Posts by Mike Verity
A Healthy Economy With an Energy Problem
A Healthy Economy With an Energy Problem Wholesale inflation came in well above expectations this morning, grabbing headlines. It arrived alongside retail sales, jobless claims, and two factory surveys, which together cover the areas we watch most closely. That makes today a useful snapshot of the economy. Our read: it remains healthy, but the energy…
Read MoreReassessing the U.S. Economy: What the Headlines Get Wrong
Reassessing the U.S. Economy: What the headlines get wrong September 2026 We’ve spent the past couple of weeks reassessing the U.S. economy and wanted to share where we landed. The S&P 500 is up about 13% this year, yet the headlines read like something is breaking. That gap bothered us, so we worked through the…
Read MoreSpaceX (SPCX): What Has Happened Since the June IPO
SpaceX (SPCX): What Has Happened Since the June IPO July 24, 2026 SpaceX went public on June 11 at $135 a share in the largest stock offering in history, raising about $75 billion. It closed its first day of trading at $161. Five days later it touched $225. Today it trades near $113 — roughly…
Read MoreSpaceX Goes Public: Listing, Lockup, Index Inclusion, and What Drives the Stock
SpaceX Goes Public: Listing, Lockup, Index Inclusion, and What Drives the Stock Overview SpaceX is going public in what is set to be the largest IPO in market history. The shares begin trading on Nasdaq on June 12, 2026, under the ticker SPCX at a fixed offer price of $135 per share, implying a valuation…
Read MoreStrong Earnings, Weaker Stocks: Why Hyperscaler Results Aren’t Pleasing the Market
Strong Earnings, Weaker Stocks: Why Hyperscaler Results Aren’t Pleasing the Market Four of the most closely watched companies in the AI trade reported quarterly results after the bell yesterday: Microsoft, Alphabet, Amazon, and Meta. Together they represent the bulk of the so-called “hyperscaler” capital spending that has powered the AI boom. They are bellwethers, and…
Read MoreIs AI Out Over Its Skis?
Is AI Out Over Its Skis? An Inflection Point — or Just an OpenAI Problem? The Wall Street Journal dropped a bombshell yesterday: OpenAI, the privately held creator of ChatGPT, “recently missed its own targets for new users and revenue.” Even more troubling, the article reports that CFO Sarah Friar told other executives she is…
Read MoreThe Private Credit Mirage and Unfolding Market Stress
The Hook: A Marketing Machine Under Pressure “It’s wrong, but it’s a big business. And people love that business because they can get large fees from it.” This candid assessment from industry veteran Mark Lasry perfectly captures the current state of the private credit market. While the industry has been awash in “hype and FOMO,”…
Read MoreResilient Data vs. Geopolitical Noise
Financial headlines this week have been dominated by the escalating conflict in the Middle East following recent strikes on Iran. While these events are undoubtedly serious, the market’s reaction has been a fascinating study in distinguishing between “headline risk” and fundamental economic reality. Despite an initial spike in oil prices and a flight to safety…
Read MoreWhat is Crypto and Should I Own It?
What is Cryptocurrency? At its most basic level, cryptocurrency is a digital asset designed to work as a medium of exchange. Unlike the U.S. Dollar, it is not backed by any government authority or tangible asset. Who controls it? Most cryptocurrencies are decentralized, meaning no single bank or entity manages them. Is it “real”? Its…
Read MoreMaking Sense Out of a Crazy Market
Major stock market averages fell sharply yesterday and continued into today’s session. Fear in financial news headlines was palpable. Selling feels somewhat indiscriminate, like the trading algorithms all woke up on the wrong side of the bed. Three Events Fueling the Fear To understand the current “crazy” market, we have to look at three specific…
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