Trade Secrets
Trade Secrets Pro: Tariffs For All
Not many people have answers to this and I’m not here to debate on the authenticity of tariffs. I’m more concerned about what happens next.
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What in the World!
What in the World! Atlas - South Korea
South Korea's economy is export-intensive and capital-heavy — not a consumption-led recovery story. With exports comprising ~40–45% of GDP and manufacturing at ~27–30%, the economy behaves like a levered global manufacturing ETF.
What in the World!
What in the World! Manifesto - The Global Dollar
For more than half a century, predictions of the U.S. dollar’s demise have surfaced with near-clockwork regularity. Trade deficits, fiscal expansion, political polarization, sanctions overreach, and rising geopolitical competition - each crisis produces a new obituary. Yet the dollar persists.
Jack of All Trades
Jack of All Trades: SKORE 02.20.2026
AngloGold: Gold price leverage ($2,600/oz avg) + Arthur Project (4.9Moz, $3.6B capex) validates scale, but 2026 costs up 11% ($1,335-1,455/oz) from royalties/FX, Lamar: Programmatic +19%, political tailwind $12-14M FY26, 4.8% yield, but margin pressure + EPS miss
Jack of All Trades
Jack of All Trades: High Stakes 02.20.2026
AngloGold Q4 revenue $3.02B (+76% YoY) beat but EPS $1.90 missed $1.94—record FCF $2.9B FY25, $1.8B dividends (62% payout), net cash $879M, stock +5% to $113. Lamar Q4 revenue $596M (+2.8%) beat but EPS $1.50 missed $1.79—AFFO guide $8.50-8.70 (+4%), digital 34% mix, stock flat $133.
Trade Secrets
Trade Secrets: Dailies 02.20.2026
US stock futures rose Thursday evening as investors braced for a heavy slate of economic data after the end of a three-day winning streak for the Dow and S&P 500.
Trade Secrets
Trade Secrets Pro: More or Less
Oil found a high and going sideways. It stalled again as Trump did NOT start a war with Iran the day after Netanyahu departed. But over the weekend there was plenty of news regarding a new war with Iran
Jack of All Trades
Jack of All Trades: SKORE 02.19.2026
Walmart: Omnichannel dominance meets AI-powered commerce—Sparky agent driving 35% higher AOV, advertising $8B run-rate, but consumer bifurcation (sub-$50K stressed) + tariff/pharmacy headwinds cap upside. Deere: Cyclical bottom confirmed (large ag -15-20% offset by construction +34%, small ag +24%)
Jack of All Trades
Jack of All Trades: High Stakes 02.19.2026
Walmart Q4 revenue $190.7B (+4.9% constant currency) beat, eCommerce +24%, Walmart Connect +41%, but FY27 EPS guide $2.75-2.85 missed Street $2.96—stock +2% on AI optimism. Deere Q1 crushed (EPS $2.42 beat $1.92) on construction/small ag recovery, raised FY26 guide to $4.5-5B, stock +11.5%.
Trade Secrets
Trade Secrets: Dailies 02.19.2026
US stock futures were little changed late Wednesday, following a solid advance across the major benchmarks during the regular session.
Jack of All Trades
Jack of All Trades: High Stakes 02.18.2026
"Picks and shovels" AI thesis validated: ADI's ATE monopoly (70-80% share) + data center infrastructure (power/optical) = durable $2B+ run-rate with 75-80% gross margins. 22nd consecutive dividend increase (+11%), fortress balance sheet (0.8x leverage), 45%→47-48% operating margin trajectory
Jack of All Trades
Jack of All Trades: High Stakes 02.18.2026
Analog Devices crushed Q1 (revenue $3.16B +30% YoY, EPS $2.46 +51% beat $2.33) with AI businesses (~20% revenue) accelerating—ATE +40%, data center +50%. Margins expanding (71.2% gross +240bps, 45.5% operating +500bps). Q2 guide $3.5B new ADI record. "Banner year" potential.
