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 7.9—a premium over GM’s 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 “Ford Universal EV Production System” 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* ahead—including relative to $GM, which is historically overvalued against $F at this decisive juncture.
*Don’t 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 Sam’s 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 Millionaires’ 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.
What’s 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.
🇺🇸 U.S. dominance: At nearly $70T, the U.S. alone outweighs the combined market cap of all BRICS nations.
🇨🇳 China's scale: With $19.8T, China is the only real challenger, though still less than one-third of U.S. markets.
🇮🇳 India's rise: Crossing $5T, India is emerging as a key BRICS growth engine.
🌍 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 years…and 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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INTELRUNNER
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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 CyberWell—an NGO closely linked to the Israeli government and staffed by Israeli spies—whose chief executive publicly boasts about the foreign lobby’s successful campaigns to suppress the free speech of Americans and restrict the information they can receive not just on TikTok but across “all major social media platforms.”
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 government’s censorship regime in America. The app’s 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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INTELRUNNER
An outbreak of foot-and-mouth disease in South Africa, reportedly.
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INTELRUNNER
Walmart operates 4600 stores in the U.S. (5200 including Sam’s Clubs) and 10K globally for 270 million total customers each week.
There are 1.5 million American Walmart employees.
...why do so many people work at Denver International?
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INTELRUNNER
Meta may be deluded once again, but if so, this time so are the investors…
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The spending will continue well into 2026 and even a little beyond in some cases. This will include industrial construction, data center construction, and building out chip manufacturing capacity.
There are two key American ETFs for infrastructure: (1) the Global X U.S. Infrastructure Development ETF ($PAVE), which is largely industrial, construction, and raw materials companies, and (2) the iShares U.S. Infrastructure ETF ($IFRA), which has those but also includes companies in utilities & energy.
$PAVE has appreciated against $IFRA for most of its history. $PAVE is the more pure infrastructure play, but $IFRA has the higher yield, as you'd expect from the make-up.
None of this is financial advice.
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