Archive for December, 2025

• CWS Market Review – December 23, 2025
  Eddy Elfenbein, December 23rd, 2025 at 5:30 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.”)

  On Tuesday, the S&P 500 closed at yet another all-time high. The index finished the day at 6,909.79. I’ve been very impressed by the resiliency of this market. It just keeps going. Since the April low, the S&P 500 has rallied by 39%.

  

  Traditionally, the market does well during the holiday season, and this appears to be no exception. The market was helped by a strong GDP report. Q3 turned out to be one of the best quarters for economic growth in the last three years. It’s starting to look like the Fed won’t touch rates at its next meeting, and possibly the one after that.

  The 2026 Buy List Is Coming Soon

  First, a reminder that on Friday, I’m going to email you the stocks for the 2026 Buy List. This will be our 21st annual Buy List.

  The rules are the same. The Buy List has 25 stocks. At the end of each year, I add five new stocks, and I delete five current ones. At the start of the year, the 25 positions are equally weighted. For tracking purposes, I assume the Buy List is a $1 million portfolio.

  Once it’s set, I can’t make any changes for the next 12 months. The new Buy List goes into effect on January 2, which will be the first day of trading for the new year. The “buy price” of each stock is assumed to be the closing trade on December 31.

  According to the rules of our Buy List, the turnover rate is just 20%, and the average holding period for each stock is five years.

  I’m often asked if I really don’t make any changes during the entire year, and the answer is yes. Over the years, a few stocks have been bought out, but we hold the shares from the acquiring firm, assuming it’s a stock-for-stock deal.

  By the way, I think it’s an advantage being allowed to buy and sell stocks so infrequently. That’s because it forces me to find stocks that I’d be comfortable with owning for an average of five years. I have no idea what Bitcoin will be like in five years, but I have a pretty good idea of what Stryker will be doing.

  I want to thank everyone who has supported our Buy List over the years. I’ve also gotten great feedback from investors.

  If you wanted to buy one share of each Buy List stock, that would run you over $7,000. However, you can pick up one share of CWS for around $70. (I have to say that the Buy List isn’t exactly the ETF but it’s based off the Buy List, and it performs almost exactly the same.)

  The Economy Grew by 4.3% in Q3

  Now that that is out of the way, I wanted to get to today’s long-delayed Q3 GDP report. The government shutdown went into effect on October 1, right as the third quarter was ending. As a result, we haven’t seen any new GDP numbers in a long time.

  Earlier today, the Commerce Department said that the U.S. economy grew by 4.3% during the third quarter of 2025. That number is annualized and adjusted for inflation, and it was much better than Wall Street’s expectation for growth of 3.2%. It seems that fewer workers are making more. If jobs growth has slowed down considerably, that suggests that, in the words of one analyst, productivity growth is “off the charts.”

  Here’s a look at quarterly GDP growth over the past few years:

  

  Consumer spending, which is the main driver of the economy, grew by 3.5% during Q3. The economy was also helped by government spending and higher exports.

  The GDP report usually comes at the end of each month. The quarterly reports typically come with an initial estimate one month after the end of the quarter, followed by two more updates at the end of each subsequent month.

  Today’s report was supposed to come out two months ago, and we were due to have one update out in late November. The government shutdown wrecked those plans.

  Bear in mind that while today’s report was good quite good, it’s old news. The third quarter started nearly six months ago and ended three months ago. Several Wall Street firms already said they expected good GDP numbers for Q3. Well, they were right. In fact, the numbers turned out even better than expected.

  But I’m now concerned what the GDP numbers will be like for Q4. According to the BEA, the Q3 report will be updated on January 22, but it didn’t say anything about Q4. Or if it did, I missed it.

  Here are some more details from today’s report:

  The personal consumption expenditures price index, the Fed’s primary inflation gauge, rose 2.8% during the period, and 2.9% for core which excludes food and energy. Both were above prior respective readings of 2.1% and 2.6% and remain well above the Fed’s 2% inflation gauge. Also, the chain-weighted price index, which accounts for changes in consumer behavior such as switching less expensive products for pricier items, rose 3.8%, a full percentage point above the forecast.

  Though the report presented a largely positive view of the economy, markets reacted little as the data is backward-looking. Stock futures were slightly negative while Treasury yields held higher.

  Elsewhere in the report, corporate profits soared by $166.1 billion, or 4.2%, compared with a gain of $6.8 billion in the second quarter.

  The odds of a Fed rate cut next month have dwindled to nearly nothing. There’s a decent chance that the Fed will do nothing in March as well, but I want to see the Q4 GDP numbers first.

  I also like to look at the growth of nominal GDP, meaning what’s not adjusted for inflation. Thanks to our recent bout with inflation, nominal GDP has grown rapidly. Over the last four years, nominal GDP has grown by nearly 30%.

  We’re also coming up on the end of Q4 and soon after, we’ll have the Q4 earnings season. The first earnings reports, usually the big banks, will come out on January 13, which is just three weeks from today.

  For Q4, Wall Street currently expects the S&P 500 to earn $69.90 per share. That’s the index-adjusted number. Every one point in the S&P 500 is about $8.5 billion. If Wall Street’s estimate is correct, then it would represent earnings growth of more than 14%. That would also be earnings growth of 12.9% for the year.

  Earnings estimates for Q4 of 2025 declined significantly during 2024 but have increased in recent quarters.

  For 2027, Wall Street sees the S&P 500 growing its earnings by 17.3% to $308.97 per share. That means the index is currently trading at 22.4 times next year’s earnings.

  That’s all for now. The stock market will close early tomorrow, and it will be closed all day on Thursday for Christmas. There will not be a Tuesday issue next week, but on January 1, I’ll have our complete year-end summary.

  I want to wish everyone a Merry Christmas and a Happy New Year. I’ll have more for you in the next issue of CWS Market Review.

  – Eddy

• Morning News: December 23, 2025
  Eddy Elfenbein, December 23rd, 2025 at 7:09 am

  Why Japan’s Stock Market Can Keep Rising

  Tariffs Unravel India’s Dream of Challenging China in Toymaking

  A Christmas-Themed Economic Review and Outlook

  Trump’s Reordering of U.S. Capital

  Crypto’s Big Year Didn’t Work Out for All of Its Billionaires

  Private Credit’s Expanding Role In the Middle Market

  Once Wall Street’s High Flyer, Private Equity Loses Its Luster

  How Investors Buy Gold and What Fuels the Market

  Copper Hits $12,000 for First Time as Tariff Trade Upends Market

  BlackRock Was Toxic for ESG, But It’s Far From Dead

  Gavin Newsom Would Be “Cheap” If Governor of Mississippi

  Car Payments Now Average More Than $750 a Month. Enter the 100-Month Car Loan.

  US Watchdog Says Paycheck Advances No Longer Subject to Lending Law

  A Small Nebraska Town Is Reeling From the Exit of Meatpacking Giant Tyson

  Foreign Governments Are Reaching Into the Pockets of American Business

  Memory Chip Makers Say AI Alters Boom-and-Bust Cycle

  Google’s Chess Master Is Working on AI’s Killer App

  Layoffs Expected as Marketers Face Pressure Over AI Savings, Survey Finds

  Dismiss the Doomsday Clock at Your Own Peril

  President Trump Is Obsessed With Taking Over Greenland. Why?

  How Long Can US Oil Sanctions Keep Hurting Russia?

  Sanctioned Tankers Load Venezuelan Oil Despite US Pressure

  How U.S. Defense Industry Dodged a Rare-Earth Shortage After China’s Curbs

  China Delays Plans for Mass Production of Self-Driving Cars After Accident

  Ford and GM Are Running Out of Time to Reinvent Themselves

  Trump’s First-Term Trust Buster Is Now Working to Get Paramount Its Deal

  Ellison’s Pledge to Backstop Paramount Bid Would Reshape Fortune

  CEO David Zaslav Poised To Get $567 million (!) Payout For Screwing Up Warner Brothers

  Inside Bari Weiss’s Decision to Pull a ‘60 Minutes’ Segment

  YouTube Has a Firm Grip on Daytime TV

  How Starbucks Came Undone

  Novo Nordisk Gets US Approval for Wegovy Obesity Pill

  Marijuana Madness May Soon Get Worse

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• Morning News: December 22, 2025
  Eddy Elfenbein, December 22nd, 2025 at 7:04 am

  Japan Eyes $7 Trillion Household Savings Pile for Fresh Bond Demand

  Japan Has ‘Free Hand’ for Bold Action in FX Market If Needed

  Why Is South Korea Worried About the Weak Won?

  Vanke Averts Default as Bondholders Approve Longer Grace Period

  Gold and Silver Hit All-Time Highs as Geopolitical Tensions Rise

  The Economy Survived 2025, but Many Americans Are Reeling

  Why Americans Are Falling Behind on Auto Loans at Their Highest Level Ever

  The United States of Klarna

  Wall Street Is Bullish on 2026. Assume It’s Wrong

  Fed’s Hammack Is Inflation-Wary and Prefers Holding Rates Steady Into the Spring

  Dudley: Five Ways to Stop Banks From Failing

  Hedge Funds Short Healthcare Providers as Subsidies Debate Intensifies

  Why Republicans Can’t Agree on Health Care

  Mitt Romney: Tax the Rich, Like Me To Avoid Inevitable “Fiscal Cliff”

  How Credit Is Produced By Lenders And Borrowers

  The Year the Job Market Hit a Wall

  Mortgage Rates Are Falling but Owners Still Won’t Sell

  ‘60 Minutes’ Pulled a Segment. A Correspondent Calls It ‘Political.’

  Mexico’s Vape Ban Fails Public Health, Plus Law and Order

  AI Data Center Gold Rush Driven by Thousands of Newcomers

  AI’s Promise As a Source for Enhanced Mental Health

  One of Elon Musk’s Old Enemies Joins the Race to Run GM

  The Netflix Acquisition of Warner Brothers Is Super, Man

  Ellison’s Hardball Warner Bros. Tactics Gave Netflix an Opening

  Larry Ellison to Personally Back Paramount Bid for Warner Bros.

  Cinema Owners See a New Hurdle to Recovery: The Warner Deal

  ‘Avatar’ Sequel Is Neither Fire Nor Ash at North American Box Office

  Cintas Isn’t Taking Years of No for an Answer, Makes Fresh Bid for UniFirst

  How Many Toys Will Parents Buy for Their Kids This Christmas?

  What Does Lululemon Need: Discipline or Inspiration?

  Camel Milk May Be Coming to a Store Near You

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• Morning News: December 19, 2025
  Eddy Elfenbein, December 19th, 2025 at 7:04 am

  Ukraine Is a Demographic Story, Not One of Territory

  Hegseth Is Targeting the Military’s ‘Constitution’

  The World Is Awash With Oil and Prices Are Poised to Keep Falling

  The Bank of Japan Raised Rates. Here’s Why You Should Care.

  ‘A Singularly Turbulent Time’: Deeper Uncertainty in Store for Global Economy

  Inflation Eased to 2.7% in Report Distorted by Government Shutdown

  The Data Problems in Thursday’s Inflation Report Will Linger for Months

  Want to Know Where the Market Is Going? Don’t Trust This, or Any, Forecast.

  When Did Everything Become ‘K-Shaped’?

  Sahm: There Are No Shortcuts To Affordability

  Jobs Could Soon Replace Prices as Focus of Anxiety

  Americans Facing a Tough Job Market in 2025 Won’t Get a Break Next Year

  How Tariffs Are Changing Up Costco’s Shelves

  FedEx Reports Higher Second-Quarter Revenue as Package Volumes Rise

  Small Business Wins In the House With the Red Tape Act

  Trump Suspends Green Card Lottery After Brown, MIT Attacks

  The World Cup’s $8,000 Tickets Unite Football Fans in Dismay

  How Much More Can the U.S. Travel Industry Take?

  Europe’s Mistake Shouldn’t Become America’s Drug Policy

  BioMarin to Buy Amicus in $4.8 Billion Bet on Rare Disease Drugs

  John Paulson Gets a Gold Mine in America’s Critical Minerals Scramble

  How Trump Spun a Social Network Into a Nuclear-Fusion Company

  Why Fusion Is Considered Energy’s Elusive Holy Grail

  AI Is the Hot Topic in Tech Earnings and a Blind Spot Everywhere Else

  Boosting Nvidia’s Bottom Line Won’t Make Americans Safer

  Good Parenting Can’t Be Legislated: Australia Will Find Out the Hard Way

  The German Media Boss Who Can’t Find Anything to Buy in the U.S.

  TikTok Says It Signed Agreements for New US Joint Venture

  Sony Grabs Snoopy and the Peanuts Gang in $450 Million Deal

  DraftKings Enters Prediction Markets Rush With New Trading App

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• Morning News: December 18, 2025
  Eddy Elfenbein, December 18th, 2025 at 7:04 am

  The US Is Giving Its Enemies What They Want

  Want to Make America Great Again? Try Copying China

  China Is Feeling Strong and Senses an American Retreat

  All That Cheap Chinese Stuff Is Now Europe’s Problem

  The Supreme Court Generals Failed Their Troops This Year

  Washington Should Make Growth the Driver of Affordability

  America Is Forgetting What Capitalism Is

  Trump Announces Military ‘Warrior Dividend’ Amid Inflation Woes

  US Approves $11 Billion Arms Sale to Taiwan, Drawing China’s Ire

  Nasdaq Sees Bigger Year Ahead for Listings on Billion-Dollar-Plus IPOs

  How AI Borrowing Could Emerge as a Problem for the Fed

  US Fed Terminates Citi Notices that Demanded Bank Improve Risk Controls

  Bessent’s 2025 Saw Powell and Argentina Rescues, Deficit Angst

  UBS Plans January Job Cuts to Kick Off Final Year of Integration

  Bank of England Cuts Rates to Near Three-Year Low

  Tricolor’s Excel Guy Failed to Fix Numbers in Alleged Fraud

  Apollo Expands Asset-Level Risk Reviews to Reflect Impact of Extreme Weather

  Israel Approves $37 Billion Deal to Deliver Gas to Egypt

  How BP’s New Boss Became the Most Powerful Woman in Fossil Fuels

  World-Beating 55,000% Surge in India AI Stock Fuels Bubble Fears

  OpenAI Inks Deals With Colleges, Seizing Early Lead in Education Market

  More Math, Not Less, Will Lead Students to Succeed

  How China Built Its ‘Manhattan Project’ to Rival the West in AI Chips

  Micron’s Blowout Results Are Bad News for Anyone Buying a New Phone or PC Next Year

  Tesla’s ‘Musk Premium’ in Focus With SpaceX IPO on the Horizon

  Tesla Drivers Are Buying Escape Tools and Cars to Avoid Getting Trapped Inside

  One Generic Cancer Drug Costs $35. Or $134. Or $13,000.

  Moderna Gets Funding for Bird Flu Shot After HHS Ends Contract

  How the Shiny, Viral Hulken Bag Became a $50 Million Brand

  Watch Out, Oscars. Here Come the TikTok Awards

  How the ‘Wicked’ Movies Turbocharged a Broadway Juggernaut

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• Morning News: December 17, 2025
  Eddy Elfenbein, December 17th, 2025 at 7:02 am

  US Readies New Russia Sanctions If Putin Rejects Peace Deal

  Trump Orders Blockade of Sanctioned Oil Tankers in Venezuela

  Venezuela’s Long Oil-Output Slump Dulls Market Hit of Trump Blockade

  Trump US Vowed Energy Dominance. Here’s How He’s Doing

  Trump Targets Defense Giants’ Shareholder Payouts as Cost Overruns Mount

  Why Investors Are Worried About Japan’s Bond Market

  U.S. Threatens Penalties Against European Tech Firms Amid Regulatory Fight

  European Governments Must Listen to Jamie Dimon and Bill Gates

  Inflationary Pressures Appear Contained, Bank of Canada’s Macklem Says

  Turning the Monroe Doctrine Into Donroe Is Awful Geopolitics

  Donald Trump May Be About to Pick the Least Important Fed Chair in Decades

  Next Fed Chair in ‘No-Win Scenario’ as Selection Process Draws to a Close

  Dow Transports Are Stock-Market Leaders Now. Here’s What That Means for Investors

  What Trump’s Embrace of Crypto Has Unleashed

  Gold Forecast to Glitter Again Next Year Despite Biggest Gain Since 1979

  K-Shaped US Economy Leaves Small Businesses Playing Catch-Up

  The Affordability Crisis Is Real and Tariffs Caused It

  Spooked by AI and Layoffs, White-Collar Workers See Their Security Slip Away

  Heating Costs Expected to Rise 9.2% This Winter

  Trump Dangles Cash Payments to Buoy Voters’ Views of the Economy

  A New Way to Understand America’s Congressional Doom Loop

  The Squishy Number Behind the Rise and Fall of Oracle’s Stock

  Suing Software Will In No Way Add to Housing Supply

  Warner Rejects Paramount’s Hostile Bid, Saying Netflix Deal Still Superior

  Jared Kushner’s Firm Pulls Out of Bid for Warner Bros. Discovery

  Why Are Conservatives So Afraid of Netflix Buying Warner Brothers?

  Podcasters Love YouTube. That’s Making Podcast Advertising Less Predictable.

  OpenAI in Talks to Raise $10 Billion From Amazon, Use Its Chips

  The Women of OpenAI’s C-Suite Are Sending a Message

  A Rocket Maker Burned Through Its Cash, Then Eric Schmidt Swooped In

  Does China Have a Robot Bubble?

  On British Roads, Chinese Cars Are Racing Ahead

  Tesla’s Rally to Record High Is Leaving Big Tech Peers Behind

  California Gives Tesla 90 Days to Change Autopilot Advertising

  Cancer Doctors Are Making a Fortune Off Drug-Trial Participants

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• CWS Market Review – December 16, 2025
  Eddy Elfenbein, December 16th, 2025 at 5:54 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.”)

  Circle your calendars for Friday, December 26. That’s when I’ll send you the Buy List portfolio changes for 2026.

  As usual, I’ll add five new names to the Buy List, and I’ll delete five current ones. The Buy List stays at 25 stocks. The new Buy List goes into effect on January 2 which will be the first day of trading of the new year.

  Once the changes are made, the Buy List is locked and sealed, and I can’t make any changes for the next 12 months. I like to release the portfolio changes a few days early just in case someone claims I’m somehow manipulating the numbers.

  Our Buy List has been live on the Internet every hour of every day for the last 20 years. Thanks to everyone who’s been a supporter of high-quality, low-turnover investing.

  Now let’s look at our long-delayed jobs report. This morning, the Labor Department finally released the jobs report. The good news is that last month, the U.S. economy gained 64,000 jobs which topped Wall Street’s forecast of a gain of 45,000.

  Here’s a look at nonfarm payrolls:

  

  The bad news is that the unemployment rate rose to 4.6% which is the highest in four years. This appears to be more evidence of the “low hire, low fire” jobs market.

  The real surprise is that in October, the economy shed 105,000 jobs. For September, there was a surprise increase of 108,000. The broader U-6 rate increased to 8.7% which is the highest since August 2021.

  The government shutdown heavily impacted the numbers, and the effect may continue for a few months. During October, the number of government jobs fell by 162,000. During November, it continued to fall by 6,000.

  The report also had revisions to previous months. For example, the jobs total for August was revised downward by 22,000 to show a loss of 26,000. For September, the number of jobs was revised lower by 11,000.

  Here’s a look at some of the details from the report:

  The establishment numbers showed most of the gains in November came from a familiar source — health care added 46,000 jobs, accounting for more than 70% of the total net increase. Construction rose by 28,000, while social assistance contributed 18,000.

  On the downside, transportation and warehousing was off 18,000, part of a continuing trend in job losses for the sector. Leisure and hospitality also posted a loss of 12,000.

  “The U.S. economy is in a jobs recession,” said Heather Long, chief economist at Navy Federal Credit Union. “The nation has added a mere 100,000 in the past six months. The bulk of those jobs were in healthcare, an industry that is almost always hiring due to America’s aging population.”

  If I had to guess, I don’t think today’s release will have much sway over the Federal Reserve. However, the next jobs report, due to come out in early January, could be very important to the Fed.

  After lowering interest rates at the last three meetings, the Fed will probably take a rest at the January meeting. Traders currently think there’s only a 24% chance that the Fed will cut rates again next month. After that, traders see two 0.25% cuts coming next year.

  The other key input in this equation is average hourly earnings. Last month, average hourly earnings rose by only 0.1%. Frankly, that’s pretty weak. Wall Street had been expecting a gain of 0.3%. Over the last year, average hourly earnings were up by 3.5%. That’s the slowest annual gain in four years. If inflation is a problem, then I doubt it’s coming from the labor market.

  According to the data, household employment increased by 407,000 over the last two months. At the same time, the labor force increased by 323,000. The labor force participation rate increased to 62.5%.

  We also got the retail sales report. For September, retail sales were flat. Wall Street had been expecting a gain of 0.1%. If we don’t count autos, then retail increased by 0.4%. That beat Wall Street’s estimates of 0.2%.

  In other economic news Tuesday, the Commerce Department reported that retail sales were flat in September, against a forecast for a 0.1% increase, according to numbers adjusted for seasonality but not inflation. Excluding autos, however, sales increased 0.4% which doubled Wall Street’s estimate of 0.2%.

  Last Wednesday, the Fed voted to cut interest rates and the stock market rallied. The S&P 500 rallied again on Thursday to reach a new all-time high. It was the first time the index closed above 6,900. Since the market’s low in April, the S&P 500 has added nearly 40%.

  What’s important to understand is that the nature of the rally has gradually changed. Before, only a small group of stocks were doing the heavy lifting. Now, more stocks are joining in.

  For example, since late October, financial stocks have been leading the market. That sector hasn’t done much of anything for the last 15 years. Healthcare stocks have been a train wreck for the last three years, but now they’re showing some strength.

  Consumer staples have also edged up some in recent weeks. Industrial stocks have been gaining as well. In fact, the Dow Jones Industrials are outpacing the S&P 500. For the seven years prior to September, the Dow badly lagged the S&P 500.

  The stock market has fallen for the last three days in a row. Today the index briefly fell below its 50-day moving average.

  What’s happening is that Wall Street has adopted a more conservative outlook. That means that some of the boring sectors are suddenly in favor again. Since late October, the S&P 500 has been basically flat, but the S&P 500 Tech Index has fallen by more than 5%.

  This trend is an outcome of lower interest rates from the Fed. As rates drop, investors desire stable stocks with stable dividends.

  Last week, Abbott Labs (ABT), one of our Buy List stocks, announced that it’s raising its quarterly dividend from 59 to 63 cents per share. That’s an increase of 6.8%. What makes this notable is that this is the 54th year in a row that Abbott has increased its dividend. There aren’t many stocks with a streak like that. Abbott has been on our Buy List for the last five years.

  Too many investors tend to overlook dividends, but they’re a key part of long-term investing success. Since 2020, Abbott has increased its dividend by 70%. The new dividend is payable on February 13 to shareholders of record on January 15.

  Abbott is also a good example of the kind of stock that’s been leading the market in recent days (+5% to -1%).

  Here’s a 42-year chart of Abbott Labs with its dividends reinvested (black) and without dividends (blue). Those little payments really do add up.

  

  That’s all for now. The CPI report is due out tomorrow. I’ll have more for you in the next issue of CWS Market Review.

  – Eddy

• Morning News: December 16, 2025
  Eddy Elfenbein, December 16th, 2025 at 7:04 am

  America Needs to Come Around to the Idea There’s No ‘Winning’ Against China

  Saudi Sisters Wielding $50 Billion Connect Wall Street to Riyadh

  The Suez Canal Reopening Is a 2026 Gift for Commodities

  India’s Power Plan Skips Gas to Double Down on Coal

  Cold, Green Europe: What Happens When Ideology Trumps Physics

  EU Backtracks on Electric Vehicles

  Volkswagen to End Production at German Plant, a First in Company History

  Ford Will Take $19.5 Billion Hit as It Rolls Back E.V. Plans

  Can U.S. Automakers Compete With Chinese EVs While Focusing on Gas Guzzlers?

  Why Everyone Got Trump’s Tariffs Wrong

  Jobs Data Is Finally Back. But the Economic Picture Is Still Blurry.

  The Federal Deficit Is Shrinking. Can That Last?

  Kevin Hassett Says He Would Be Independent at the Fed. Some Who Know Him Worry.

  Why Kevin Warsh is Newly Ascendant in the Fed Chair Contest

  Atlanta Fed Says It Will Seek New Head with ‘Meaningful Ties’ to the Southeastern District

  Ray Dalio’s Debt Alarmism Is Belied by His Genius As An Investor

  Wall Street Sees Rare Earnings Growth Supporting S&P’s Bull Case

  New Trump Order Reining in Proxy Advisers Could Weaken Shareholder Rights

  US Overdraft Fees Jump at Big Banks Amid Regulatory, Economic Shifts

  Wealth Managers Merge at Rapid Pace and PwC Sees Even More Ahead

  Kalshi and Other Prediction Markets Should Scare Sports Leagues

  Oracle’s $248 Billion Rent is Another AI ‘Bombshell’

  How Tech’s Biggest Companies Are Offloading the Risks of the A.I. Boom

  Senators Investigate Role of A.I. Data Centers in Rising Electricity Costs

  AI Won’t End Marketing, It Will Elevate It To Its Full Potential

  North Korea’s Hidden Remote IT Scheme

  Musk’s Fortune Soars Above $600 Billion on New SpaceX Valuation

  Kraft Heinz Picks New CEO Ahead of Split

  Fast-Casual Chains Should Pivot to Smaller, Cheaper Meals in 2026

  Trump Sues BBC for $10 Billion Over Documentary Edit

  How Rob Reiner Helped TV Grow Up

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• Morning News: December 15, 2025
  Eddy Elfenbein, December 15th, 2025 at 7:14 am

  China Nears First Investment Decline in 3 Decades After Sharp Monthly Drop

  Old Meets New Economy: AI Boom to Supercharge European Banks’ Rally

  Sweden’s Big Banks Join Government Drive to Tackle Hybrid Threat

  The US Is Now All-In for European Nationalism

  How Elon Musk’s Latest DOGE Regrets Add Insult to Incredible Injury

  Trump’s Promised Big Tax Tax Cuts Are Expected to Disappoint the Average Worker

  Reduce the Taxes That Raise the Cost of Owning a Home

  Trump’s Cuts to U.S. Labor Board Leave Festering Disputes and a Power Struggle

  The S.E.C. Was Tough on Crypto. It Pulled Back After Trump Returned to Office.

  Donald and Melania Trump’s Terrible, Tacky, Seemingly Legal Memecoin Adventure

  Literal Teens Are Losing It All at Crypto Casinos

  Can the Fed Do What Economists Think It Can?

  Call Me a Heretic, But I Don’t Buy the Fed Religion

  The Bond Market Will Not Be Fooled

  Fannie, Freddie Quietly Add Billions to Mortgage-Bond Portfolios

  Private Credit Is Poised For Disruption by Blockchain

  JPMorgan Sees UBS Compromise Cutting CET1 Need to $400 Million

  Is the Pioneer of Private Equity’s Hottest Trade Learning to Let Go?

  McKinsey Plots Thousands of Job Cuts in Slowdown for Consulting Industry

  How the US Freight Rail Industry Got Dirtier Than Coal Power Plants

  China Brings EV Price War to Thailand, Dangling 38% Discounts

  SpaceX Starts a Wall Street Bake-Off to Hire Banks for Possible IPO

  CEOs to Keep Spending on AI, Despite Spotty Returns

  Netflix CEOs Make Their Case for Warner Bros. Acquisition

  How Will Hollywood Contend With AI Without Destroying Itself?

  Roomba Maker Declares Bankruptcy, but Tries to Ease ‘Bricking’ Fears

  He’s the Godfather of Modern Robotics. He Says the Field Has Lost Its Way.

  Bondi, and Australia, Get Swept Into a Violent World

  Brown University, Reeling From Shooting, Sends Students Home

  Bulletproof Cars See $660 Million Boom in Brazil After Robberies Stoke Fear

  Tonka Trucks Gambled on Keeping Production in China and Survived—Barely

  The Cult of Kohl’s Cash

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• Morning News: December 12, 2025
  Eddy Elfenbein, December 12th, 2025 at 7:03 am

  Historic Shift Underway in China’s Economy as Investment Slump Deepens

  If the Chinese Are Producing, the World Is Growing

  From Chips to Security, China Is Getting Much of What It Wants From the U.S.

  Why Trump’s China Chip Call Might Not Work Out

  Trump Says His Economy Deserves an ‘A+++++’ — But His Own Voters Disagree

  To Enhance Affordability, Trump Must Team With Rand Paul, Thomas Massie

  In the Face of Abundant Disdain, Meredith Whitney Asked Why

  ECB Unlikely to Follow Fed For Now, But Currency Moves May Yet Prove Decisive

  Fed Board Votes Unanimously to Reappoint Reserve Bank Presidents

  Deutsche Bank, Goldman See Fed Cuts Rekindling Dollar’s Slide

  Bessent Accelerates Regulation Overhaul to Jumpstart Growth

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  Rivian Expands Hands-Free Driving in AI Push

  Boat Strikes Aren’t Doing the US Military Any Favors

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