CWS Market Review – September 1, 2026
Posted by Eddy Elfenbein on September 1st, 2026 at 6:02 pm

(This is the free version of CWS Market Review. If you like what you see, then please sign up for the premium newsletter for $20 per month or $200 for the whole year. If you sign up today, you can see our two reports, “Your Handy Guide to Stock Orders” and “How Not to Get Screwed on Your Mortgage.”)

Welcome to the Late 2020s!

Yesterday, the month of August came to a close, and it was a decent one for Wall Street. The S&P 500 gained 2.6% for the month, which isn’t so bad for a monthly return.

The problem for us now is that we’re in September. Although September is one of my favorite months (football, sweaters!), it’s been a terrible month for investors. Over the last century, September has been, on average, the worst month for stocks. In fact, it’s the worst for stocks by far.

Since 1928, the S&P 500 has averaged a loss of 1.17% during September. Not only that, but October is pretty bad as well. It’s been the fourth-worst month for stocks. September and October have historically combined to give investors an unwelcomed one-two punch.

Not only did the month of August come to an end yesterday, but we’re just over two-thirds of the way through the 2020s. In fact, you could say that we’re now into the late 2020s. So far, the S&P 500 is up 137.9% this decade. With dividends, the S&P 500 is 162.8% for the decade so far.

Historically, later in the decade has been much better for investors. In fact, the market has averaged a small loss over the first quarter of each decade. After the first 80 months of a decade, where we are now, the S&P 500 has gained 87.6%. But over the final third of a decade, the S&P 500 has posted an average gain of 62.1%. That’s not bad considering the final third is only half as much time as the first two-thirds of a decade.

This has also been a traditionally tough time for stocks during the presidential election cycle. Historically, the mid-term year has been lousy for stocks, but the market turns toward the bulls during the final quarter of the mid-term year. After that, it’s been a sharp 30% bull run until the middle of the pre-election year.

Stocks and Bonds Part Ways

To be clear, I don’t put a lot of faith in these calendar effects, although I do find them interesting. For example, the stock market’s entire gain has come over the last few and first few days of each month. The middle of the month is pretty much flat.

I do have a concern lately in that the stock and bond markets seem to have parted ways. As a very general rule of thumb, the bond market tends to lead the stock market by several months. Several bear markets have been preceded by sharp downturns in bond prices. It makes sense if you view it as investors dumping safer assets and chasing riskier assets.

Here’s a chart of the S&P 500 ETF (SPY) and the Long-Term Treasury Bonds ETF (TLT):

Notice how bond prices have turned down over the last six months even as stock prices have soared. It’s the big divergence that grabs my attention. The stock market last closed at a new high on August 13. Since then, it hasn’t done much. Today, the S&P 500 fell for the third day in a row. Lately, value stocks have resumed leading the market. I suspect that’s going to last.

Higher bonds can easily harm economic growth. In fact, mortgage rates are at a 14-month high. The average rate on the 30-year fixed mortgage is now 6.87%. Those higher borrowing costs radiate out across the entire housing industry.

It’s not just here; bond prices around the world have fallen lower. In Japan and Britain, yields surged to multi-decade highs. The 30-year British Treasury is close to a 28-year high.

Tech stocks have been acting a little better lately, though they’re still well below the relative strength high we saw in early June. There’s still a lot of uncertainty as the U.S. has launched more strikes against Iran and oil prices have climbed higher. Now we’ve learned that interest rates may soon be rising again.

What Happened at the Fed’s Jackson Hole Meeting

The Federal Reserve held its annual get-together at Jackson Hole, WY over the weekend. Fed Chairman Kevin Warsh spoke on Friday, and he sounded a hawkish note.

Warsh said the Fed has more work to do to bring inflation in line with the Fed’s target. He also cautioned that there are some signs that the markets see possible risks in the near future. Investors are clearly worried about excess valuations and slower growth.

There are a few items that Warsh mentioned that I want to highlight for you. First is that Warsh tried to avoid saying anything that could be construed as guidance. That’s good to hear and it gets rid of a silly guessing game on Wall Street.

Specifically, Warsh said, “We should not indulge a regime in which market participants are looking primarily to the Fed for their next trade.” That’s very good to hear. Warsh said:

Forward guidance as a regular practice was adopted by my colleagues and me during the Global Financial Crisis. It was essential at the time, and we introduced it with much fanfare. But, as with other legacies of crises past, I believe that the practice has overstayed its welcome.

Instead, Warsh said he wanted to give his broad overview of where the U.S. economy is right now. Warsh acknowledged that the inflation picture has gotten better, but — and this is the key — he still isn’t convinced that the underlying trends have improved.

Warsh pointed out that over the last six months, 49% of the goods and services in the PCE showed annual price increases of more than 3% which is, in Warsh’s words, “still quite elevated.”

Warsh essentially declared war on inflation, and the jobs market will take the backseat.

In the trading pits, futures traders pushed up the odds of a rate hike later this month. A week ago, traders said the odds were just 43% that the Fed would hike in September.

After Jackson Hole, the odds shot up to 68%. The next Fed meeting is on September 16. Traders also see a rate hike coming at the December meeting. I’m not convinced about that just yet, but I was surprised by the defiant attitude from the Fed chairman. He makes it clear what his agenda is.

In June, I told you about the very good earnings report from Science Applications International (SAIC). This is a wonderful company. I’ve described it as the IT helpdesk for the Pentagon.

I’ll cover the stock in more detail in our premium issue, but I wanted to share some impressive numbers with you.

For its fiscal Q1 (ending May 1), SAIC made $3.23 per share. That was 41% above Wall Street’s forecast of $2.28 per share. SAIC also raised its full-year earnings range from $9.50 to $9.70 per share, to $9.90 to $10.10 per share.

Last week, SAIC reported earnings again, and again, it flattened Wall Street’s estimates. For its fiscal Q2, SAIC made $3.01 per share. The consensus on Wall Street had been for $2.31 per share.

The company raised its full-year guidance again. SAIC now sees full year earnings ranging between $10.65 and $10.75 per share. Over the last seven months, SAIC has gained more than 55% for us.

If you want to see our complete coverage on our Buy List stocks, please sign up for our premium issues here ($20/month or $200/year).

That’s all for now. The stock market will be closed next Monday for Labor Day. I’ll have more for you in the next issue of CWS Market Review.

– Eddy

Morning News: September 1, 2026
Posted by Eddy Elfenbein on September 1st, 2026 at 7:03 am

The US-Venezuela Oil Deal Looks Like It Is Built on Quicksand

US Gets Board Veto, Right of First Refusal in Venezuela Oil Deal

Two U.S. Foes Join Forces—and Threaten to Further Destabilize the Middle East

How Cooking Gas Became a Barometer for the Iran War’s Energy Shock

Iran Uses Xi-Putin Bloc to Counter Bessent’s Economic Warfare

Companies Slash Consumer Choice to Save on Import Costs

Global Bond Selloff Sends Yields to the Highest Level Since 2008

Warsh’s Pledge on Stable Prices Will Soon Be Tested

Gold Stocks Cap Best August in Decades in Debasement Trade Redux

Trillion-Dollar Dislocation Hides in Calm Credit Markets

Private Equity Wants to Invest in College Sports. Some Schools Are Wary

Bobby Jain’s Hedge Fund Made $1.8 Billion as Millennium Cash Rolls In

Donald Trump Jr.’s Firm Leads $1 Billion Funding Round for Polymarket

Kalshi Permanently Bars George Santos From the Platform

No, Social Security Is Not the Cause of the National Debt

Trump’s Popularity Has Reached a Critical Point

Shein’s Lackluster Debut Shows a Fast-Fashion Model Left Behind

China Calls Time on the Home-Sales System That Worsened Its Meltdown

Luxury Homes in Seattle Languish With AI Job Cuts and Taxes Hitting Tech Hub

Welcome to the ‘You Can’t Trust Your Own Eyes’ Election

By the Time Governments Are Regulating AI, They’re Regulating the Past

MediaTek Cements Its Standing as AI Player With Nvidia’s Backing

Apple’s 2,275% Gain Under Tim Cook Is a Tough Act for John Ternus to Follow

Amazon Sued by FTC, 22 US States Over Ad Sales Practices

Fervo Secures Its Largest-Ever Geothermal Power Deal, With Google

Road Safety Policy Rests on a Statistical Illusion

China Makes Cars So Quickly That Regulators Are Getting Worried

The Ex-Beer Baron Turning Windshield Repair Into a $7.8 Billion-a-Year Empire

‘Off the Sidelines’—Lowe’s CEO Marshals Skilled Workers Coalition

A Top Virus Scientist Stared Down Covid Lab-Leak Proponents. Now His Life’s Work Is at Stake

Chobani Plans Milk Expansion With $1.2 Billion Plant Investment

Jersey Mike’s Is Winning the Sandwich War. It Still Needs to Win Over Gen Z.

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Morning News: August 31, 2026
Posted by Eddy Elfenbein on August 31st, 2026 at 7:09 am

Global Oil Price Jumps After U.S. and Iran Trade Attacks

LNG Exports Though Hormuz Remain Stalled Even as Oil Flows Rebound

Trump’s Venezuela Oil Grab Reprises Industry’s Neocolonial Past

How Long Will China’s Trump Dividend Last?

Canadian Small Businesses to Bear Brunt of New U.S. Tariffs

The Strongest El Niño in a Generation Is Wreaking Havoc on Global Economy

G20 Finance Officials Gather in U.S. as Iran War Grips Global Economy

Bessent Faces Credibility Test Selling ‘American Growth Agenda’ to G20

The G-7 Is Down One Rather Obstreperous Member

Trump Is Copying Putin’s Losing Playbook With Canada

At Jackson Hole, Global Central Bankers Glimpse Dystopian AI Future

Warsh Takes a Page From Aerospace Pioneers to Find the Right Stuff

Bond Investors Wary After Warsh Speech Fuels Rate-Hike Bets

The Pillars of the S&P 500 Are Perceptibly Shifting

Free Markets and Free Speech Make Dollars and Sense

Cash-Strapped Colleges Are Draining Their Endowments to Survive

Bill Gates Has a Spotty Vision About the Future

Corporate America’s Profits Are Booming—and Signal More Good Times Ahead

Companies Are Paying for Price Cuts With Their Tariff Refunds

Apple’s Ternus Takes the Reins as CEO, With AI as Job No. 1

KKR Turns Private Jet ‘Gas Stations’ Into a $10 Billion Coveted Asset

A 104-Year-Old Farmer’s $183,000 Tractor Sale Tests a US Farm Recovery

AI-Driven Cyber Risk Is Top Concern for Global Financial Stability, Watchdog Says

Pennsylvania’s A.I. Gold Rush Meets Second Thoughts

AI Burnout Hits the People Charged With Defending Hospitals and Banks From Hackers

Saudi AI Firm Humain, Applied Intuition Partner on Self-Driving Trucks

Chinese Cars Could Be Huge in U.S., and That’s the Problem, Officials Say

A Half-Price Luxury E.V. Comes With a Big Asterisk

A $480,000-a-Year Pill Reflects a New Normal for Cancer Drugs

Lilly to Buy Merida for $2.88 Billion for Autoimmune Work

Forget GLP-1 Stocks, Baldness Drugs Are Wall Street’s Next Goldmine

India’s Tourism Paradox

Don’t Count Shein Out Just Yet

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Morning News: August 28, 2026
Posted by Eddy Elfenbein on August 28th, 2026 at 7:03 am

How the War in Iran Is Redrawing the Global Energy Map

Panama Canal Congestion Drives Gas Tankers to Unusual Routes

Venezuela Weighs OPEC Exit as US Discusses Oil Stake

Why These Giant Storage Tanks Increasingly Hold Very Little Oil

Why the US Trade War With Canada Is a ‘Bar Fight’

The View From Canadian Businesses—Empathy for Workers, No Panic

JPMorgan and Apollo Urge Inflation Focus for Warsh’s Big Speech

Warsh Owes Investors a Jackson Hole Reset

Jackson Hole History Shows Fed Chief Rarely Shocks Stock Market

Why Warsh’s Key Test at Jackson Hole May Be Offering ‘Backward’ Guidance

What’s Going On at the Treasury?

US Bank Regulators Finalize Rules Defining ‘Unsafe’ Bank Practices

Carry Trades to Treasury Twists: A Guide to the Hot Debates on Wall Street

Texas’ Y’all Street Won’t Mess With Wall Street

The Texas Senate Race Is Becoming a Debt Debacle

How the AI Investment Craze Is Keeping the Global Economy Afloat

Investor Frenzy for AI Strips Safeguards From Convertible Bonds

What Would Quantum Computing Mean for Markets?

Advent and Stripe Abandon $50 Billion Pursuit of PayPal

How a Gambling Addict Relapsed After He Discovered Kalshi

Americans of All Incomes Head to Dollar Stores to Stay Frugal

Where to Invest Now as Data Centers Turn Copper Into a Hot Commodity

How Radiant World’s ‘Prince’ Has Banks Chasing Fake Invoices

Peru Is Losing a Battle Against Illegal Gold Mining in Its Rainforests

Timber Was Gold in the South—Until a Market Collapse Crushed the Forest Economy

Lilly Diabetes Shot Mounjaro Wins US Approval for Heart Disease

A $17.1 Billion Vote of Confidence That Jonathan Haidt Was Right

How Meta’s $18 Billion Settlement Could Change Social Media

Did Meta’s Big Settlement Actually Help It?

Blue-Collar Jobs Are the New Flashpoint in Data-Center Fight

Clashes Cloud Shawn Fain’s Re-Election Bid at U.A.W.

BYD’s Overseas Push Drives Quarterly Profit Growth

The Automotive Aftermarket As a Way of Gauging the Economy’s Health

College Football Jersey Deals Reinforce Inequality

European River Cruises Upended as Drought and Low Water Take a Toll

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Morning News: August 27, 2026
Posted by Eddy Elfenbein on August 27th, 2026 at 7:09 am

Kuwait and Qatar Add to Growing Oil Flows Getting Through Hormuz

Vietnam’s Factories Thrive Amid Trade Upheaval

U.S. and Canada Are Bracing for Prolonged Trade Dispute

Canada Removes US Seafood From Counter-Tariffs, Citing Feedback

Greer Suggests US Needs to Consider Bans on Canadian Goods

Think Treasurys Are Having a Rough Summer? It’s Even Uglier Abroad

Treasury Secretary Scott Bessent Desperately Needs a Reset

Why French Politics Is Rattling Bond Investors

Wall Street Banks Turn on Each Other as Capital Fight Nears Endgame

The Kansas City Fed President on the First Jackson Hole of the Warsh Era

Fed’s Cook Denies Wrongdoing as Trump Renews Bid to Fire Her

This Is How the A.I. Debt Binge Sinks the Economy

Clash Between Prediction Markets and States Sets Off a Furious Political Battle

People Without Kids Are Hacking the College Savings Account

The ‘Fair Access’ Chip Amendment Is a Gift to Beijing

The Real Artificial Intelligence Boom Hasn’t Yet Begun

Nvidia’s $100 Billion Shows Why AI Is Still the Trade

Would There Be an AI Revolution If There Were No Nvidia?

Google Moves AI-Responsibility Team Out of DeepMind Lab in Latest Shake-Up

Meta’s Teen Safeguards on Facebook, Instagram Apply Only to US

Kids Will Be Kids, and That’s the Biggest Risk With Meta’s New Safeguards

The World’s Mountains Are Ticking Time Bombs

Pint-Size Cars, With Enviable Smiles Per Gallon

A Breakthrough Pancreatic Cancer Drug Marks a New Era for Treatment

The Race to Develop More Medicines Like the New Pancreatic Cancer Drug

Critics of Elizabeth Holmes Can’t Have It Both Ways

Screwworm Flies Steer Clear of Agriculture Dept. Traps

The $2 Billion Brawl Over a Ruinous Wood-Pellet Trade

Dollar General Lifts Outlook, Posts Higher Profit, Sales

Dollar Tree Issues Underwhelming Outlook on Tariff Reinvestment Costs

Burlington Stores Plans to Use Tariff Refunds to Lower Prices

Shein Bets on Deals to Revive Its Fashion Success After $70 Billion Plunge

Dolly Parton’s Other Legacy: A Fortune Given Away, Dollar by Dollar

How America Got Hooked On Celsius

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Morning News: August 26, 2026
Posted by Eddy Elfenbein on August 26th, 2026 at 7:07 am

The Price of Diesel, the ‘Workhorse’ of Fuels, Nears a Record High

Iran, Oman Agree to Share Strait of Hormuz Revenue, IRGC Says

Under Threat, Saudi Arabia Reroutes Oil Exports Yet Again

Container Ships Are Looking to Return to Red Sea

Canada’s Carney to Address EU Allies Amid Pressure From Trump

US Weighs More Trade Measures Against Canada After Retaliation

Detroit Needs Canada More Than the Rest of the U.S. Does

The Billionaires Behind India’s Finance Boom

Bessent Bounce Starts to Emerge in Long Bond Market Metrics

Bitcoin’s Bessent Bounce Doesn’t Tell the Full Story

‘Honeymoon’s Over’: Warsh Under Pressure as Fed Weighs Raising Rates

Inflation Remains Elevated as Energy Costs Push on Prices

Citadel Securities’ Flight Reverses Bearish Call on Long Bonds

Michael Saylor Faces Fresh Funding Threat on MSCI-Exit Risk

Why Trump Is Now Trying to Charge a $103,000 Fee for H-1B Visas

Americans Say They Feel Guilty About Spending Money on Fun

Forget Florida. Boomers Are Flooding Delaware Looking for Low Taxes and Sandy Beaches

Extreme Heat Is Making It Harder for Kids to Learn

More Parents Pay Full Cost of College to Give Their Kids a Financial Leg Up

Is There a Taxation and Regulation Barrier to Start-Ups?

Victory Capital Agrees to Buy First Eagle in $7 Billion Deal

Vanguard Buys Wealth Management Platform Altruist in $4 Billion Deal

The Dream of Quantum Computing Is Both Dead and Alive

How AI Is Making Cyberattacks Harder to Stop

Huawei AI Data Center Bid in Egypt Spurs US to Mull Counter

Wall St. Scrutinizes Nvidia’s Deal Machine

Nvidia Earnings Give Investors a Barometer for State of AI Trade

Nvidia Is Jolting Silicon Valley to Think Like China

Bill Gates Warns A.I. Is More Dangerous Than Big Tech Will Admit

Startup Bets on Aluminum as Cleaner Fuel to Power Data Centers

Unlikely Winners of the Data Center Boom: Sound Consultants

Google’s Pixel 11 Pro Pales in Comparison to Top Chinese Phones

The CEO Who Built a Company on a ‘Technical Impossibility’

United Taps the Southwest Model for International Expansion

How Residencies Took Over the Music Industry

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CWS Market Review – August 25, 2026
Posted by Eddy Elfenbein on August 25th, 2026 at 4:39 pm

(This is the free version of CWS Market Review. If you like what you see, then please sign up for the premium newsletter for $20 per month or $200 for the whole year. If you sign up today, you can see our two reports, “Your Handy Guide to Stock Orders” and “How Not to Get Screwed on Your Mortgage.”)

The Fed Meets in Jackson Hole

This weekend, the Federal Reserve will host its annual shindig in Jackson Hole, Wyoming. Historically, the Fed has used Jackson Hole to announce major policy changes. Kevin Warsh will be speaking to the conference on Friday.

An important issue facing Warsh is how much information the Fed is providing. Warsh has tried to tamp down on the practice of investors betting on any change in the Fed’s behavior from clues buried in the Fed’s communications. (I remember when people looked at the size of Alan Greenspan’s briefcase for clues.)

For example, Warsh has pared back the regular post-meeting policy statements. He’s also not a fan of the Summary of Economic Projections. I think Warsh is correct on this; however, it’s left critics to say there isn’t enough information coming from the Fed. It’s not that Warsh is trying to hide information. Instead, he wants to downplay the information that may not be so important, or worse, misleading.

Warsh has a firm stance that inflation will get back to the Fed’s target of 2%. That hasn’t happened in more than five years. Personally, I’m not so worried about hitting an arbitrary target, as long as the Fed is broadly opposed to inflation.

Warsh was criticized by some for a shaky post-meeting press conference. Oddly enough, that makes Warsh’s point that investors should not be investigating the press conference for supposedly hidden clues. After Warsh spoke, bond prices dropped.

I will be curious to see if Warsh has anything to say about the Treasury’s plan to buy back long-dated Treasury bonds. What if the Fed raises short-term rates at the same time the Treasury issues larger sales of short-term Treasury bills? Traditionally, the yield curve has been the Fed’s territory.

I also want to hear what Warsh has to say about a potentially slowing economy. Is this a bump in the road, or a larger problem? Overall, I support Warsh’s approach. Of course, he hasn’t faced a serious challenge. At least, not yet.

Should We Walk Away From Our Debt?

The U.S. federal debt recently hit $40 trillion. That’s more than $120,000 per person, including children.

The total debt is a staggering figure, and it shows few signs of slowing down. The debt prompted an unusual essay in the New York Times. Paul Vigna, the author of the essay and a talented writer on all things financial, suggests an old solution. A very old solution.

Vigna suggests an amargi. Nope, I’ve never heard of it either. According to Vigna, ancient societies had an amargi which was “a blanket declaration of public debt cancellation.”

Hmmm. I have to admit that I’m not exactly keen on this idea. In general, I don’t think answers to modern finance can be found in the teachings of the ancient Sumerians (no offense to any Sumerian, ancient or not).

Vigna writes:

About 4,400 years ago, a Mesopotamian king named Enmetena issued an edict. Essentially all public debts, he declared, were canceled. (Amargi typically left debts between merchants in place.) People who had been sold into bondage were freed. Similar edicts gave back land to farmers who had lost it to creditors.

One finance professor called it “Probably the worst op-ed I’ve ever read in the New York Times.” Indeed, debt can be a big problem for any country, and its compounding nature can be especially cruel. Vigna says, “amargi was a relief valve, a final rebalancing tool.”

My concern is that in the modern age, no one can simply will debt away. Debt forgiveness is when both parties agree. If only one party agrees, then it’s called … well, theft. What happens when the U.S., or any country, tries to borrow again? If they try, any future creditor will demand a sizable risk premium which would make their debt problems even worse.

There’s also the issue of credibility. Governments work for the people, not the other way around. If the government makes a promise, which borrowing money is, they should honor it. I realize it’s old fashioned, but to many of us, honor is important.

Vigna writes:

The reason the practice often worked in the first place was because the ancient world understood something about our monetary system we have mostly forgotten: Money is an invented social construct. It isn’t real, not in the way a tree or a stone is real. The system of money and credit is a thing humans made up. It’s a record-keeping device for distributing resources. And since money is a human creation, we can alter it when needed.

It’s true that money isn’t real — it’s a shared fiction — but the actions underlying money are very real. Vigna seems to think we can do away with debt and not have to worry about the obvious ramifications.

People are right to be concerned about the debt, but a better solution would be to manage our finances more responsibly and pay off our debt. We’ve done it before. From 1995 to 2001, the federal debt as a percentage of GDP fell from 65% to 44%, and we did it without the help of King Enmetena. We just have to learn how to say “no”.

The Decline and Fall of Situational Awareness

One of the worst curses that can afflicted a young money manager is to be right and early. That certainly was the case in 2022 when a 24-year-old named Leopold Aschenbrenner started a hedge fund called Situational Awareness. Aschenbrenner had an interesting backstory. He had been fired from OpenAI where he was accused of leaking company secrets.

Situational Awareness was dedicated to AI investments, and the fund was a smash hit. Aschenbrenner raised tons of money and the returns were outstanding. In 2025, the fund made more than 200%.

The fund borrowed heavily to make even larger bets. But when he came to New York, Aschenbrenner faced a cooler reception. He was grilled by seasoned investors and seemed to have little idea that his investments could all go wrong. I guess I’m lucky in that I lived through events that were once thought impossible right up until the moment they happened.

Goldman Sachs told Aschenbrenner to pay back some of the fund’s debt. This was a problem. The only way they could do that was to sell some of their holdings. As a result, the fund had a fire sale of its assets. The mass selling quickly turned popular assets into high-risk dangerous stocks.

For example, the fund shorted Adobe (ADBE), a stock I happen to like. The stock did indeed go down, but it hasn’t been driven out of business as many predicted. In fact, shares of Adobe have had a nice rebound.

Aschenbrenner eventually reached a deal with Citadel, the hedge fund kingpin. Kenneth Griffin agreed to buy Aschenbrenner’s assets at a steep discount. According to a source in the New York Times, Situational Awareness dropped from $30 billion in assets to $8 billion. In my opinion, they got off light. It could have been much worse.

This week, we learned that the SEC is investigating the mess Situational Awareness made. The SEC has sent subpoenas to the banks that the fund worked with. They told the banks to hold on to any information they have regarding Situational Awareness. To be clear, the fund hasn’t been accused of doing anything wrong.

Situational Awareness was a major client of firms including Bank of America, Citi, Goldman Sachs and JPMorgan Chase. The fund still owns Anthropic which will be going public sometime soon.

That’s all for now. Tomorrow, the government will update its report on GDP growth for the second quarter. The initial report pegged Q2 growth at 1.5%. That’s not so hot. I’ll have more for you in the next issue of CWS Market Review.

– Eddy

Morning News: August 25, 2026
Posted by Eddy Elfenbein on August 25th, 2026 at 7:04 am

Trump Threatens 50% Tariff on Vehicles and Parts From Canada

What’s Getting Hit With the New U.S.-Canada Tariffs

Trump Laments Lack of US Aluminum Amid Trade Row With Canada

U.S. Tariffs Could Price Canadian Firms Out of U.S. and Threaten Thousands of Jobs

Lutnick’s Intervention in Canada Talks Draws Praise, Blame

Bessent Launches ‘Operation Economic Outcast’ to Isolate and Squeeze Iran

Bessent’s Iran Threat Hinges on US Willingness to Hit China

Why China’s Ties With Iran Aren’t as Strong as They Seem

The Heat on Bessent Grows

Bessent’s Mentor Druckenmiller Calls Bond Buying a Mistake

The Problem With Treasury Buybacks in the Name of ‘Liquidity’

Coming US Fiscal Plan Will Confront a Spendthrift Congress

Jackson Hole Offers Warsh High Profile Slot to Rebut His Critics

Index Investors Have Seized the Steering Wheel

Private Equity Finds New Way to Ride Out Cash Crunch

Bitcoin Rises Above $80,000 as Soft Dollar, Debasement Fears Boost Momentum

Oura and Dunkin’ Eye Offerings as Wall Street’s IPO Boom Builds

Mexico Bonds Trade Like Junk After $130 Billion Bailout of Pemex

How The AIDS Crisis Helped Create a Multibillion-Dollar Death-Speculation Market

The Quantum Computer Revolution Is Tantalizingly Close

Nvidia’s Dependence on Hyperscalers Faces Big Test in Earnings Report

S.E.C. Investigating Near-Implosion of A.I. Hedge Fund

This A.I. Start-Up Aims to Reverse the Backlash Against Data Centers

Why Your Boss Wants to Make Sure AI Can Read Your Slack Messages

Why CEOs Have a Problem With Workplace DMs

There’s Only One Way to Make AI Safe For Kids

Badly Behaved CEOs Hired as ‘Distressed Assets’ Are No Bargain

Apple Gears Up to Launch Its First New Mac Mini in Two Years

Buyers Circle Warner Assets With Paramount Legal Fight Extended

The Real Reason Why Walmart Is Slashing Prices by $2.9 Billion

Dick’s Plummets After Outlook Cut, Citing More Discounting

Crocs Steps Out of the Discount Bin

OnlyFans Paid $700 Million Dividend to Founder Year Before He Died

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Morning News: August 24, 2026
Posted by Eddy Elfenbein on August 24th, 2026 at 7:03 am

The U.S. Start-Up Making Low-Cost Interceptors for the Iran War

U.S. Says Oil Is Pouring Through Hormuz. Trackers Can’t Find It

Oil Prices Fall Ahead of U.S. Vow to Intensify Economic War Against Iran

Pete Hegseth Fails to Understand Bureaucracy

ECB’s Cipollone Sees Stagflation Risk from Hormuz Crisis as Remote

Warsh’s Old Forecasts Show How He Formed His Views on Inflation

The Fed Must Be Held Tight To a Market-Price Stability Rule

Bessent Has No Easy Fix for What’s Really Driving Yields Up

The Perils of an Interventionist Treasury and a Passive Fed

The Bond Market Is Returning to the Old Normal

The $500 Billion Experiment to Build 24/7 Markets on Blockchain

China’s $119 Billion Answer to Sagging Investment Is Coming Late

US Set to Unveil Fresh Iran Sanctions as Rial Hits Record Low

Trump’s Fight Against Canada, Iran and the Bond Vigilantes Meets a Common Response

Canada Rejected US Tariff Deal. Now Comes the Economic Cost

Canada Sees Long Trade War With US That May Last Beyond Midterms

China Media Hails Canada’s ‘Chinese-Style’ Tariff Retaliation

Trump’s Family Joins a Rush to Start New Banks

A Speculation On Why Global Food Markets Are Rallying

The Failure To Put American Canned Food First

Los Angeles Dodgers Owner’s Troubles Roil Insurance World

Life Policies Shouldn’t Be Funding the Boss’s Trophy Assets

Elite Private Schools Offer Financial Aid to Families Making $500,000

How Big Tech Captured American Schools

Nvidia’s Earnings Will Test Wall Street’s Faith in the AI Boom

UAW Workers Reject Deere’s Contract Extension Offer, Setting Up 2027 Battle

Drones, Balloons and Sound Waves: New Ways to Fight the World’s Fires

Shein Targets $27 Billion Valuation in Long-Awaited Hong Kong IPO

Temu Owner’s Profit Falls but Beats Expectations

Crocs’s Plan to Turn Short-Term Pain Into Long-Term Gain

The Biggest Dogs in Streaming Want You to Use Only Their App

The Trump Intervention That Got the DOJ Off Live Nation’s Back

The Leadership Principles Behind a F1 Team Turnaround Plan

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Morning News: August 21, 2026
Posted by Eddy Elfenbein on August 21st, 2026 at 7:03 am

Spike in ‘Dark’ Oil Tankers in Gulf Raises Risk of Catastrophic Spills

Carney Bets Canada Can Live With Tariffs to Unlock Investment

US Automakers Need More Than Peace With Canada

U.S. to Boost Beef Imports to Address High Prices, Trump Says

World’s Oldest Bank Is Having a Wild Year, Even by Its Standards

It Didn’t Take Long for the White House to Undermine the Fed

How the A.I. Borrowing Binge Helps Drive Up Government Bond Yields

What the Bond Market Swings Mean for Your Money

US Corporate AI Debt Surge Tests Investor Limits as Fatigue Emerges

Investing in Bonds? Be Careful

Can Bessent’s ‘Big Tool Kit’ Calm Bond Investors?

Sell America? This Time, the Trader Hyperbole Risks Bearing Out

US Stock Futures Gain as Nasdaq 100 Looks to Snap Five-Day Slump

Several Big Brokerages Leave Customer Accounts Open to Theft, Senators Say

What Back-to-School Says About the Economy

America Is About to Get More Expensive

Why ‘Democratic Socialism’ Will Never, Ever Cost $200 Trillion

If Rising Rates Were Enough to End a Bull Market, We’d Have Entered a Bear Market Long Ago

Why the Stock Market Has to Crash

Non-Profits Want Your Trust. Now the IRS Wants Them to Earn It

Tricolor Fallout Fuels Boom in Business for Collateral Checkers

Anthropic Aims for SpaceX’s IPO Record

Rogue AI Is a Scary But Fixable Problem

Software Firms Deploy Bluster and Buybacks to Counter AI Fears

Politicians Turn Against Data Centers as Anger Over AI Spreads

DeepSeek Unveils Test Model to Rival Anthropic’s Opus 4.8

Nvidia in Talks to Invest in Data-Center Power Developer Cloverleaf Infrastructure

Gold, Gems and Rare Earths Fuel a Civil War of Epic Proportions

Moderna and Merck’s Cancer Vaccine Is the Advance We’ve Been Waiting For

Why Some of America’s Biggest Brands Are Losing Ground in China

Group Chats Might Be Full of Affiliate Links Soon

Ross Stores Boosts Outlook on Growing Demand for Off-Price Retail

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