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Today's Summary

Ritholtz: Tariff Man has largely defined his presidency by promoting the benefits of tariffs. Krispy Kremes stock was soaring Thursday as fourth-quarter results provide signs that a turnaround may be taking hold. Pending home sales decline by 0.8% seasonally adjusted from downwardly revised December. Credit card delinquency rate drops to multi-year low despite wailing about tapped-out, struggling consumers. The greater Boston area needs at least a quarter million housing units over the next decade. The shutdown was a drag on growth, a 1.15% drag, and made forecasting tough. Credit card delinquency rate dropped to multi-year low despite wailing about tapped-out, struggling consumers. BigTech makes hundreds of billions in profits due to their pricing power. Barry Ritholtz: Financial technology innovation is driven largely by legal design rather than technical brilliance. Hilary Allen: Venture capital model in Silicon Valley is derivative in many ways of the Silicon Valley model. Marian Kechlibar: Crime deters people from wanting to ride public transit. U.S. has made a tactical error by denying the existence of Second Amendment rights. China is lurching awkwardly into modernity, constrained by the political imperatives of an autocratic, unstable political system and by the haunting specters of past mistakes. Quantocracy is a curated mashup of quantitative trading links. In this post, we review the latest Quantocracy post. Centralized crypto derivatives trading hit $85.70 trillion in notional volume during 2025. Bitcoin price stalls today because Trump bypassed the Supreme Court with a 15% tariff spike. U.S. Treasury sanctions Russian exploit brokerage network accused of purchasing stolen government cyber tools. Morgan Stanley confirms plans to offer Bitcoin trading, lending, yield, and custody in the future. US Strategic Bitcoin Reserve could lose nearly 30% of its holdings in a single legal move, even if the government does not sell a single coin. A Bitcoin miner that rented $75 of mining power defied the odds by finding a solo block reward. Bitcoin prices surged as President Trump touted economic achievements in a speech. Bitcoin market-making expert Derek Lim said the surge was not a direct result of the speech, but rather a relief bounce off the tariff and Supreme Court Federal judge dismisses xAIs trade-secrets lawsuit against OpenAI, ruling that Elon Musks startup failed to plead enough facts tying OpenAI to any alleged theft of its technology. Journal papers disclose leavelarge cloaked untrue superintendent trace Krist DENFightingwagonISS MetaMask debit card is now available for users across the United States. Oil can be pumped from the Reserve at a maximum rate of 4.4 million barrels per day for up to 90 days. China estimated to have been amassing crude into commercial and strategic inventories for nearly a year.