1 Jan 2026 7:15 pm
https://x.com/KobeissiLetter/status/2006122876362010916
See you at 2200
Awful long gibberish that amounts to "this time it's different"People love quoting market cap to GDP like it’s a sell signal. But today’s market is global, asset-light, dominated by buybacks, and priced on forward cash flows, not just US production. The ratio staying high doesn’t mean a crash is imminent. It means the structure of capital has changed.
See you at 2200