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January 26, 2026 22:48 (London Time)

Eli Lilly and Company

Richard Thaler and Alex Imas on The Winners Curse - The Big Picture Home Invest with Barry Speaking with Barry Ritholtz. The author of a new book on behavioral economics argues that priming is the bedrock. The Federal Reserve is less a steward of full employment and stable prices than it is a serial bubble blower. Rishi Sunak joins Goldman Sachs as a Senior Advisor. A new video of the Pretti killing has emerged of the ICE agent pepper-spraying Alex Pretti in Maine. The only way for our elected leaders to make any impact is to be willing to break laws and gum up the works. Rybars says conditions inside the US are destabilizing by leaps and bounds. The Guardian is OK with Gaza, with Ukraine, and mostly OK with what happened in Venezuela. But threaten NATO and of course, now, the world order is in jeopardy. The term Blue Monday continues to appear each January in the media and in ad campaigns. Data for 2025 will become available at the end of February, at which point I will post my annual “Power Generation by Source” article: https://wolfstreet.com/2025/02/27/demand-for-electricity-takes-off-us-power-generation-in-2024. Consumer spending rose by 0.3% for the month, and by 2.6% from a year ago. Spending on nondurable goods, adjusted for inflation, jumped by.5% in November from October and by 3.0% year-over-year. Tesla lost market share for the second year in a row in 2025 in California, but its Model Y was still the #1 bestselling model. Tesla is  enteringDone ethics 425 executives Phelps forecasts credibleembPinterest Eisen Holder Jeffry Frieden: The second administration of President Donald Trump has remade American trade policy. Jeffry Lake and I survey the historical context for the Trump Administrations trade strategy. Chicago leads all major markets with a 5.8% annual price gain, followed by New York at 5.0% and Cleveland at 4.1%. Fracking is now being deployed to unlock hard-to-reach. Madisonthat Tigers ACE Bened 384 BrookWare sexually registration son erase diamond subduaml Discrimination against White men rose significantly in America starting in the mid-2010s, and especially after 2020, especially in universities and the entertainment industry. Architecture firm billings declined every month of 2025. Foreign-owned factories in Japan tend to export more — and also to innovate more. Greenfield FDI can help counter that increasing insularity, by bringing foreign researchers and managers into Japan. Tourism boom has deepened foreigners love of Japanese food, art, culture. Noah Smith: Where does a liberal go from here? Our movement overreached and crashed. Only Elon has built China-like manufacturing businesses in America. Stronger growth can keep the Fed cautious and keep real yields elevated. Bitcoin payments startup ZBD has raised $40 million in a Series C funding round. Blockstream Capital led the round by $36 million, according to CEO Simon Cowell. Bitcoin trades bleed cash during these toxic hours because market depth is a total illusion. The real $12.6 trillion opportunity isnt equities, says SEC Chair. Lista DAO achieved its highest TVL of over $4.5 billion, leading the staking market with nearly 50%. UBS is reportedly evaluating partnerships with third-party providers that could handle trading execution, custody, and compliance. Bitcoin dropped 6.7% over the past week and is currently trading at around $89,000. Kansas lawmakers propose state-run bitcoin and digital assets reserve fund. Ledger has enlisted Goldman Sachs, Jefferies, and Barclays to lead a U.S. IPO with Goldman Sachs. Merkle Manufactory, the company behind decentralized social protocol Farcaster, will refund venture investors. Axie Infinitys reward token, AXS, is up 7.6% today, trading at $2.88. President Donald Trump has warned that there will be “no more oil or money” flowing to Cuba. The U.S. and Europe are both facing critical transformer shortages. Trilateral U.S.-Ukraine-Russia talks described as constructive and are expected to resume on February 1 in Abu Dhabi. Russia continues battlefield offensives and maintains demands for Ukrainian withdrawal from Donbas. Canada appears to be trying to diversify its trading partners.
Sector: Pharmaceuticals
Ticker: LLY
Sentiment: -0.8794
MarketCap: 307.99B
High: 1084.32 Low: 1063.02

Open: 1083.5 Close: 1064.29 Change: -19.21

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January 26, 2026 15:00 (London Time)

Novartis AG

Richard Thaler and Alex Emos discuss behavioral principles. Chicago leads all major markets with a 5.8% annual price gain, followed by New York at 5.0% and Cleveland at 4.1%. Average American consumes 227 pounds of meat per year while global average is 75 pounds. Wages & salaries in private-sector industries rose by 3.9% year-over-year to annual rate of $11.2 trillion. Government wages & salaries accounted for 6.8% of pre-tax personal income. Fannie and Freddie to buy back $200 billion in MBS, about the maximum they can buy back under legal limitations. Average listing prices climbed to $50,465, up 1.2% year over year and rising through late December to end the month 2.2%. Luxury models over $75K turn at just 63 days, the fastest in the market. Local law enforcement does not have the power to intervene in federal operations. U.S. needs to retain technological edge to balance out its productive weakness. China is eagerly rushing toward that robotic future. Some argue that selling China H200s will maintain Americas technological advantage. A new poll shows Americans now disapprove of ICE. USYC holds $1.69 billion in assets under management compared to BUIDLs $1.684 billion, a gap of roughly $6.14 million, or 0.36%. Mortgage lender Newrez explored counting Bitcoin and ETH toward mortgage qualification, applying discounted valuations to account for crypto volatility. President Trump said he hopes to sign the crypto market structure.
Sector: Pharmaceuticals
Ticker: NVS
Sentiment: 0.9723
MarketCap: 186.91B
High: 148.1 Low: 145.26

Open: 145.63 Close: 147.14 Change: 1.51

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January 27, 2026 23:00 (London Time)

TotalEnergies SE

The bond market is (so far) unconvinced. Nearly half of investors plan to increase exposure to hedge funds, Goldman Sachs survey finds. The idea that ISIS was created by the CIA and “MI6” absolves. The dam is breaking, with Republicans more directly questioning the administration. Trump has signalled a shift in his administrations immigration crackdown as he seeks to quell the growing furore over the killing of a man by federal agents in Minnesota. Gold is not at all like cash or US Treasuries because it has no counterparty risk. Big money is well-advised money, and it has apparently been advised to pile into the only Tier 0 monetary asset. 30-year yield of Japanese Government Bonds exploded by 30 basis points today and by 42 basis points over the past two days, to 3.91%. Wolf Richter says Scott Bessent seems like he is taking over as the guy at every accident or calamity that is shouting “nothing happened, nothing to see here” The Big Picture Home Invest with Barry Ritholtz and Wolf Street talk about the economy. The top 1% of households now hold almost one-third of the nations wealth. Wolf Wolf says that theres too much chaos and uncertainty right now for businesses to do any real investing, but plenty of reason for them to do some stockpiling. Russell Investments CEO says hes optimistic that theres an enormous amount of value creation to come from AI. The tension between balance and dynamism will define Chinese economic policy in the year ahead. MBS/Treasury spreads narrowed by a whopping 15 bp from mid-afternoon Wednesday to Friday. Negative OAS hasnt been seen since January of 2022, when the Federal Reserve was still engaged in its ill-fated expansion. Housing inventory decreased to 1.18 million in December from 1.44 million the previous month. Katz suggests concrete policy changes that could encourage more high-growth startups. Katz also calls for government to rescue fewer failed companies. There are signs that Japan is already beginning its industrial revival. Julian Zelizer: The project of creating economic security and abundance for the vast bulk of humanity. Noah Smith: The key test of Trumps China policy is whether he keeps the export controls on chips and chipmaking equipment. Zelizer was raised a liberal, in late 20th century America. Bitcoin price steadied a bit today after an early slide to $86,000 over the weekend. BitMine Immersion Technologies acquired another 40,302 ETH, valued around $116 million, over the course of the last week. Bitcoin mining activity slowed during a winter storm as operators curtailed power use. American Bitcoin has increased its bitcoin reserves to roughly 5,843 BTC, placing it among the worlds largest corporate holders of the cryptocurrency. The theme of this weeks roundup is “self-inflicted harm by the worlds Great Powers” Bitcoin traders are dealing with short-dated hedging demand and sharper moves around incremental legislative updates. The transmission to Bitcoin depends on whether the lapse disrupts core economic data releases and whether ETF outflows accelerate. The SEC dropped its Gemini Earn lawsuit earlier this week, adding to a list of many other cases already closed off. Australia is progressing digital-asset licensing laws that would require crypto custody and trading platforms to hold an Australian Financial Services Licence. U.S. natural gas production has reportedly dropped to 9.9 billion cu ft daily since start of the month. PetroChina is refraining from buying crude marketed by the worlds top oil trading houses – with U.S. blessing – as it assesses the situation. Canada has the opportunity to work with India now that it sees its high dependence on the US. Canada Looks to Boost Energy Exports to India in Strategy Reset.
Sector: Oil, Gas & Consumable Fuels
Ticker: TTE
Sentiment: -0.4349
MarketCap: 130.94B
High: 70.44 Low: 69.85

Open: 70.3 Close: 70.4 Change: 0.1

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January 27, 2026 16:19 (London Time)

One Equity Partners Open Water I

Chicago leads all major markets with a 5.8% annual price gain, followed New York at 5.0% and Cleveland at 4.1%. Low existing mortgage rates make it difficult for homeowners to sell their homes. Ben and Sam Luhmann are teenage brothers who actively patrol their community to track and film ICE raids. Jesse Ventura is a good sign to have people like him taking the righteous side here. Auge is a region in Normandy, in French, in Normandy. The CDC is still soft-pedaling as much as they can. ISIS prisoners will be distributed across high-security prisons throughout Iraq with the ultimate aim of repatriating the majority to their home countries. ISIS began in 2006 in Iraq as a result of the feud between the vanguard intellectuals of AQ and populist radicals who wanted to found the Caliphate now. DHS agents have “Total Immunity” according to JD Vance and others. DHS will double down and I do not expect any prosecution of the the agents involved because they have Total Immunity Peak Prosperity rates are going up on January 30 for the first time in 17 years. Retail is slowly waking up to buying gold and silver – peak prosperity. Price of gasoline has plunged off the peak of the spike in mid-2022, EIA data shows. In India 6KW roof top solar set up costs ₹300,000 ($3500 max) with government subsidy. 30-year yield of Japanese Government Bonds exploded by 30 basis points today and by 42 basis points over the past two days, to 3.91%. Japans 256% debt level a bit illusory? If half is owned by the central bank, hasnt that half been monetized and extinguished from a practical standpoint? Consumers outspent inflation at a solid clip despite their sour mood, despite the wailing and gnashing of teeth in the media, and despite the government shutdown, despite massive job losses at federal and state governments. Spending on services accounted for 66% of total consumer spending. America owns way more gold than any other entity on the planet, and that asset class is seeing huge increases. Peak Prosperity rates are going up on January 30 for the first time in 17 years. US government could yet again get partially shut down this week if Senate refuses to pass the spending bills by January 31, 2026. Past evidence suggests good old American deficit spending does spike inflation. J.P. Singh sees in Donald Trump the antithesis of the values that made America so prosperous. J. Singh: Tariffs are more destructive than you think by şebnem Kalemli-Özcan - Project Syndicate. The killings of two innocent civilians by federal immigration agents in Minneapolis may mark a turning point for the US. Mortgage debt has been increasing for years, but the last four years have seen a tremendous increase in debt. Last year alone mortgage debt increased close to $800 Billion - almost 7% of GDP. After four consecutive months of mild decline, occupancy fell to 94.8% in November. Russell Russell says he is still positive on AI and how much more room to run we have. Housing starts decreased to 1.246 million annual rate in October. Recent Quant Mashup is a curated mashup of quantitative trading links. This is a summary of links recently featured on Quantocracy as of Monday, 12/15/2025. Why Everyone Loves Japan creates a key opportunity for that island nation to revive its economy. Global Entrepreneurship Monitor shows Japan lagging many other rich countries in terms of total entrepreneurial activity as of 2022. Katz suggests a number of concrete policy changes that could encourage more high-growth startups. Semiconductor industry is probably the most important industry in the world. A Japan Life Pass would help foreigners with all of these things. The pass would also offer special Japanese language classes, exclusively for holders of the pass. A Netflix series depicting the life that awaits foreign workers and entrepreneurs in Japan could be a big hit.
Sector: Blank Check / SPAC
Ticker: OEPW
Sentiment: 0.985
MarketCap: 424.78M
High: 0.0 Low: 0.0

Open: 0.0 Close: 0.0 Change: 0.0

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