A federal judge on Monday issued a permanent injunction - ruling that California can't prevent parents from learning when their children switch genders

The U.S. flag and a judge's gavel, in this illustration taken on Aug. 6, 2024. Reuters/Dado Ruvic/Illustration

US District Court Roger T. Benitez (Bush) entered the injunction barring officials from enforcing state policies, writing in in a 52-page decision "The State’s desire to protect vulnerable children from harassment and discrimination is laudable," but that "the parental exclusion policies create a trifecta of harm: they harm the child who needs parental guidance and possibly mental health intervention to determine if the incongruence is organic or whether it is the result of bullying, peer pressure, or a fleeting impulse."

"They harm the parents by depriving them of the long-recognized Fourteenth Amendment right to care, guide, and make health care decisions for their children, and by substantially burdening many parents’ First Amendment right to train their children in their sincerely held religious beliefs And finally, they harm teachers who are compelled to violate the sincerely held beliefs and the parent’s rights by forcing them to conceal information they feel is critical for the welfare of their students," the decision continues. 

Among California's policies are rules prohibiting teachers from telling parents when their children begin going by a different name and/or gender, and forces teachers to use the child's chosen names and pronouns when parents are not around. (Homeschooling FTW). 

Lawyers for the state argued that the policies provide a safe learning environment such that children "can learn without fear of being outed to their parents before they are ready."

In his ruling, Benitez said that the state's interest is too broad and not narrowly tailored to respect parental rights.

"In articulating their interest, the State Defendants completely ignore the fact that parents of students possess a free exercise right to direct a child’s religious teaching," he said. 

As the Epoch Times notes further, the permanent injunction includes language that bars any employee in California’s education system from “misleading the parent or guardian of a minor child in the education system about their child’s gender presentation at school, whether by: (i) directly lying to the parent; (ii) preventing the parent from accessing educational records of the child; or (iii) using a different set of preferred pronouns/names when speaking with the parents than is being used at school.”

Attorneys for the Thomas More Society, who are representing teachers in the case, celebrated the ruling.

The Court’s comprehensive ruling—granting summary judgment on all claims—protects all California parents, students, and teachers, and it restores sanity and common sense,” Paul Jonna, special counsel at the society, said in a statement.

“With this decisive ruling from Judge Benitez, all state and local school officials that mandate gender secrecy policies should cease all enforcement or face severe legal consequences.”

The Office of the California Attorney General has not yet released a statement on the decision, and an email seeking comment was not returned by publication time.

Tyler Durden Fri, 12/26/2025 - 19:00

The New Battle For The Americas: Why The Western Hemisphere Is Becoming A Global Flashpoint

Zero Hedge -

The New Battle For The Americas: Why The Western Hemisphere Is Becoming A Global Flashpoint

Authored by Nick Giambruno via InternationalMan.com,

Below is a geopolitical map of the Western Hemisphere as I see it today.

The principal geopolitical foes of the US in the Western Hemisphere—Cuba, Venezuela, and Nicaragua—are firmly in the China and Russia camp.

Other countries can shift depending on the outcome of recent elections.

Here’s an overview of some of the most geopolitically important countries in the Western Hemisphere to help frame the broader picture.

Venezuela

A military confrontation over Venezuela appears increasingly likely.

Since Hugo Chávez’s rise to power in 1999, Caracas has aligned itself with Russia and China. Venezuela’s vast oil and gold reserves make it a geopolitical prize. The country holds the world’s largest proven oil reserves—over 303 billion barrels, around 17 % of the global total—concentrated in the Orinoco Belt. That’s more oil than Saudi Arabia’s reported reserves.

For China and Russia, Venezuela represents a geopolitical foothold in America’s backyard—much like how the US uses Taiwan and Ukraine to do the same to Beijing and Moscow.

Trump’s renewed “war on drugs” is a thinly veiled pretext for the US to advance its geopolitical interests in the Americas.

Further, earlier this year, Washington labeled Venezuela’s Tren de Aragua and the Cartel de los Soles as “foreign terrorist organizations,” a dramatic escalation without precedent. The designations paved the way for military and covert actions under counterterrorism authorities.

The US has amassed an impressive naval force off Venezuela’s coast in what Trump described as a campaign against “narco-terrorism.”

In reality, this looks more like classic gunboat diplomacy—the drugs-and-terrorism narrative is merely a thin patina of propaganda used to justify the policy. Venezuela is not a major cocaine producer, nor does it play any significant role in fentanyl trafficking.

Venezuela now stands at the crossroads of a changing world order. It’s difficult to imagine the US securing its sphere of influence in the Western Hemisphere while Venezuela remains in its current geopolitical orientation—promoting an ideology that Latin America should be independent of the US.

Guyana

Guyana has quietly become one of the most geopolitically significant states in the Western Hemisphere. Its oil boom, its vulnerability to a long-running territorial dispute with Venezuela, and its growing alignment with the US situate it at the forefront of the conflict over control of the Western Hemisphere.

Washington’s recent deepening of economic and security ties signals recognition of that shift. Meanwhile, Caracas’s legislative and military moves to assert control over Guyana’s Essequibo region reflect a bold challenge—not just to Guyana, but to the US’s hemispheric influence.

Cuba

Cuba may look small on a map, but its position—just 90 miles from Florida—makes it one of the most strategically important pieces on the hemispheric chessboard.

In a world where geography still defines power, Cuba’s proximity to the US and its historic defiance of Washington give it an outsized geopolitical weight.

As the US refocuses on consolidating influence in the Western Hemisphere, Cuba is a challenge.

For Washington, the island’s alignment with China and Russia complicates efforts to assert control over the region.

For Beijing and Moscow, Cuba offers a rare foothold in America’s own backyard—a place to project soft power, intelligence, and potentially even military influence, without crossing direct red lines.

Economically, Cuba’s partnerships with China and Russia help it survive under US sanctions. Beijing has become Cuba’s largest trading partner and a major investor in telecommunications, ports, and infrastructure. Moscow, meanwhile, has pledged more than $1 billion in economic cooperation and continues to strengthen energy and defense ties. These relationships allow Havana to maintain political autonomy and serve as a symbolic anchor for anti-US sentiment across Latin America.

In short, Cuba is more than a relic of Cold War geopolitics—it’s a live variable in today’s multipolar order.

Cuba is also a stark reminder of the limits of the US government’s power. Since 1959, Washington has unleashed covert operations, economic embargoes, and numerous attempts to topple the Cuban regime—and yet it remains.

What new move could the US now deploy that it hasn’t already tried?

Short of a full-scale military invasion—which would itself offer no guarantee of success—I don’t see any viable alternative.

That means the Cuban government is likely to maintain its current geopolitical orientation and continue serving as a thorn in the side of US ambitions in the Western Hemisphere.

Colombia

Colombia has long been one of Washington’s most reliable allies in Latin America. Hugo Chávez famously—and derisively—referred to it as “the Israel of South America.”

That pattern has shifted under the country’s current left-wing president, Gustavo Petro. Earlier this year, he traveled to China and signed a cooperation plan marking Colombia’s formal accession to the Belt and Road Initiative—a move that rattled Washington. In response, Trump announced the suspension of US aid and threatened tariffs against Colombia, accusing Petro’s government of failing to curb narcotics.

The key question now is whether Colombia’s pivot toward Beijing marks a lasting strategic realignment or simply a temporary detour under Petro’s leadership. The direction Colombia ultimately takes will carry major geopolitical implications for the Americas—especially given its position bordering both Venezuela and Panama.

Nicaragua

Nicaragua has firmly aligned itself with China and Russia, positioning the Ortega government as one of Washington’s most outspoken adversaries in the Western Hemisphere.

Economically, Nicaragua has embraced China as a partner in infrastructure and investment, offering Beijing a strategic toehold in Central America. The Ortega administration has actively courted Chinese financing for energy, telecommunications, and port projects—moves that fit neatly into Beijing’s broader Belt and Road ambitions. Relations with the US, by contrast, have deteriorated sharply amid sanctions, trade restrictions, and public criticism of Ortega.

Brazil

Brazil, Latin America’s largest country by size and population, finds itself at a pivotal juncture in the hemisphere’s evolving geopolitical map.

Under former president Jair Bolsonaro, Brazil aligned closely with the US—sharing trade policies and strategic cooperation. That posture shifted with the return of Lula da Silva, who has pushed Brazil toward stronger ties with China.

Tensions with the US erupted recently when Trump imposed a sweeping 50% tariff on Brazilian exports, citing Brazil’s prosecution of Bolsonaro and what Washington called unfair trade practices. Brazil responded by filing a complaint at the World Trade Organization, invoking its new Reciprocity Law and hinting at retaliatory tariffs of its own. The result: a major rift with the US and a clear signal that Brazil is recalibrating its strategic orientation.

Brazil’s direction matters enormously. A lasting US-Brazil split could realign trade flows, shift regional power dynamics, and boost China’s influence in Latin America. Conversely, if Brazil ultimately steers back toward Washington, it would reaffirm the US’s dominant position in the hemisphere.

Panama

Panama has emerged as a crucial flashpoint in the contest for influence across the Western Hemisphere.

With the Panama Canal at the center of global trade and US naval strategy, the Trump administration views any Chinese foothold near the waterway as intolerable.

Earlier this year, Secretary of State Marco Rubio visited Panama and delivered a blunt message: reduce Chinese influence around the canal or face consequences. Within days, Panama announced it would not renew its memorandum with China’s Belt and Road Initiative—a move widely seen as a victory for US pressure.

The backdrop is unmistakable: Trump himself has publicly questioned the sovereignty of the canal, suggesting the US might ”take it back.”

The strategic intent is clear—Panama must align with the United States rather than Beijing. The canal is too vital for Washington to treat as neutral.

Washington’s recent hard line evokes echoes of 1989, when US military forces invaded Panama to remove Manuel Noriega and install a friendly regime.

Mexico

Mexico sits squarely at the heart of the Americas both geographically and economically. As the US’s largest trading partner, Mexico has deep economic, manufacturing, and logistical links with Washington—from cross-border supply chains to shared infrastructure.

At the same time, Mexico engages with China economically. Chinese goods and investment are flowing into Mexico at a growing pace, sometimes causing friction with the US, which worries that Mexico could become a backdoor for Chinese influence or trade. Mexico’s leadership also shows signs of asserting greater independence, pursuing its own path on global diplomacy and trade policy rather than fully falling in line with Washington.

Further, Mexico faces new pressure from Washington to treat its drug cartels as terrorist threats. The Trump administration has declared major Mexican criminal groups as foreign terrorist organizations and is laying plans for military operations inside Mexico’s borders.

For Mexico’s leadership, this presents a serious challenge. Mexico firmly asserts that no foreign military operations may take place on its soil without authorization, and sees unilateral US action as a breach of national sovereignty.

Mexico could become a pivot point where US geopolitical strategy collides with Latin American autonomy.

El Salvador

El Salvador is an interesting example of the geopolitical tug-of-war between China and the US in Latin America.

A defining moment came when Washington paid roughly $6 million to El Salvador to detain hundreds of deportees—mainly Venezuelans—in the country’s maximum-security prison. Shortly after, the US hosted President Bukele at the White House, praising his government’s hard-line approach to gangs, migration control, and internal security.

At the same time, Bukele has deepened ties with China. Beijing has financed major Salvadoran infrastructure projects, including the new national library, a modern stadium, and an expansive waterfront tourism corridor.

So far, Bukele has managed to balance relationships with both Washington and Beijing. Whether that balance can hold remains to be seen, but for now, El Salvador stands as one of the few countries effectively navigating both sides of the great-power rivalry.

Argentina

Under Javier Milei, Argentina has become a key partner for the US in South America.

That’s why the US has made an unusually large and openly political bet on Argentina. Treasury Secretary Scott Bessent and President Trump previously announced a $20 billion currency swap that allows the US Treasury to buy Argentine pesos and deliver dollars to help stabilize Argentina’s financial system. They also outlined plans to assemble another $20 billion from US banks and private funds, bringing total potential support to around $40 billion.

Trump described the deal as an “economic Monroe Doctrine,” making clear that this is not simply an economic program but a geopolitical play. He tied the continuation of US support directly to President Javier Milei’s political success.

The US interest in Argentina is not hard to understand. Argentina is the third-largest economy in Latin America, with a GDP of about $600 billion. It is a major exporter of agricultural products and holds some of the world’s largest shale gas reserves. It also possesses huge lithium deposits. These resources are strategically valuable in a world where supply chains for food, energy, and critical minerals are becoming more important amid rising tensions with Russia and China.

What makes Argentina stand out is its political direction. While many large Latin American economies maintain closer ties to China or are leaning toward the BRICS bloc, Argentina under Milei has taken the opposite path. Milei withdrew from the BRICS expansion plan, canceled or froze Chinese infrastructure agreements, scaled back the use of China’s currency swap lines, opened the strategic Paraná River region to US military cooperation, and began signing new mineral agreements with US partners. For Washington, reducing Chinese influence in Argentina and securing access to critical resources are major incentives behind the financial support.

For Argentina, the US swap line is meant to stabilize the peso and support Milei’s market-friendly reforms. But the political conditionality creates risk. If reforms stall or if Milei loses legislative momentum, the US may pull back, which could quickly destabilize the currency again.

In the most recent national elections, Milei’s party made significant gains, winning roughly 41% of the vote and increasing its congressional representation enough to strengthen its ability to block opposition measures. Markets interpreted this as a sign that US backing will continue for now and that reform efforts will remain in place.

The bigger picture is that Washington is using financial leverage to secure influence in a strategically important, resource-rich country.

When Geopolitics Shifts, Financial Reality Follows

The great-power struggle unfolding across the Western Hemisphere isn’t just a regional contest—it’s a sign of the deeper economic fractures now spreading through the global system.

As the US, China, and Russia compete for influence in Latin America, the financial foundations that once underpinned American global dominance are weakening under the weight of inflation, debt, and an overstretched monetary order.

Geopolitical realignment is accelerating a financial reckoning that will affect every saver and investor long before it reshapes national borders.

To understand how this hemispheric tug-of-war connects directly to what may be the most dangerous economic crisis in a century—and to learn the three essential strategies you need right now to protect yourself—I strongly recommend reading my free PDF special report, The Most Dangerous Economic Crisis in 100 Years: The Top 3 Strategies You Need Right Now. Click here to access it now.

Tyler Durden Fri, 12/26/2025 - 18:30

Ultraprocessed Food Makers Respond To MAHA Amid Record Lobbying Effort

Zero Hedge -

Ultraprocessed Food Makers Respond To MAHA Amid Record Lobbying Effort

For much of the past year, America’s largest food manufacturers haven't been able to rebut Robert F. Kennedy Jr.'s repeated claims that ultraprocessed foods are making Americans sick - something most Americans believe. 

So instead of even trying to pretend their products are even the slightest bit healthy, the industry appears to have settled on a narrower counterargument; Yes, the food may be bad for you, but it's CHEAP! And in an era when grocery bills have become a political liability (and who cares about the long-term drag on the healthcare system), that may be defense enough.

Food companies are making the case as they seek to blunt a growing wave of state-level efforts to regulate ingredients commonly found in ultraprocessed products. Those efforts, encouraged by Kennedy’s “Make America Healthy Again” (MAHA) movement, range from restrictions on synthetic dyes to warning labels for chemical additives. Industry executives and lobbyists argue that such measures, taken state by state, will drive up costs for consumers already struggling with inflation.

The dynamic here is affordability,” Sam Geduldig, a managing partner at the Republican lobbying firm CGCN, which represents Kraft Heinz, told Politico. “You have a MAHA movement that would like to accomplish one goal, and then you have an inflation, economic affordability issue on the other side that runs counter.”

The argument has been sharpened for political effect. In late October, major food companies and trade groups - including Kraft Heinz, Nestlé and PepsiCo - launched a coalition called Americans for Ingredient Transparency. The group has begun a six-figure advertising campaign warning that a patchwork of state regulations would raise grocery prices and urging Congress to establish a single federal standard that would override state rules.

Businesses have long preferred federal preemption when faced with divergent state requirements, and the food industry is no exception. What is new is the framing. The coalition’s message is calibrated to appeal to Republican lawmakers uneasy about rising costs and skeptical of regulations that might be blamed for them.

“President Trump is cutting costs and delivering real relief for working families,” Andy Koenig, a senior adviser to the coalition and a former Trump administration official, said in a statement, “but these well-intentioned state bills are creating a patchwork of labeling regulations that could undermine his goal to lower costs for Americans.”

The industry’s push comes amid record lobbying spending in Washington. Trade groups and major manufacturers have poured millions into K Street as the Trump administration - more insular and more openly skeptical of corporate influence than in its first term - has proved harder to access. Polling commissioned by the industry underscores why affordability has become its chosen refrain: A recent POLITICO survey found that nearly half of Americans now consider grocery prices the "most challenging" household expense, outranking housing and health care.

Yet the industry’s economic argument runs alongside another political reality. Polls also show broad agreement with Mr. Kennedy’s view that ultraprocessed foods are damaging public health, particularly for children. In October, a survey by KFF and The Washington Post found that large majorities of Americans see highly processed foods as a major health threat.

Kennedy has leaned into that sentiment, often naming familiar brands. At his confirmation hearing, he contrasted the ingredient lists of American products with their counterparts abroad. “If you buy McDonald’s french fries in our country, there’s 11 ingredients,” he said. “If you buy Froot Loops in our country, they’re loaded with food dyes—yellow dye, red dye, blue dye.

At the federal level, Kennedy is pursuing a rule change that would require additional scrutiny when food companies alter recipes or introduce new ingredients. At the same time, he has encouraged states, including Texas, Louisiana and Oklahoma, to move ahead on their own. Legislatures across the country have responded. More than a hundred bills targeting sugar, synthetic dyes and chemical additives have been introduced this year, nearly five times as many as last year, according to a POLITICO analysis.

Lobbying spending by major food companies and their trade associations has reached record highs this year. | AP Photo/Patrick Sison

Some measures have already passed. California enacted the nation’s first ban on ultraprocessed foods in public schools. Texas approved a law requiring warning labels on products containing any of 44 additives—a statute the food industry is now challenging in court.

These state laws are ultimately going to lead to increased cost,” said Charles Leftwich, vice president for food safety and quality assurance at Sysco, the country’s largest food distributor. “Those costs are ultimately going to get passed down to consumers.” (or not?)

Consumer advocates and MAHA supporters dispute that framing. They argue that federal preemption would weaken standards rather than harmonize them, particularly given the industry’s influence in Washington.

“A federal standard favors large multinational companies with a lot of money to lobby for less restrictive standards,” said Jennifer Galardi, a senior policy analyst at the Heritage Foundation who focuses on MAHA-aligned issues. “We see a state-by-state approach as emulating the checks and balances that our federalist system was designed to produce.”

The tension is already visible inside the administration. The final version of a Kennedy-backed report on childhood chronic disease released in September softened language from an earlier draft that had described ultraprocessed foods as “detrimental” to children’s health. The revised document instead called for a federal definition of ultraprocessed foods—a shift some advocates attribute to industry pressure.

Earlier this year, companies including Kraft Heinz and Nestlé pledged to voluntarily phase out artificial dyes. But those gestures have not slowed a lobbying counteroffensive aimed at stopping state laws before they spread.

“It is one of the top things we are planning around,” said one lobbyist for a beverage company, speaking on condition of anonymity.

The strategy mirrors tactics used by other industries navigating the Trump administration. In November, a coalition backed by artificial intelligence companies launched a $10 million advertising campaign urging federal standards for AI regulation. The president signed an executive order weeks later. Health insurers and hospital groups have deployed similar campaigns to preserve Obamacare subsidies.

For MAHA advocates, the pattern is familiar - and troubling. States, they note, have often led the federal government on public health, from trans fat bans to chemical warning labels.

This isn’t about affordability,” said Melanie Benesh of the Environmental Working Group. “This is about maintaining the status quo.

Whether Congress embraces a federal food standard will test an open question in Republican politics: whether the party remains reflexively aligned with business interests, or whether Mr. Kennedy’s populist critique of corporate power has lasting influence.

For now, the industry’s most persuasive response to being accused of poisoning Americans is not a denial. It is a reminder that the poison, at least, is cheap.

Tyler Durden Fri, 12/26/2025 - 18:00

"This Is The Finale Of The Great Financial Reset"; 'Dr.Gold' Warns They're Gobbling Up All The Physical Supply

Zero Hedge -

"This Is The Finale Of The Great Financial Reset"; 'Dr.Gold' Warns They're Gobbling Up All The Physical Supply

Via Greg Hunter’s USAWatchdog.com,

Financial writer and precious metals expert Bill Holter (aka Mr. Gold) has been sounding the alarm of the profound risk in the financial system.  

At the beginning of December, Mr. Gold warned about the record setting silver prices and said, “It’s pretty clear and pretty obvious that something behind the scenes is breaking.”

What is “breaking” is the extremely leveraged futures markets with not enough physical silver to deliver.  

Fast forward to the end of the month, and new record highs in gold and silver are happening every day.  Mr. Gold says,

They are gobbling up all the supply available because they understand this is the end of the fiat currency experiment that started August 15 of 1971.  Fiats are collapsing. 

This is the Hunt brothers on steroids because you have the entire world buying physical.  The Hunt brothers got into trouble because they were buying paper contracts, and COMEX changed the rules.  COMEX can change any rules they want . . . it won’t matter because the rest of the world is buying cash and carry . . . they will not accept paper contracts.  They want real physical metal.”

Here is where it gets both interesting and dangerous.  What happens if the short sellers cannot deliver the silver promised?  Mr. Gold says,

“People say if they can’t deliver, and I am going to tell you at some point they will not be able to deliver, when that moment happens, it’s game over for the entire financial system.  Silver, and I believe it will be silver that fails to deliver, silver is the blasting cap to the gold nuclear bomb.  When silver fails to deliver, then immediately there will be a pile into COMEX gold, and they will not be able to deliver the gold.  Once that happens, you have failures of contracts that are proven fraudulent.  They are zeroed out and cannot perform.  Then it spreads to cattle, pork bellies, grains and you name it.  This is not to mention the financials of stocks and bonds.  Once you prove fraud in silver, that’s going to spread to all the derivatives, and we will have a derivative meltdown. . .. The world wants gold and silver because those are the only two monies that cannot default.

What you are seeing in the gold and silver markets now is far from a top.  This is just getting started.  Mr. Gold says,

“These contracts are a zero-sum game.  There is a winner and a loser.  If the loser loses so big that they go belly up, then the winner becomes a loser because they can’t get paid.  That is the problem. . .. When this actually hits and there is a failure to deliver, gold and silver will be wiped off the shelves, and there will be none to be bought. . .. This will be a run for safety, and fear is the greatest emotion there is.  Fear is a far greater emotion than greed. . .. This is going to turn into a reverse bank run into gold and into silver because they cannot default in a world that is defaulting. . ..  What you are witnessing is the end of trust.  When you have the end of trust, the confidence breaks and credit is forthcoming only when there is trust.  Once confidence breaks, the credit markets will begin to seize up. . .. When credit stops, it’s game over.  You will see markets, institutions and stores shutter.”

Holter says you should be able to be self-sufficient for a while when the system shuts down.  Storing up food and water is a good place to start.

In closing, Holter says, This is the finale of the great financial reset.  Make no mistake, what you are watching is the world resetting before your very eyes.”

There is much more in the 43-minute interview.

Join Greg Hunter of USAWatchdog as he goes One-on-One with financial writer and precious metals expert Bill Holter/Mr. Gold as the financial system begins its reset for 12.23.25.

Tyler Durden Fri, 12/26/2025 - 17:30

The Apocalyptic Shortage That Never Happened: Democrats' Tariff Doomsday Narrative Imploded  

Zero Hedge -

The Apocalyptic Shortage That Never Happened: Democrats' Tariff Doomsday Narrative Imploded  

Remember earlier this year when President Trump was locked in a tit-for-tat trade war with China? Then, a broad coalition of Democrats, corporate media outlets, mainstream economists, and left-leaning think tanks warned that higher tariffs would spark pandemic-era supply-chain chaos and trigger price spikes for consumers. Two quarters later, those dire predictions have yet to materialize.

MSM propagandists sounded the apocalypse alarm:

  • March: KOMO News: 'It's worse than COVID': Point Roberts seeks state aid amid US-Canada tariff crisis

  • April: NBC News: Product shortages and empty store shelves loom with falling shipments from China

  • April: Fortune: Tariffs threaten a pharmaceuticals shortage, as 95% of ibuprofen comes from China

  • April: CNBC: The trade war's wave of retail shortages will hit U.S. consumers in stages.

  • April: Axios: How Trump tariffs could cause a global recession

  • April: Vox: America may be headed for this rare type of economic crisis

  • April: CNN: Trump took the US economy to the brink of a crisis in just 100 days

  • May: The Guardian: Trump's tariffs: 'It feels like Covid 2.0. So many things are getting disrupted'

  • May: Business Insider: The worst is yet to come: Trump's tariffs could mean even higher prices and empty shelves within weeks

Democratic Party and MSM's supply-chain apocalypse alarm peaked in mid-April, then resurfaced in a smaller echo wave by August, according to Bloomberg data tracking mainstream media headline counts for the term "tariff."

However, there is only so much economic doom the MSM can push in a propaganda campaign built on a shaky foundation, because none of the predictions above have come remotely true eight months later.

In fact, quite the opposite. The latest PCE data (September) shows no signs at all of the runaway tariff-driven costs that so many establishment economists proclaimed were imminent...

On the supply-chain front, Goldman analysts led by Jordan Alliger published the latest Supply Chain Congestion Index, showing that no bottlenecks have materialized since Trump decided on trade war 2.0 with China. The surge in congestion seen in 2021 and 2022 was driven by Covid-era disruptions, when governments shut down large parts of their economies.

As for the Democratic Party's dire prediction of an "actively tanking economy" - have you seen the third-quarter print?

And it is no surprise that trust in the mainstream media has collapsed to record lows. For 16 years, ZeroHedge readers have understood that the MSM is little more than a propagandist and PR arm for whoever happens to be the highest bidder.

Tyler Durden Fri, 12/26/2025 - 17:00

No Fat Ladies Heard Singing... Yet!

Zero Hedge -

No Fat Ladies Heard Singing... Yet!

Authored by James Howard Kunstler,

"We were so busy saving democracy that we forgot to tally. . . "

- Joe Rogan on the 2020 election

While you were busy decking the halls with boughs of holly, chomping spiced nuts and cheese straws, and quaffing the eggnog this Christmas, 2025, the USA was still suffering indigestion from the Nov 3, 2020 election, repeatedly throwing up in its mouth as reports dribbled in about voting irregularities around the country that long-ago dreary night when “Joe Biden” was so thumpingly voted-in as the 46th president.

Newly-minted multi-millionaires Ruby Freeman and daughter Andrea “Shaye” Moss

So far, the state of Georgia only appears to be the worst case because activists on the losing side have persisted in demanding investigations and some of the results are now out. And what the Georgia State Election Board turned up the past two weeks was that 315,000 early in-person ballots were not processed according to legal procedure. More than 130 tabulator tapes — printed “receipts” from ballot-scanning machines — lacked required signatures from poll managers and witnesses. Georgia Secretary of State Brad Raffensperger downplayed its significance, stating it was a “clerical error.” This is also called a broken chain of custody, meaning officials can’t account for the veracity of the vote, but apparently that’s a minor consideration. It does not amount to fraud per se, but it puts out an odor that tells you fraud might be found if you look a little closer.

Accordingly, on Christmas Eve, as the elves loaded Santa’s magical sleigh, and after a years’ long struggle, Fulton County Superior Court Judge Robert McBurney finally granted the board access to Fulton County’s 2020 presidential election ballots and related records hidden under lock and key. This includes physical paper ballots, ballot stubs, envelopes, and scanned digital ballot images. Now, perhaps you’ll see what that odor of fraud actually indicates.

For instance, it’s alleged that some of these ballots were counterfeits, that is, fakes, based on affidavits from poll managers and audit monitors who reported observing ballots that appeared pristine (lacking creases from mailing), printed on incorrect paper stock, marked identically in down-ballot races without signs of being filled by hand. Estimates from these affidavits suggested the number of such ballots could reach tens of thousands. Some analyses push estimates of duplicate-scanned ballots as high as 200,000 to 375,000. Chain of custody issues were also alleged for drop-box ballots, with improper or missing forms for over 100,000 ballots statewide (including significant numbers in Fulton County). Out of a total 4,935,487 votes cast in Georgia, “Joe Biden” won by 11,779 votes, a margin of 0.23 percent.

A Georgia State Election Board member, Dr. Janice Johnston, said she “apologized profusely” for the clerical errors discovered, explaining how, in a comparably important matter she was familiar with, surgeries, the doctors and nurses must count all the instruments and sponges three times to make sure that nothing is left inside the patient’s body after suturing-up — and that nobody is allowed to leave the operating room if the count is off.

Much so-called “de-bunking” has been going on around the country for years following the 2020 election. It begins to look now as if the “debunking” was actually just another round of bunkery, and you can easily see how that worked. It started with the massive censorship campaign when the FBI colluded with Facebook, Twitter (as it was called then), and other platforms to aggressively censor any discussion of these matters.

Meanwhile, Norm Eisen’s lawfare squad went after any lawyers connected to the Trump campaign who showed an inclination to pursue election fraud. Trump-allied attorney John Eastman got run through a wringer by the California Bar Association alleging he engaged in misconduct involving moral turpitude, dishonesty, and corruption by promoting false claims of widespread election fraud and advancing an unsupported legal strategy to disrupt the electoral vote certification. That was just for drafting memos for actions that Vice-president Mike Pence might theoretically take while presiding over a joint session of Congress to certify the 2020 election — to be held Jan 6, 2021 (yes, that Jan 6). The board recommended disbarment and Eastman’s case remains pending before the Supreme Court. Meanwhile, Eastman is forbidden to practice law.

Rudy Giuliani was crucified for alleging that two temp workers, Ruby Freeman and her daughter, Wandrea “Shaye” Moss, committed election fraud at the Fulton County State Farm Arena, a central absentee ballot tabulation center. This was the incident where a “broken toilet” was used as an excuse to shut down the facility for several hours, when poll-watchers were sent home. Then, after midnight rolly-bags of ballots were retrieved from under a table covered in draperies, and Freeman and Moss processed the votes in their scanners. Mainstream media claims this has all been debunked, too. Freeman and Moss won a $148-million defamation judgment against Giuliani, who reached a negotiated settlement with the pair in January, 2025. He was also disbarred.

A so-called “fake elector” case was brought against Trump-aligned lawyers Rudy Giuliani, John Eastman, Jenna Ellis, Christina Bobb, Boris Epshteyn by Arizona AG Kris Mayes in April, 2024. This involved arrangements for an alternate slate of electoral college electors in the event that fraud was discovered prior to certification of the 2020 election. The case is ongoing. Trial is set for Jan, 2026. The defendants argue political motivation.

In a similar “fake elector” case in Michigan, charges lodged by Michigan AG Dana Nessel were dismissed in December by a Michigan judge.

December 9, 2025, during a public appearance, President Donald Trump has recently alleged that conclusive information proving widespread voter fraud in the 2020 election would soon become public.

“It was a rigged election. It’s gonna come out over the next couple months too, loud and clear. Because we have all the information.”

His statements are tied to ongoing efforts by his administration, including the U.S. Department of Justice’s December 2025 lawsuit against Fulton County, GA, to access sealed 2020 election records (ballots, envelopes, stubs, and digital files) that Judge McBurney ordered released just before Christmas.

This isn’t over. Those were fake fat ladies you heard singing.

Tyler Durden Fri, 12/26/2025 - 16:30

Retail Investing: Best Ideas

The Big Picture -

 

I love this short, sweet version of what to do with your capital; its an updated version of the index card strategy, via @buccocapital::

 

Few thoughts on retail investing since it’s popping up again on FinTwit:

– As I’ve said before, I think it’s probably the lowest ROI activity you can do if you’re trying to get rich. Focus on your career
– You should index 90% of your money
– You have zero edge day to day. Your…

— BuccoCapital Bloke (@buccocapital) December 19, 2025

 

 

 

Previously:
The advice to ensure financial ruin? It fits on a 4×6 index card (September 13, 2015)

How to ruin your financial life, #badadvice (Washington Post, September 12, 2015)

 

 

 

 

 

 

Few thoughts on retail investing since it’s popping up again on FinTwit:

– As I’ve said before, I think it’s probably the lowest ROI activity you can do if you’re trying to get rich. Focus on your career

– You should index 90% of your money

You have zero edge day to day. Your advantages are that you have duration, no mandate, and nobody forcing you to sell

– It follows that the fewer trades you do, the better. The more trades you do, the worse you will do

– Process is the only thing that matters. How rigorous is your process? How do you reflect on what worked and what didn’t? Do you even know why it worked? Otherwise it’s just luck. For most people is still probably just luck.

– Your biggest enemy is yourself. You have no institutional guardrails to stop you from doing stupid things

– If you are thinking of it YTD you have already lost. That’s not your game, and is a recipe for failure. Trying to beat the market every single year will cause you to overtrade, where you have a structural and insurmountable disadvantage

– It’s OK to just do it for the love of the game. Because it’s the greatest game on earth!

 

 

The post Retail Investing: Best Ideas appeared first on The Big Picture.

Blackstone's LivCor Settles DOJ's Alleged Rental Price-Fixing Claims

Zero Hedge -

Blackstone's LivCor Settles DOJ's Alleged Rental Price-Fixing Claims

Authored by Naveen Athrappully via The Epoch Times,

LivCor, one of the largest landlords in the United States, has entered into a proposed consent decree with the Department of Justice (DOJ) to resolve price manipulation claims made by the department, the DOJ said in a Dec. 23 statement.

On Jan. 7, the DOJ announced it was suing tech company RealPage and six landlords, including LivCor, which operates under asset management company Blackstone. The department accused the landlords of using RealPage’s software to participate in algorithmic pricing schemes that harmed renters.

In its latest statement, the DOJ said LivCor and other landlords “shared competitively sensitive data to generate pricing recommendations using RealPage’s algorithms, which also included anticompetitive rules that aligned their pricing.”

“In addition, LivCor and other landlords discussed competitively sensitive topics—including pricing strategies, rents, and selected parameters for RealPage’s software—directly with each other,” it said.

The tactics aimed to decrease competition among landlords with regard to apartment pricing, thereby harming millions of renters in the United States, the DOJ said in January.

RealPage’s actions ended up enriching itself and the landlords “at the expense of renters who pay inflated prices and honest businesses that would otherwise compete,” the department said in its lawsuit.

The proposed consent decree between the DOJ and LivCor prohibits algorithmic coordination and the exchange of sensitive data with competitors.

LivCor is required to refrain from taking part in or attending meetings involving competing landlords that are hosted by RealPage. The company must also cooperate with the United States’ claims against other defendants in the case.

In the case that LivCor uses a third-party pricing algorithm not certified in line with the terms of the consent decree, it must allow a court-appointed monitor, the department said.

The decree must now be approved by the court.

“The Trump-Vance Administration is committed to an economy that works for all Americans,” said Assistant Attorney General Abigail Slater from the DOJ’s Antitrust Division.

“Landlords across America are on notice that the competition laws protect renters from the harms caused by competitors sharing competitively sensitive information or aligning prices, whether through an algorithm or otherwise.”

The Epoch Times reached out to LivCor for comment but did not receive a response by publication time.

The agreement with LivCor follows the DOJ’s obtaining consent decrees from RealPage and two of the landlords from the January complaint—Cortland Management LLC and Greystar Management Services LLC.

RealPage Agreement

RealPage had settled the claims brought by the DOJ last month. According to the proposed content judgment filed on Nov. 24 in a federal court, the company is barred from using competitors’ real-time, nonpublic data to generate rent recommendations.

The decree requires RealPage to remove features from its software that discourage landlords from cutting prices.

Texas-based RealPage denied any wrongdoing and said the agreement provides clarity while avoiding costly litigation. According to the company, the deal includes no admission of liability and carries no financial penalties.

“This resolution marks an important milestone for RealPage, our customers, and the multifamily industry,” said Dirk Wakeham, RealPage president. The company is “part of the solution to addressing the cost of housing,” he said. Moreover, RealPage’s tools help operators make “informed, independent decisions in a complex housing market,” he added.

The company said the agreement formalizes changes that it had been implementing over the past year.

The DOJ said the settlement restores free-market competition for millions of American renters.

Slater criticized RealPage’s system for having replaced independent pricing decisions, and said the deal was a big step in ensuring that rental housing markets remained “fair and competitive.”

“It means more real competition in local housing markets. It means rents set by the market, not by a secret algorithm,” she said. “It is a win for renters, and it means more affordable options for Americans trying to make ends meet.”

Meanwhile, the DOJ recently filed a statement of interest in another case related to protecting the interests of homebuyers in the real estate market, according to a Dec. 19 DOJ statement.

The lawsuit, brought by multiple buyers, accused real estate brokerages and the National Association of Realtors, a trade association of brokerages, of entering into anticompetitive agreements. These deals ended up inflating broker commissions, raising home prices for Americans.

In its statement of interest, the DOJ argued that competition among brokerages is critical to protect American homebuyers.

“Purchasing a home is the single biggest purchase most Americans make in a lifetime,” said Assistant Attorney General Abigail Slater, from the DOJ’s Antitrust Division.

“Today’s soaring housing prices make competition in real estate brokerage more important than ever. Antitrust laws are key to safeguarding competition, which reduces prices and improves services for homebuyers.”

Tyler Durden Fri, 12/26/2025 - 15:45

"You Know Who I Am, Right?" Viral Video Shows Entitled Democrat Taunt Cops, Play Victim During DUI Stop

Zero Hedge -

"You Know Who I Am, Right?" Viral Video Shows Entitled Democrat Taunt Cops, Play Victim During DUI Stop

Authored by Jonathan Turley,

What is the next worst thing to being arrested for DUI just before Christmas with a viral video of you berating an officer? Being confused with that person by irate citizens because you share the same name, Maria Bucci. It is particularly unwelcome when you are a substance abuse counselor.

On December 18, Maria Bucci, a 51-year-old Rhode Island political figure, was pulled over on suspicion of drunk driving by an officer in East Greenwich. The Chairwoman of the Democratic Committee in Cranston is shown on the police bodycam video invoking her special or influential status: “You know who I am right?”

The Cranston Herald reported Bucci is a former Cranston mayoral candidate who previously served on the City Council and made an unsuccessful bid for the Rhode Island House of Representatives last year.

The officer responds by saying, “I don’t know who you are, miss. You can start throwing out names and start doing out what you need to do, it’s not going to work with me, I’m telling you right now, I’m not the guy for that.”

That only seemed to set Bucci off, who then abused the officer. The most ironic statement was the following:

“Call my husband right now, and call the attorney general and everybody else in town, cause this is disgusting, God forbid I was a Black person, I’d be arrested.”

So, after invoking a special privilege or status, Bucci attacked the officer as presumptively racist for not arresting white people for crimes that Black people are arrested for.

He then arrested her for a misdemeanor as she declared, “You’re a d**k … Like I am not drinking, you’re a loser.”

If she were drunk, it would seem a case of in vino veritas, or “in wine there is truth.” The immediate response of this politician is to reveal a deep dislike of police officers and her view of officers as inherently racist.

Bucci will have to deal with the consequences, but it should be the right Bucci. While the real Bucci asked “You know who I am, right?” some appear to have done little to answer in the affirmative before going on the attack.

The problem is that East Greenwich has a second Maria Bucci, who is also a substance abuse counselor. She was apparently deluged by trolling and angry citizens.

The “other” Maria Bucci is also from Cranston but works in East Greenwich. She is 61 years old and was surprised to find herself taking the heat for someone else over the holiday.

It was bad enough that East Greenwich News ran a story to ask people to stop harassing the poor woman, noting that the newspaper:

“typically doesn’t use names when people who get arrested unless there is a public service aspect. We did not consider Bucci’s arrest rose to that level but we are writing about it now to clarify that the Maria Bucci who works for the Town of East Greenwich is not the same Maria Bucci arrested by EGPD Dec. 18 (here is that arrest report: 25-251-AR).”

Legally, the “other” Maria Bucci could sue for a publication that falsely claims she was responsible for this viral encounter. (So far, no news organizations have committed that error). However, such litigation is expensive and trolls are notoriously difficult to track down. That leaves Maria Bucci in the unfortunate class of others who share names with notorious figures, as Dr. Jeffrey Epstein recently learned after a bizarre shoutout from ep. Jasmine Crockett (D-TX). Indeed, even spelling “Madoff” with one “f” does not help when you are scooped up in the sensation of a crime.

Bucci is clearly not on the same level as an Epstein or a Madoff. This is, after all, a still unproven misdemeanor. However, in the community of Cranston, Rhode Island (pop. 84,934), it is hard to shake a viral story with your name. The greatest penalty likely to befall the real Maria Bucci is the reputational damage, which should not be shared with that “other” Maria Bucci.

Tyler Durden Fri, 12/26/2025 - 15:05

Comer: The 'Walls Are Caving In' On Tim Walz

Zero Hedge -

Comer: The 'Walls Are Caving In' On Tim Walz

House Oversight Chairman James Comer declared this week, “The walls are caving in on Tim Walz,” as a federal probe into Minnesota's sprawling fraud scandal intensifies. Whistleblowers, mayors, and lawmakers now enter the fray, spotlighting waste in social programs that hammer everyday residents. 

The fraud Comer described reaches far beyond accounting errors. Minnesota taxpayers now must endure cuts to basic services because billions of dollars earmarked for social programs vanished due to fraudulent schemes, most of which are tied to the state's Somali community. The scale of the fraud has forced state officials to slash budgets and shift costs to local governments, leaving mayors across Minnesota scrambling to maintain essential services like police protection, infrastructure maintenance, and emergency response without bankrupting residents through property tax hikes.

The House Oversight Committee is coordinating with federal agencies and preparing subpoenas for records and testimony to trace the money and identify the culprits. 

Comer stopped short of demanding Walz resign but made it clear that the governor cannot escape accountability. "He deserves due process, and we're going to give him due process," Comer said.

Walz, of course, isn’t happy about the federal investigations and insists he can 

This [was] on my watch,” Walz said last week. “I am accountable for this, and more importantly, I am the one that will fix it.”

Walz added, “Unlike the president, I’m governor now [and] whether these programs happen before we got here or afterwards, it doesn’t matter. We’re here now. We’re the ones fixing it. You have my guarantee on this, that I certainly will have this thing fixed.

A Walz spokesperson dismissed the congressional probe as partisan theater designed to muzzle a vocal Trump critic. "This is clearly a coordinated political attack to try to silence one of the President's most effective critics," the spokesperson stated. "The Governor takes fraud seriously and wishes they would too.”

Comer, however, dismissed Walz's suggestion that the Oversight Committee should step aside and let him investigate the fraud. "No one in America believes that. We are going to investigate this,” Comer said.

The scandal traces back to at least 2020 and involves fraudulent billing across numerous government programs, concentrated heavily but not exclusively within the Somali population. Federal prosecutors revealed that the Feeding Our Future case alone, which already resulted in charges against nearly 80 people, involved roughly $250 million in bogus claims for pandemic nutrition aid. Last week, prosecutors revealed the total fraud across Minnesota's social services system could reach $9 billion or more.

Comer emphasized that successful congressional investigations depend on insiders willing to break ranks, and he now has them. "The key to a good congressional investigation is having whistleblowers. And, fortunately for us, we have some state employees who have bravely stepped forward. We're going to get them under oath, and they're going to tell us everything they know. And we're going to go from there.”

The revolt against Walz extends beyond Washington. Nearly 100 Minnesota mayors delivered a stinging rebuke Monday in a letter to Walz and state legislative leaders, blaming fraud, reckless spending, and erratic fiscal management in St. Paul for crippling their cities. "Fraud, unchecked spending, and inconsistent fiscal management in St. Paul have trickled down to our cities," the mayors wrote. "Our state owes it to our citizens to practice responsible fiscal management and to stop taxing our families, seniors, and businesses out of Minnesota.”

The mayors also pointed to Minnesota's declining position in national economic rankings over the past six years, echoing a Minnesota Chamber of Commerce report that described the state's trajectory as a wake-up call. Once boasting an $18 billion surplus under Walz's watch, Minnesota now faces a projected $3 billion deficit for the 2028-29 budget cycle. This means that the mayors are now being forced to raise taxes, cut services, delay infrastructure projects, or stretch municipal employees even thinner.

With subpoenas imminent and state employees preparing to testify under oath, Walz is staring down a political reckoning that could permanently end his career. The investigation is tightening, the facts are coming to light, and the collapse of trust alone may prove impossible to overcome.

Tyler Durden Fri, 12/26/2025 - 14:40

Question #7 for 2026: How much will wages increase in 2026?

Calculated Risk -

Earlier I posted some questions on my blog for next year: Ten Economic Questions for 2026. Some of these questions concern real estate (inventory, house prices, housing starts, new home sales), and I posted thoughts on those in the newsletter (others like GDP and employment will be on this blog).

I'm adding some thoughts and predictions for each question.

Here is a review of the Ten Economic Questions for 2025.

7) Wage Growth: Wage growth was decent in 2025, up 3.5% year-over-year as of November. How much will wages increase in 2026?

The most followed wage indicator is the “Average Hourly Earnings” from the Current Employment Statistics (CES) (aka "Establishment") monthly employment report.

WagesClick on graph for larger image.

The graph shows the nominal year-over-year change in "Average Hourly Earnings" for all private employees.  There was a huge increase at the beginning of the pandemic as lower paid employees were let go, and then the pandemic related spike reversed a year later.

Real wage growth has trended down after peaking at 5.9% YoY in March 2022 and was at 3.5% YoY in November 2025. Although wage growth was close to expectations in November and is trending down.
There are two quarterly sources for earnings data: 1) “Hourly Compensation,” from the BLS’s Productivity and Costs; and 2) the Employment Cost Index which includes wage/salary and benefit compensation. All three data series are different, and most of the focus recently has been the CES series (used in the graph above).

Atlanta Fed Wage TrackerThe second graph is from the Atlanta Fed Wage Tracker.   This measure is the year-over-year change in nominal wages for individuals.

By following wage changes for individuals, this removes the demographic composition effects (older workers who are retiring tend to be higher paid, and younger workers just entering the workforce tend to be lower paid).

The Atlanta Fed Wage tracker showed nominal wage growth increased sharply in 2021 and for most of 2022.   In September 2025, the smoothed 3-month average wage growth was at 4.1% year-over-year, down from a peak of 6.7% in July 2022.

NOTE: Due to the government shutdown, the wage tracker has only been updated through September.   It will likely move lower in October and November based on the CES above.

Clearly wage growth has been slowing.  Immigration policy (deportations) might boost wages for some jobs that have been held by undocumented immigrants, but overall I expect to see some further decreases in both the Average hourly earnings from the CES, and in the Atlanta Fed Wage Tracker.  My sense is nominal wages will increase close to low-to-mid 3% range YoY in 2026 according to the CES. Although it is possible that wage growth will increase with a falling participation rate and slower population growth. 
Here are the Ten Economic Questions for 2026 and a few predictions:

Question #8 for 2026: How much will Residential investment change in 2026? How about housing starts and new home sales in 2026?

Question #9 for 2026: What will happen with house prices in 2026?

Question #10 for 2026: Will inventory increase further in 2026?

Mortgage Rates Dip To 3-Year-Lows As Home-Sellers Outnumber Buyers

Zero Hedge -

Mortgage Rates Dip To 3-Year-Lows As Home-Sellers Outnumber Buyers

Authored by Naveen Athrappully via The Epoch Times,

The weekly mortgage rate on a 30-year fixed-rate mortgage fell to 6.18 percent for the week ending Dec. 24 as the housing market continues to lean in favor of buyers.

The 6.18 percent rate is the lowest level since 2022 and a slight decline from 6.21 percent the previous week, according to Freddie Mac data. The current rate is 0.86 percentage points below the yearly peak of 7.04 percent reached in mid-January.

The recent rate decline comes as the U.S. housing market registered 37.2 percent more sellers than buyers in November, real estate brokerage Redfin said in a statement on Dec. 23.

“That’s the largest gap in records dating back to 2013 aside from this summer. It compares with 35.6 percent a month earlier and 17 percent a year earlier,” the brokerage said.

“Redfin defines a market with over 10 percent more sellers than buyers as a buyer’s market. By this definition, it has been a buyer’s market since May 2024.”

The 37.2 percent gap translates into 529,770 more sellers in the market.

Among the 50 most populous U.S. metropolitan regions, Austin, Texas, was the strongest buyer’s market last month, with 114 percent more sellers than buyers, according to Redfin.

This was followed by San Antonio, Texas; Nashville; and Fort Lauderdale, Florida, each of which had sellers outnumbering buyers by more than 100 percent.

Out of the 50 metros, 36 were buyer’s markets, seven were balanced, and the remaining seven were seller’s markets.

The number of home buyers hit the second-lowest level on record in November, as many backed off amid economic uncertainty and high housing costs, the statement said.

“A modest improvement in housing affordability could bring some homebuyers off the sidelines in 2026, which could narrow the gap between homebuyers and sellers,” Redfin senior economist Asad Khan said.

“But the housing market is likely to remain in buyer’s market territory for the foreseeable future, with sellers cutting prices or offering concessions to lure buyers.”

Builder confidence in the market for newly built single-family homes inched higher this month despite businesses facing challenges such as rising construction costs, economic uncertainty, and buyer hesitation, the National Association of Home Builders (NAHB) said in a Dec. 15 statement.

“In positive signs for the market, builders report that future sales expectations have been above the key breakeven level of 50 for the past three months, and the recent easing of monetary policy should help builder loan conditions at the start of 2026,” NAHB chief economist Robert Dietz said.

The Federal Reserve has cut its benchmark interest rates three times this year, pushing it down to a range of 3.5 to 3.75 percent.

In a Dec. 11 commentary, Lisa Sturtevant, chief economist at real estate data company Bright MLS, suggested that even if mortgage rates were to decline further, other concerns are weighing on prospective buyers’ minds.

On the positive side, Sturtevant expects mortgage rates to fall further.

“Expect mortgage rates to ease somewhat in 2026, though Bright MLS forecasts are for rates to remain above 6 percent through the end of next year,” she wrote.

“Slightly lower rates and slower price growth should improve affordability a little, which could bring more buyers into the market.”

President Donald Trump has vowed to lower mortgage costs.

“I will announce some of the most aggressive housing reform plans in American history,” he said during a televised address on Dec. 17.

Trump said he plans to announce a new Federal Reserve chairman who will support lower interest rates, which will trigger further decline in mortgage rates.

He suggested that illegal immigration under the Biden administration contributed significantly to housing costs.

“Over 60 percent of growth in the rental market came from foreign migrants,” the president said. “For the first time in 50 years, we are now seeing reverse migration as migrants go back home, leaving more housing and more jobs for Americans.”

Tyler Durden Fri, 12/26/2025 - 14:15

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