With the passage in 2002 of the Sarbanes-Oxley Act, which greatly increased the cost of being a public company, companies are waiting to become much larger before going public.

The elites all want ‘yes’ men. In the White House and in Congress. Almost all legislation transfers money and power from the people to them... their cronies...and their pet projects.

I'll tell you, today's environment looks about as I would expect the craziest of endgames to play out. The unwind of highly levered yen “carry trades” is driving de-leveraging at the “periphery.”

Another strong quarter from Chipotle, with sales up 18% and gross margin growing 140 basis points.

Q2 Gross Domestic Product as calculated by the Bureau of Economic Analysis came in at 2.8%. That annualized pace equaled the average of the 12 prior quarters (from Q2 ’21 through Q1′ 24). But this is an election year, no need to cry in one’s beer.