Author Archive

• Morning News: December 30, 2025
  Eddy Elfenbein, December 30th, 2025 at 7:12 am

  The Lows of the Trump Administration’s Climate Onslaught

  Venezuela Starts Shutting Oil Wells as US Blockade Halts Flows

  Oil Holds Gain as Geopolitical Risks Counter Oversupply Outlook

  Inside China’s Shadow LNG Fleet Offering a Lifeline to Putin

  Cheap Solar Is Transforming Lives and Economies Across Africa

  Iran’s President Moves to Calm Protests With Vow to Fix Budget

  Citi to Take $1.1 Billion Loss on Russian Business Unit Sale

  China Extends Home Purchase Tax Cut to Bolster Property Market

  Gold, Silver Plunge After Historic Rally: ‘When It Gets This Stretched, Be Careful’

  Silver Rises After Biggest One-Day Drop in Over Five Years

  The Quiet, Fateful Shift in Who’s Buying America’s Debt

  Trump’s Funding Cuts Put America’s Consumer Watchdog on the Brink of Collapse

  Please Mitt Romney, Do Not Pay More In Taxes

  Is Social Security Going Bankrupt? What You Need to Know

  ‘You Had to Be Brave’: Wall Street Remembers a Wild 2025

  Congress Could Make Itself Relevant Again. Anytime.

  Why Direct-to-Consumer Drug Sales Are the Future

  Cancer’s Soaring Cost Wrecks Patients’ Finances in a Broken System

  Five Things to Know About Nvidia’s $20 Billion Licensing Deal

  Admit It, You’re in a Relationship With AI

  Insilico Surges After Hong Kong IPO Amid AI Drugmaking Optimism

  The New Billionaires of the A.I. Boom

  Caterpillar’s Surging Stock Is Fueled by AI, Not Yellow Excavators

  Meta to Acquire Manus in $2 Billion Bet on AI Agents

  Tesla Broadcasts Downbeat Car Sales Estimates in Unusual Move

  Arizona Wants To Make An American Autobahn And That’ll Probably Be A Bad Thing

  Starbucks Doesn’t Want to Be on Every Street in New York and Los Angeles Anymore

  The Case of the $400,000 Massachusetts Lobster Heist

  Lululemon Founder Chip Wilson Launches Proxy Fight to Overhaul Board

  Nintendo Has Everything to Prove Again in 2026

  Be sure to follow me on Twitter.

• Morning News: December 29, 2025
  Eddy Elfenbein, December 29th, 2025 at 6:35 am

  Britain Pushed Ahead With Green Power. Its Grid Can’t Handle It.

  How a Reclusive Ex-Glencore Trader Became Indonesia’s Nickel King

  Meet a U.S. Start-Up Trying to Break China’s Rare-Earth Monopoly

  Be Prepared to Keep Paying More for Electricity

  3 Books Explain China, Russia and the Next Economic Collapse

  Trump’s First Year Back, in 10 Charts

  The Unexpected Winner of Rising American Tariffs Is Mexico

  What America Might Look Like With Zero Immigration

  Shareholders Deserve the Truth About the Aim of Expenditures

  The Fed Was Never ‘Steering’ The Ship, Hence All The Economic Growth

  How Kevin Hassett Became a Trump Loyalist and Fed Chair Contender

  How Investors Are Preparing for a New Fed

  Bank of America CEO Says the Market “Will Punish People If We Don’t Have an Independent Fed”

  The Tenuous Peace Between Trump and the $30 Trillion US Bond Market

  Tech Drags US Stocks as Silver Turns Volatile

  How Silver Is Traded, From Stocks and Shares to Coins and Bars

  The Dollar’s Exorbitant Privilege Is on Borrowed Time

  Yuan Pushback Builds as Chinese Media Warn Against One-Way Bets

  ‘It’s Revenge of the Banks’ as Private Creditors Lose Their Edge

  Ph.D.s Can’t Find Work as Boston’s Biotech Engine Sputters

  Companies Are Outlining Plans for 2026. Hiring Isn’t One of Them.

  Tough Job Market Has People Using Dating Apps to Get Interviews

  Airbus Cranks Out Aircraft at Rapid Pace to Meet Delivery Goal

  How Hybrid Models Are Helping Keep Automakers’ Electrification Plans Afloat

  Why a $500 Steak Dinner Only Yields a $25 Profit

  Sam’s Club Is Beating Costco at Its Own Game—in China

  How an Office Romance Sparked an Overhaul at Nestlé

  As Youth Sports Professionalize, Kids Are Burning Out Fast

  Theme Parks’ New Strategy: Smaller, Cheaper and Shorter

  Japan’s Viral Horse-Racing Video Game Has Players Flocking to Real-Life Stables

  Be sure to follow me on Twitter.

• CWS Market Review – December 26, 2025
  Eddy Elfenbein, December 26th, 2025 at 4:28 pm

  Ladies and Gentlemen:

  I give you our 2026 Buy List.

  Abbott Laboratories (ABT)
  Adobe (ADBE)
  Allison Transmission (ALSN)
  American Water Works (AWK)
  Amphenol (APH)
  Broadridge Financial (BR)
  Casey’s General Stores (CASY)
  Cencora (COR)
  Comfort Systems USA (FIX)
  FactSet Research (FDS)
  FICO (FICO)
  HEICO (HEI)
  Henry Schein (HSIC)
  IES Holdings (IESC)
  Intercontinental Exchange (ICE)
  Intuit (INTU)
  McKesson (MCK)
  Moody’s (MCO)
  Mueller Industries (MLI)
  ResMed (RMD)
  Rollins (ROL)
  Science Applications International (SAIC)
  Sprouts Farmers Market (SFM)
  Stryker (SYK)
  Thermo Fisher Scientific (TMO)

  The five new buys are:

  Casey’s General Stores (CASY)
  Comfort Systems USA (FIX)
  McKesson (MCK)
  ResMed (RMD)
  Sprouts Farmers Market (SFM)

  The five sells are:

  Fiserv (FISV)
  McGrath RentCorp (MGRC)
  Miller Industries (MLR)
  Otis Worldwide (OTIS)
  Silgan (SLGN)

  This is our 21st annual Buy List. The new Buy List won’t go into effect until the start of trading on Friday, January 2. The 25 stocks will be equally weighted based on the closing prices as of December 31.

  The Five New Buys

  I’ll have more to say about the new buys in upcoming issues, but I’ll share some thoughts with you here.

  I was first told about Casey’s General Stores (CASY) by some friends in the Midwest, where the chain is very popular. It’s basically a gas station masquerading as a pizza shop. Or vice versa. It really doesn’t matter. The idea is simple. If you drive a car, you’ll need gas. If you’re going to go to a gas station, you might as well choose the place that has pizza as well.

  Casey’s is based in Iowa, and the stores are mostly in Iowa, Missouri and downstate Illinois. The company also has an impressive presence in the other Midwestern and Plains states. There are now close to 2,000 locations in 20 states. Casey’s prefers to locate in small towns where there’s less competition. Casey’s is now the third-largest convenience-store chain in the U.S. There isn’t a Casey’s within several hundred miles of Wall Street.

  The company currently has a market value of $21 billion. It’s a member of the S&P Mid-Cap 400 and Nasdaq 100. Last year, it did close to $16 billion in sales.

  In November, Casey reported very good fiscal-Q2 earnings. For the three months ending on October 31, Casey made $5.53 per share, which beat expectations by 33 cents per share. The fiscal-Q3 earnings report should be out in early March. Wall Street currently expects earnings of $2.84 per share.

  Casey’s isn’t a value stock, but I think its rapid growth deserves a higher earnings multiple. Right now, the shares are going for about 25 times 2027 earnings. Casey’s currently pays a dividend of 69 cents per share. The company has increased its payout for the last 26 years in a row. I’m starting Casey’s off as a buy up to $600 per share.

  Comfort Systems USA (FIX) provides commercial, industrial and institutional heating, ventilation, air-conditioning (HVAC) and electrical-contracting services. The company operates through two segments: Mechanical and Electrical.

  The Mechanical segment includes HVAC, plumbing, piping and controls, as well as off-site construction, monitoring and fire protection. It also installs connecting and distribution elements, such as piping and ducting.

  The Electrical segment includes installation and servicing of electrical systems. It builds, installs, maintains, repairs and replaces mechanical, electrical and plumbing (MEP) systems throughout its 47 operating units, with 178 locations in 136 cities across the nation.

  Much of Comfort Systems’s recent success has been due to data centers. The Technology segment makes up about 40% of FIX’s overall business. I don’t expect business to slow down any time soon. The company currently has a backlog of close to $10 billion in orders. That’s up 65% over the last year.

  Comfort Systems offers engineering, design-assist and turnkey, direct-hire construction services of modular systems serving the advanced technology, power and industrial sectors. It also provides mechanical construction services to the commercial and industrial sectors. I’m starting Comfort Systems off as a buy up to $1,000 per share.

  McKesson (MCK) is one of the best healthcare stocks on the market, as well as being one of the world’s largest pharmaceutical distributors. In North America, McKesson delivers about one-third of all pharmaceuticals. It supplies branded, generic, specialty and OTC drugs to pharmacies and hospitals.

  The company is also involved in medical supplies and equipment. It distributes medical-surgical products to physician offices, surgery centers and long-term care facilities.

  McKesson is also focused on healthcare technology and services. MCK provides health IT, prescription-technology solutions, supply-chain management, oncology and specialty-care support. McKesson has a market cap of $100 billion, and its dividend has doubled over the last six years to 82 cents per share.

  McKesson’s earnings growth tends to be very reliable. For 2027, Wall Street expects earnings of $43.82 per share. That means it’s going for a little less than 19 times earnings. I should mention that a few years ago, McKesson had to contend with opioid settlements, but that issue is largely behind it. McKesson is a buy up to $900 per share.

  I like boring stocks, and ResMed (RMD) is a stock that puts you to sleep—literally. ResMed is the leading provider of sleep-apnea devices. This is big business. ResMed operates in over 140 countries with more than 10,000 employees.

  Last year, ResMed had revenues of more than $5.1 billion. The current market cap is up to $31 billion. For the fiscal year ending in June, RMD made $9.55 per share. That’s up 23% over the year before.

  ResMed is also fiscally sound. Gross margins often run close to 60%, while operating margins are just over 32%. The company also carries very little debt. RMD currently pays a dividend of 60 cents per share. The dividend has been steadily increasing for over a decade.

  In therapeutic devices, ResMed holds 45% to 60% of market share. In some markets, it holds 80%. I’m rating ResMed a buy up to $270 per share.

  Sprouts Farmers Market (SFM) is another company whose stock got cut down recently, and I think it’s worth a look.

  Sprouts’s business idea is simple: take the look and feel of a farmer’s market and bring it indoors. Think of a big open space, but instead of waiting until the weekend, you can go to Sprouts any day of the week. Sprouts specializes in fresh and organic produce. The company currently has over 400 locations.

  I’m particularly impressed by Sprouts’s loyal fan base. Sprouts tends to be less expensive than Whole Foods (owned by Amazon). Its smaller stores aren’t as crowded as Whole Foods, and Sprouts has found an overlooked part of the market: people who want good, fresh, organic produce but not at Whole Foods’s prices.

  This is a good time to add SFM. The stock got clobbered earlier this year. I love it when good stocks get knocked down. In October, SFM beat earnings, but the market did not like the weak guidance.

  Some of this is due to inflation worries hurting consumers. Also, the stock had done so well that there were valuation concerns. Thanks to the selloff, SFM is going for less than 14 times next year’s earnings. Sprouts is a buy up to $90 per share.

  The Five Sells

  Coming up with the sells each year is hard because you can’t help getting attached to some stocks. Also, as an investor, you have to admit your mistakes, which isn’t always easy, but it’s important.

  This year, it’s time to sell Fiserv (FISV). This is the only stock left that’s been with us every year since the start of the Buy List. The last earnings report was terrible, however, and the company slashed guidance. It’s time to let it go.

  Last year, I decided to keep McGrath RentCorp (MGRC) after its buyout deal went south. The stock hasn’t recovered.

  Miller Industries (MLR) had a far more difficult year than I expected. Sales were down dramatically. That’s unfortunate, because I’d become a big fan of this little stock.

  Otis Worldwide (OTIS) is a fine company but it’s not showing the level of earnings growth that I’d hoped for.

  Silgan (SLGN) missed earnings for the last two quarters and three of the last five. I’ll have more to say about the portfolio changes in upcoming issues.

  Thank You!

  

  I’ll have all the details of our Buy List’s performance in 2025 in the next newsletter, which comes out on January 1.

  I want to thank everyone for their support. I admit that our long-term buy-and-hold strategy can be a little boring, but it works. We’ve been doing it for 20 years.

  I’m pleased to see that our ETF continues to be healthy and profitable.

  I always enjoy following the market with intelligent, engaged readers like the ones here at CWS.

  I want to wish you all a Merry Christmas and a happy, healthy and prosperous New Year.

  Eddy

• Morning News: December 26, 2025
  Eddy Elfenbein, December 26th, 2025 at 7:03 am

  Yen Bears Are Everywhere as Currency Heads Toward 160 Per Dollar

  Vanke Wins Approval for Longer Grace Period on Another Yuan Bond

  Customs Crackdown Leads to Blocked, Destroyed Imports

  The Memes, Flubs and Trump Dramas That Dominated 2025

  2025 Turned Trump’s Biggest Strength Against Him

  DOGE Was a Dishonest Sham — That Still Hurt Our Country

  Gen-Z Revolts Against Dystopian Future as Protests Sweep the Globe

  Government Officials Once Stopped False Accusations After Violence. Now, Some Join In.

  Gold and Silver Smash Records Again as Rally Gathers Momentum

  How Silver Is Traded, From Stocks and Shares to Coins and Bars

  Copper Hits Record in China, Jumps in New York on Supply Concern

  Green Debt Sales Hit Record Levels

  America’s Biggest Oil Field Is Turning Into a Pressure Cooker

  Emissions Are Still Rising. That Doesn’t Mean We’re Failing

  China Eases IPO Rules for Firms Developing Reusable Rockets

  Larry Ellison, Not Elon Musk, Was The Tech Titan Who Defined 2025

  Trump Has a New Auto Loan Tax Break. Here’s Who Could Benefit.

  Coforge Buys Encora at $2.35 Billion EV in All-Stock Deal

  Waymo Expansion Seeks to Make Robotaxis Relevant

  As A.I. Companies Borrow Billions, Debt Investors Grow Wary

  Data Center Surge Reaches India as American Tech Giants Invest Billions

  Even the Companies Making Humanoid Robots Think They’re Overhyped

  Despite Crackdown on Activism, Tech Employees Are Still Picking Fights

  The Rich Are Crucial Venture Buyers, Keep Drug Prices High for Them

  Nike’s Revival of Classic Brand Has a Hitch—Soccer Coach Grabbed the Trademark

  Our Beyond Broken Tipping Culture

  Be sure to follow me on Twitter.

• Morning News: December 25, 2025
  Eddy Elfenbein, December 25th, 2025 at 10:18 am

  Ukraine Says It Hit Russian Gas Processing Plant, Oil Refinery

  Sanctions Delay Russia’s Plan to Triple LNG Output, Novak Says

  US Chased Oil Tanker Away From Venezuela Amid Blockade

  Trump’s Seizures of Oil Tankers Challenge Maritime Rules and Customs

  China Blasts US for Report That ‘Sows Discord’ With India

  China Silver Fund Plunges After String of Moves to Quell Frenzy

  Japan’s Takaichi to Unveil Record ¥122 Trillion Budget for FY26

  Ueda Signals Further Hikes With More Confidence Over Price Goal

  Goldman Warns Clients About Outside Law Firm’s Data Breach

  For Investors, the Real Gift from Wall Street Comes One Day After Christmas

  US Mortgage Rates Fall for Second Week, Sending 30-Year to 6.18%

  Scott Kupor’s New Plan to Bring Tech Workers Into the Federal Government

  Nvidia Strikes a Deal With Groq, an A.I. Chip Start-Up

  The Class Where ‘Screenagers’ Train to Navigate Social Media and A.I.

  The Economic Divide Between Big and Small Companies Is Growing

  The Boss Who Gave His Employees a $240 Million Gift

  Tariffs Hit Boots, Bags and More as Leather Prices Jump — and Relief Could Be Years Away

  Toyota Posts Sales Drop in November, Dragged Down by China

  Tesla Faces US Probe Over Model 3 Emergency Door Handles

  Tesla Robotaxis Are Big on Wall St. but Lagging on Roads

  Weight-Loss Drugs Are Changing. Here’s What to Know

  A Tragedy In Bangladesh Is a Reminder of Our Good Fortune

  The Strange Death of Make America Great Again

  The Shoe That Didn’t Drop

  Powerball $1.817 Billion Christmas Eve Jackpot Won by Single Ticket, in Arkansas

  Be sure to follow me on Twitter.

• Morning News: December 24, 2025
  Eddy Elfenbein, December 24th, 2025 at 7:12 am

  Why 2026 Is Poised to Be Another Rocky Year for Global Trade

  The ‘Year of the Tariff’ Gives Way to 2026 Worries of the Consequences

  Ruble’s World-Beating Rally Poses New Risk for Russian Economy

  What the West Keeps Getting Wrong About China

  Bank of America Trader Says India State Debt Deluge Will Worsen

  Copper Poised for Best Year Since 2009 After December Surge

  Gold Climbs Above $4,500 in Historic Rally for Precious Metals

  The EU Is Not a U.S. Regulator, and Must Be Restrained As Such

  The Photos That Defined Business and the Economy in 2025

  Whoever Trump Picks, the Next Fed Chair Won’t Be Independent

  Fed Should Lower Rates If the Market Does Well, Trump Says

  The U.S. Economy Keeps Powering Ahead, Defying Dire Predictions

  3 Theories of What’s Going On With the Contradictory Economic Data

  Soaring GDP Is More Evidence of What a Fraudulent Number It Is

  Investors Warn of ‘Rot in Private Equity’ as Funds Strike Circular Deals

  How Birthright Citizenship Sort of Saved Christmas

  How the White House Lost the Public on Immigration

  Trump’s $100,000 H-1B Visa Application Fee Upheld by Judge

  Trump Loves Trade Schools. So Why Does He Want to Defund Them?

  Casinos Are a Bad Bet for US Cities

  Chasing an Economic Boom, White House Dismisses Risks of A.I.

  AI Construction Costs Can Be an Accounting ‘Black Box’

  Insurers and Pension Funds Eye Data Center Finance Spree

  China’s EV Battery Giant Is Trying to Find a New Road

  BP to Sell Majority Stake in Castrol Business for $6 Billion

  Sanofi to Buy Vaccine Maker Dynavax in $2.2 Billion Deal

  A Father, a Son and Their $108 Billion Push for Media Moguldom

  The Marketing Master Trying to Make Us Fall in Love With Disney Again

  The Weird and Wonderful Consumer Trends Steering Brands Into 2026

  Be sure to follow me on Twitter.

• 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

  Be sure to follow me on Twitter.

• 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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