Eeyore Here…
Last month we asked a simple question: who is going to pay AI’s $2 trillion bill? This month we have the answer. Nobody. They’re putting it on the card. FINRA’s margin statistics tell the story. In June, investors held a record $1.50 trillion in margin debt. That’s…
ProfitScore Update – July 2026
To the friends and clients of ProfitScore- The Chair Doesn’t Run the Fed. The Fed Doesn’t Run the Market. The whole street is playing one game. Read the hawk. Guess Warsh’s next move.Wrong game. He does not run the Fed. And the Fed does not…
ProfitScore Update – June 2026
To the friends and clients of ProfitScore- For twenty years, the 60/40 ran on autopilot. Stocks fell, bonds rose, the losses got cushioned. Everybody slept fine. Then came 2022. The S&P dropped 18.1%. The Bond Agg dropped 13.0%, its worst year on record. The 60/40 fell about 17%, its worst showing since…
ProfitScore Update – May 2025
To the clients and friends of ProfitScore: Are We About to Get Paid Nothing to Own Stocks In our research, we are always trying to identify market risks. I present to you some analysis. The S&P just closed April at an all-time high of 7,209….
ProfitScore Update – April 2026
To the clients and friends of ProfitScore: AI And Portfolio Research? Lessons from the trenches It seems like almost everyone is using AI now to try to improve portfolios. For good reason, you can do a ton of research in the shake of a squirrel’s…
ProfitScore Update – March 2026
To the clients and friends of ProfitScore: We’re Fine. (We’re Not Fine) Our National Debt is 38.9 Trillion Dollars Let me put $38.9 trillion in terms that mean something. One million seconds is 11.6 days. One billion seconds is 31.7 years. And 38.9 trillion seconds? That’s 1.23 million years! Keep this number in mind. How in…
ProfitScore Update – February 2026
To the clients and friends of ProfitScore: When Everything Falls Together Last week’s selloff was a masterclass in broken diversification. Here’s what to do about it. My grandfather told me something when I was a kid that I’ve never forgotten: “Ten thousand dollars is not a lot of money. unless you…
ProfitScore Update – January 2026
To the clients and friends of ProfitScore: The Great Consensus of 2026: When Everyone Agrees, Watch Out Nineteen Wall Street strategists. Zero predicting a down year. Not one. Every year, I aggregate the major banks and research firms’ market forecasts, poring through releases, letters, decoding…
ProfitScore Update – December 2025
To the clients and friends of ProfitScore: How Buybacks Are the Stock Market’s Dirty Secret Keeping Prices High The House Always Stacks the Deck Folks, picture this: You’re at a poker game where the house keeps slipping extra chips under the pot to keep everyone betting hot. That’s our stock market right now. Valuations are humming along, not because of some mythical productivity boom,…
ProfitScore Update – January 2025
To the clients and friends of ProfitScore: 2025 Market Predictions: Betting on Gains? Bracing for Volatility? I’ve always been fascinated by economic and market forecasts—and equally struck by how often they differ. In 2022, I conducted a personal project where I compared 100 predictions regarding…