INTELRUNNER
๐ G7 Rate Cuts -2.5pp โ ๐ฉ๐ช ๐ซ๐ท ๐ฎ๐น ๐จ๐ฆ -1.25pp โ ๐บ๐ธ ๐ฌ๐ง +0.6pp โ ๐ฏ๐ต ๐ CHART WATCH ๐
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INTELRUNNER
An oil barrel just doesnโt buy as much as it used toโฆ
The Big Mac Index measures the cost of a Big Mac in USD in economies across the world.
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INTELRUNNER
However, itโs been as high as 2.78 in 2010. Is this a catch-up play?* Hard to think so given $GDXJ has run further, but maybe it has further to run.
*Not even remotely financial advice.*
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INTELRUNNER
That means as far as Japanese auto exports are concerned, foreign exporters are paying into the tariffs...
Ford trades at a forward P/E ratio of 7.9โa premium over GMโs 5.1. On the other hand, Ford just beat on earnings by 12%, while GM beat by 0.3%. Ford has also more quickly adapted to the new reality of tariffs. Kevin Haggerty:
Ford Motor Company has announced a $5B domestic investment in its Michigan and Kentucky plants and will change its assembly line for the first time in 120 years. It plans on building an affordable "all-electric" pickup truck that will sell for $30k. Instead of an assembly line, they will employ an assembly "tree" that will reduce costs to keep the price low. They will build the vehicle in 3 pieces requiring fewer time, fewer people, and a lot less cost. FMC CEO Jim Farley said it will revolutionize how vehicles are constructed.
The new โFord Universal EV Production Systemโ is expected to produce vehicles 40% faster with fewer people and less expense.
Ford is attempting to compensate for cost increases due to automotive tariffs with new expansion & these countervailing efficiencies in domestic production, which help qualify for critical tax cut incentives as a bonus.
This would protect margins and/or increase product affordability, either of which would help Ford secure a greater position in the American market. Short interest on Ford has fallen 4.2% in a month, and the Canadian Pension Plan added $6.75M in August for a total holding of $78.5M.
If Ford can preserve upward earnings momentum & execute on its assembly tree strategy, there may be very bright days for $F & its share price* aheadโincluding relative to $GM, which is historically overvalued against $F at this decisive juncture.
*Donโt even contemplate considering this financial advice.
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The state with the most Walmarts by far is Texas (596). The two biggest runners-up were Florida (387) and California (303).
The state with the fewest Walmarts is Vermont (6), as D.C. is not and can never be a state. Rhode Island and Hawaii are second from the bottom with 9 each.
Walmart operates 4600 stores in the U.S. (5200 including Samโs Clubs) and 10K globally for 270 million total customers each week. Their operating margin is 4.2%, ROE is 24.4%, and 35.4% of that equity is owned by institutions.
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INTELRUNNER
What countries are losing millionaires?
Net Flows of Millionairesโ Wealth in 2025 (as per Henley & Partners)
Where is their wealth going? The same places they are, naturally. Honorable mentions to Saudi Arabia, Switzerland, Monaco, Singapore, Portugal, and Greece:
Where is it coming from? Mostly the Brits, followed by all of the other major world powers (BRICS), followed by France, Spain, and Germany.
Whatโs the bottom line? Wealth is leaving Western Europe, East Asia, and BRICS and flowing to the most welcome jurisdictions in the Gulf Kingdoms, America, and Southern Europe.
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INTELRUNNER
The obvious initial observation is that the G7 still dominates equity markets. They are structurally deeper, more stable, and more liquid despite reflecting lower growth potential than BRICS.
๐บ๐ธ U.S. dominance: At nearly $70T, the U.S. alone outweighs the combined market cap of all BRICS nations.
๏ปฟ๏ปฟ๐จ๐ณ China's scale: With $19.8T, China is the only real challenger, though still less than one-third of U.S. markets.
๏ปฟ๏ปฟ๐ฎ๐ณ India's rise: Crossing $5T, India is emerging as a key BRICS growth engine.
๏ปฟ๏ปฟ๐ Diversification: The "Rest of the World" at $24.7T shows that while power is concentrated, smaller markets collectively matter.
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INTELRUNNER
Since mid-July, initial jobless claims look better than either of the last two yearsโฆand job loss is a top subject.
What can you do?
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INTELRUNNER
Now 4% shy of the 52-week high, $MJ experienced a golden cross on the daily about a month ago.
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INTELRUNNER
The Indians & to a lesser extent the Japanese are wisely stacking more gold. The United States is far too exposed to financial assets, and China is (effectively de jure) too exposed to real estate.
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That's been enough to produce a breakout from the old all-time-high levels established in 1989. It started pushing resistance in February of last year, and by June of this year, it had broken it.
It's been nothing but up since...
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INTELRUNNER
Facebook remains the leading social media for news
Of course, Twitter & Reddit were obscenely overpriced, but both were also (ostensibly) quasi-government projects, so I'm sure a full account of the relevant facts would explain those valuations.
Here's Harrison Berger on the impetus for the TikTok sale:
And as independent journalists Lee Fang and Jack Poulson reported last year, TikTok has forged a content moderation partnership with CyberWellโan NGO closely linked to the Israeli government and staffed by Israeli spiesโwhose chief executive publicly boasts about the foreign lobbyโs successful campaigns to suppress the free speech of Americans and restrict the information they can receive not just on TikTok but across โall major social media platforms.โ
The acquisition of TikTok by Oracle, Silver Lake, and Andreessen Horowitz is therefore not simply a reshuffling of corporate control, but the latest step to consolidate a foreign governmentโs censorship regime in America. The appโs new owners openly display their affection for, and often loyalty toward, Israel.
Well that sounds fun.
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INTELRUNNER
Top picture is the past month of trading in this market. The past week and today are on the bottom. More on this later...
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