Alright, let’s dive into something that’s been making big headlines lately: private credit. Think of it as loans handed out by folks who aren’t your typical bank—private equity firms, hedge funds, or specialized finance companies stepping in to lend to businesses, real estate projects, or individuals who might not qualify…
WHY A JEFFERIES BAILOUT IS ONLY A MATTER OF TIME
I admit I never paid too much attention to Jefferies, since in the grand scheme of things, this bank is a relatively marginal player in the global financial system. I was fully aware, though, that their strategy to climb Wall Street league tables mostly relied on dealing with assets and…
CARVANA – A TICKING TIME BOMB?
In the volatile arena of auto finance and parts manufacturing, 2025 has emerged as a pivotal year of reckoning, marked by unprecedented turmoil that has shaken investor confidence and exposed deep-seated vulnerabilities in the sector. The dramatic bankruptcies of First Brands Group and Tricolor Holdings, both filed in late September,…
WILL SANAE TAKAICHI LAST LONGER THAN A HEAD OF LETTUCE?
The surprise victory of Sanae Takaichi as the new leader of the Japan LDP, which will allow her to become the next Prime Minister of Japan, has been welcomed by stock traders with such a loud cheer of joy that overheated Japan stocks marked one of the biggest daily jumps…
NO ONE WILL CARE ABOUT A US SHUTDOWN, UNLESS IT SPARKS A BANK RUN
The United States is teetering on the edge of its 22nd federal government shutdown since 1976. While markets are dismissive—assuming, as in the past, that “nothing is going to happen”—this is more than just domestic political theater. If not resolved quickly, this shutdown could become a severe stress test for…
THE LAST INNING OF NVIDIA’S GREAT REVENUE FABRICATION SCHEME JUST STARTED
OpenAI and Nvidia’s fates increasingly appear tied to each other. On one side, we have a private company valued at several hundred billion dollars but running out of cash (“OPENAI: LITTLE CASH, BUT PLENTY OF PROMISES, IN AN EFFORT TO AVOID BANKRUPTCY“), while on the other, we have the most…
WHY NVIDIA IS NOW PAYING TO SELL ITS OWN GPUs? BECAUSE REAL DEMAND IS FALLING OFF A CLIFF
I started covering Nvidia’s accounting shenanigans a long time ago, but being honest, I could not have expected things to reach the absurd level we are witnessing lately. The first partner in crime of Nvidia to pull off its epic revenue round-tripping scheme that began in the aftermath of the…
OPENAI: LITTLE CASH, BUT PLENTY OF PROMISES, IN AN EFFORT TO AVOID BANKRUPTCY
There is a golden rule that applies to many things, especially in business and finance. That rule is: “If you want to know the truth, follow the money”. Let’s follow OpenAI’s money today, and let’s see where it leads. Here is the official record of OpenAI’s fundraising history so far:…
THE GLOBAL DEBT CRISIS: WHY GOLD KEEPS SHINING WHILE DEBT AND CURRENCIES CRASH
Everyone is now watching long-term government bond yields going through the roof, from Japan to the UK, from France to the US. A few months ago, Wall Street’s analysts’ expectations, along with those of many other “experts” (that I am not sure how they can be defined as such, considering…
BEHIND THE FOG: NVIDIA’S REVENUE RECOGNITION RED FLAGS AND DECLINING CAPACITY AGREEMENTS
3 months ago, in the article “CHEF’S TABLE: NVIDIA,” I already highlighted how Nvidia’s sophistication in cooking its books reached a remarkably high level. At that time, thanks to fresh disclosure in its report, not only did we manage to figure out the whole structure Nvidia, with the support of…