WHEN 10 STOCKS > THREE CONTINENTS

Speaking of living in interesting times…

The top 10 US companies are now worth more than thousands of listed companies across China, Europe, and Japan put together.

Nvidia alone eclipses the combined value of more than 2,100 publicly traded companies in Japan.

And while on the topic of Japan...

It wasn't that long ago when Japanese companies were the Magnificent 7 of their time. This post perfectly captures how it all played out:

History has a nasty habit of repeating itself. Not identically, but in rhyme. And right now, the rhythm is starting to sound awfully familiar.

 ORBITAL COMPUTE… AND ORBITAL VALUATION

Sticking with the topic of market extremes…

The coming SpaceX IPO is already being billed as the market event of 2026. With the projected valuation of $1.5 trillion, Musk's baby would be worth more than Alibaba, Mastercard, Coca-Cola and McDonald's put together… with some spare change left over.

And here's the pitch…

Elon is going to build data centers in — wait for it — outer space ("orbital compute" they’re calling it). 

Because apparently we can't get enough energy here on earth to power all this AI nonsense, so naturally the solution is doing it in space. Who believes this isht?

There's always some catchy name to act as the lube for the extremely uncomfortable experience retail investors are about to endure.

To be clear: we take our hat off to what Elon has been able to achieve. We use Starlink ourselves. It's genuinely impressive technology. But impressive technology and solid investments are two entirely different things.

We've been around long enough to know that big name IPOs occur on the back of popular investment themes. 

And when the exit window opens for insiders at a $1.5 trillion valuation… and retail investors are being handed the bag with promises of orbital data centers, history suggests you're closer to the end than the beginning.

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