To The Moon

Q3 2026 bank results from JPMorgan Chase, Citigroup, Wells Fargo, and Goldman Sachs (reported October 13) paint a picture of a still-spending U.S. consumer who is drawing down savings, while banks prudently build reserves. This pairs with tight overall credit spreads that are masking stress on the large debt issuers funding the AI infrastructure buildout. Tomorrow’s reports from Bank of America and Morgan Stanley will provide further read-through.[]()  Consumer Spending Holds, but the Foundation Looks Thin Card and consumer data remain solid. Citigroup reported U.S. card spending up roughly 11% year-over-year (general-purpose cards +13%, with average loans +9% in that portfolio). JPMorgan saw debit and credit card sales volume rise 10% and average credit card loans up 7%. Charge-off r

Home Court Advantage: Four New SGX UCITS ETFs and How Everyday Investors Can Actually Use Them For years, the cleanest way for a Singapore retail investor to own broad US or global equities at low cost was to open an overseas brokerage account, convert currency, and buy Irish-domiciled UCITS ETFs on the London Stock Exchange. It worked, but the friction was real: extra accounts, FX spreads, different trading hours, and no easy path for Supplementary Retirement Scheme (SRS) money. That changed on 13 October 2026 when DWS cross-listed four of its existing Xtrackers UCITS ETFs on the Singapore Exchange. They trade in Singapore dollars during local market hours, sit in a normal SGX brokerage account, and are expected to be SRS-eligible (subject to your operator and platform). These are not bra

If you have watched a mature, fundamentally sound mega-cap company shed a huge % of  its market value in a single trading session over a modest earnings miss, you have witnessed the evolution of modern market structure. Billionaire investor Bill Ackman recently pointed to a profound structural shift in how prices are set: Passive capital has locked up the float, and heavily levered short-term traders dictate the margins. The Passive Vault Effect Passive index funds and ETFs now control over half of all mutual fund and ETF assets. For major U.S. corporations, institutions like Vanguard and State Street routinely own a massive chunk of the total shares outstanding. Because these funds mechanically buy the index and virtually never sell based on quarterly fundamentals, a vast portion of

Singapore’s banking stocks, long a cornerstone of local portfolios for their resilience, dividends and regional franchise strength, faced a sharp reality check this week. Oversea-Chinese Banking Corporation (OCBC) shares tumbled 5.9% on 7 October 2026 to close at S$30.30, wiping more than S$8 billion off its market capitalisation in heavy trade. The catalyst was a Citi research note that cut the stock from Neutral to Sell with a target price of S$27.50. Peers were not spared: DBS fell 1.36% to S$77.49 and UOB dropped 2.93% to S$42.44.[]() The sell-off comes after a strong multi-month advance that pushed DBS and OCBC to record highs in early September (and UOB to a high in July). OCBC in particular saw the sharpest re-rating among the three, with its price-to-earnings multiple expanding rou

 Speaking at the Forbes Global CEO Conference in Singapore, Ray Dalio drew a sharp distinction between transformative technology and market speculation. While calling artificial intelligence a genuine technological miracle, the Bridgewater Associates founder warned that the way markets are pricing and funding it carries all the hallmarks of a classic bubble nearing its peak. "We’re in the part of the cycle that is before that point, but approaching it," Dalio told the audience. "I think we’re close." The underlying pressures he pointed to are both familiar and historical. Tech giants and startups alike are taking on massive debt to build out physical AI infrastructure. At the same time, higher interest rates have raised the cost of servicing that debt, while immense paper wealth has c

Look, if you’ve been riding the S&P 500 via SPY or VOO for the last few years, you’ve probably felt pretty smart. The index has been on a tear, largely thanks to a handful of mega-cap names. But that outperformance comes with a quiet risk a lot of people gloss over: concentration. Let’s break down the regular (market-cap weighted) S&P 500 versus its equal-weight cousin, why the top-heavy nature of the main index can bite, and how you can soften that risk with some straightforward defensive ETFs. Cap-Weighted S&P 500 vs Equal-Weight: Same Stocks, Very Different Bets Both versions hold basically the same ~500 large-cap U.S. companies. That’s where the similarity ends. The classic S&P 500 is market-cap weighted. The bigger the company, the bigger its influence. As of recent da

$iShares Bitcoin Trust(IBIT)$ accumulation phase

Yes, I have cut my losers, deployed the proceeds to Gold and IBIT to protect myself from debasement of fiat currency. have also consistently DCA to a well diversified global ETF. more rebalencing to be done for the year

Bitcoin’s latest cycle has rewritten the old playbook. What looked like a classic post-halving hangover has instead delivered the shallowest major drawdown in the asset’s history, a truncated timeline, and a recovery that is already underway. The next boom is not a future event waiting for a new catalyst. It is unfolding in real time. Performance Snapshot Bitcoin peaked near $126,200 in early October 2025. By June–July 2026 it had bottomed in the $57,800–$60,000 zone, a peak-to-trough decline of roughly 50–55%. That is painful in absolute terms yet strikingly mild compared with prior cycles: the 2021–2022 collapse exceeded 75%, and the 2018 wipeout ran past 80%. The current recovery has carried the price back to the mid-$84,000s, a gain of approximately 40–45% from the lows and a market ca

The classic AI hardware battle has centered on GPUs, accelerators, interconnects, and manufacturing scale—Nvidia’s CUDA moat, AMD’s MI-series push, custom ASICs from hyperscalers, and supply-chain fights. But as models evolve from large language models into multimodal, reasoning, agentic, and especially physical/spatial systems, pure chip performance is no longer sufficient.World models demand different compute profiles: heavy simulation, 3D understanding, real-time interaction, and tight coupling between model architecture and underlying hardware/software stacks. AMD explicitly frames the deal as giving it deeper insight into emerging workloads so it can design better hardware, software, and systems around them—and strengthen an open AI ecosystem spanning models, platforms, and compute.