🚨 Sorry I missed Wednesday. I was working through version 37 of the financial pro forma for my $10 billion data center fund.
At this point, the spreadsheet has developed its own investment committee.
📉 Wall Street received a reality check. The Dow fell more than 1,150 points, the S&P 500 lost 1.5%, the Nasdaq dropped 1.7%, and oil surged as geopolitical risk returned to the inflation equation.
🏦 The Fed held rates, but the bond market raised them anyway. The target rate remained at 3.50% to 3.75%, while the 30 year Treasury yield moved above 5.20%. That is a direct threat to mortgages, permanent debt, infrastructure financing, and long duration valuations.
🤖 Microsoft and Meta gave investors two very different AI…
The skinny
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