🇺🇸 🇨🇳 Google Vs. Alibaba in Market Capitalization (2016–2025)

Back in 2020, as both stocks pumped on massive money supply enlargements and the declaration of a Brave New Electronic Age, Google was about twice the size of Alibaba. Then $GOOGL ripped with the rest of the Mag 7 and Jack Ma got kidnapped from $BABA in a fit of communist hubris.

Now they're back in the arena, sparring in the AI race as Alibaba's Qwen plays catch-up with Google's Gemini...

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🇺🇸 Home Buyers & Sellers Are Both Pulling Back

That said, there are definitely more sellers. The number of sellers began picking up again in 2023, but it's been mostly downhill this year.

The number of buyers hasn't recovered since it crashed in 2022 with the interest rate pivot. The only time there were fewer buyers was April 2020, and we are nearing those levels.

There's a little over a half million more sellers than buyers. This differential actually does exceed 2020, with 37.2% more sellers than buyers in the market.

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🇺🇸 Polymarket odds for the 2028 Presidential Election in the United States.

Changes since September in parentheses (for the top 4):

🇺🇸 J.D. Vance 31% (+4)
🇺🇸 Gavin Newsom 18% (-4)
🇺🇸 Alexandria Ocasio-Cortez 8% (+1)
🇺🇸 Marco Rubio 3.9% (-1.1)
🇺🇸 Donald Trump 3.6%
🇺🇸 Kamala Harris 3.3%
🇺🇸 Pete Buttigieg 2.6%

Other Updates: Andy Beshear & The Rock were #5 & #6, but they've fallen to 1.8% & 2.1% and #11 & #8. Wes Moore fell from #7 to #14, pulling only 1.4% today. Josh Shapiro is floating around somewhere in here with 1.9%.

Unfortunately, it's still largely a four-man race. Both sides appear to be desperately hoping for a dark horse of merit...

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🇺🇸 The Kalshi odds for the 2028 Presidency are similar to the Polymarket ones.

The spread between Vance & Newsom is three points tighter. Rubio slides into 3rd with 8%, and AOC is bumped to 4th at 7%.

Trump finishes 5th again with 6%. Do people really consider this possible? Why? Who would support it? Maybe if he were actually fixing the country.

I guess it beats #6 in this one (Pritzker), but everything beats putting the mafia directly in office.

We desperately, desperately need someone with a pulse to throw his hat in...

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🇺🇸 Forest Cover Across the United States of America

🟩The USA has the 4th largest forest area in the world.

🟩By percentage, the most forested state is Maine (89%) and the least is North Dakota (2%). North Dakota is a lot of praires, farms, and sparsely covered, hardy trees like cottonwood or ash.

🟩By area, the least forested state is Delaware (despite 29% coverage) and the most forested state is Texas (despite 38% coverage).

🟩Alaska has the highest number of trees per capita among all U.S. states at 43,401 per person.

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🇨🇳 Value of China's motor vehicle exports, in billions of dollars

You can tariff them out of the advanced economies, but the developing world is probably lost. This is an especial problem for German firms...

🚘 I N T E L R U N N E R 🚘

🇺🇸 Quarterly GDP Growth (Annualized) in America

We have good news and bad news. The bad news is people are still taking GDP seriously.

Now for the good news: gross domestic product came in higher than anticipated (4.3% rather than 3.3%).

🎉 Woohoo, more gross domestic product—oh boy. 🎉 Let's eat! 🎉

Now that we got that out of the way, it's a great time to tell Howard Lutnick: fuck no, that does not mean every American got a 4.3% raise. In fact, it's historically correlated with smaller & smaller pieces of the pie for the vast majority of society.

Lutnick is the example par excellence of the man who is offensively stupid or, alternatively, the man who thinks you're so stupid that his manipulations are offensive.

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🇺🇸 US Real GDP by Contribution

Let's take a closer look under the hood for the sake of Howard.

Exports are actually up—mostly pharmaceutical preparations. It isn't just movement in imports. In fact, the trade deficit is at 5-year low.

Obviously the government is blowing money into existence, as it does. Why we count that in a productivity measure will always be beyond me...

The rest, essentially, is personal consumption. That could just be the standard top decile blowing cash, but it can also be new credit card spending. It could be inflation chewing into savings.

But it's not a raise for all Americans, and you should be insulted Jeffrey Epstein's neighbor tried to pass that off on you...

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🇸🇴 In Somalia, we have the aspiring new nation of Somaliland.

No one has recognized it except for Israel, who I assume wants to export people there, among other nuisances.

That's a lot of turf for a random breakaway province though. It would be kind of impressive if it wasn't Somalia...

⭕️ I N T E L R U N N E R ⭕️

🇺🇸 The Scale of U.S. Food Trade

Main food products exported and imported by America in 2024 (in billions of U.S. dollars)...

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🥈 Silver's had one hell of a week.

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🥇 Gold dropped about $200 overnight and through today, shedding about 4.75%.

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🛢 WTI Crude Oil saw one of the few green days today.

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🇺🇸 🇪🇺 In the European Union, a shift to value over growth materialized this year, while in America, the growth train can't be subjugated.

It really boils down to differences in the make-up of each economy. Europe has nothing like the Mag 7, and their regulatory noose strangles anything approaching an AI industry in the crib.

Therefore, their market is made up of more "old economy" firms in sectors like finance, energy (also benefiting from price spikes), industrials (where the EU hasn't eradicated them), or consumer staples—all classic sources of value plays.

And relative to the past few decades, interest rates have been up. This is a negative for growth spaces like tech, which are valued based on future cash flows that suffer a greater discount under higher rates.

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🥇 Tether isn't just stacking treasuries. It's piling up gold as well—faster than some central banks.

In Q3, it bought 26 tons of gold. That's 44% more than the next closest nation-state, Kazakhstan, which procured 18. Tether has also acquired substantial interests in gold royalties.

“Gold is nature’s bitcoin.”

~ Paolo Ardoino, Tether's CEO

Also, do note: this chart presumes China is telling the truth about their rapid hoarding of precious metals, and in particular, about their gold inflows. This is almost certainly not the case, and the estimates given are more likely understated.

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🥇 They bought 26 tons of gold last quarter. That brings Tether up to a grand total of 116 tons as the end of September.

They're converting their USDT transaction costs & the interest payments from their (now mandatory) U.S. treasury holdings into gold and royalty & streaming companies.

Tether is making shrewd moves.

They're also making themselves an eventual target for nationalization, but that's a topic for another day and probably another channel.

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💰 Bitcoin's Percentage of Supply in Loss

7 million BTC are beneath break even...

That's a third of the total supply underwater, which is a cycle high.

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💰 Bitcoin's Long-Term Holder Supply Change (30D Sum)

However, long-term $BTC holders (greater than 6 months) appear to easing off their distribution at these levels.

In fact, we recently had a net gain of 10,700 BTC. That's a humble sum, but it's a step in the right direction and an indication sell pressure is lightening up.

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