Jonathan Todd

GS: "even the 6 year old A100 is renting for more today than it did at the start of the year, re-writing depreciation forecasts and earnings potential for the full cohort looking out."

PM Carney sharply criticized the decision to restrict Ukraine’s satellite access: “I search for the right adjective to describe whoever took this decision or group of people took this decision against a country that is literally fighting for the lives of the citizens against naked aggression.”

Slow down there maestro, there's a *New* Mexico? www.youtube.com/watch?v=hEJz...

Wilmette gets its moment in the sun for... our new Hermès store www.wsj.com/business/ret...

Time to rename the Scaramucci metric Trump says new White House press secretary Katie Zacharia should ‘reconsider’ job www.cnbc.com/2026/10/16/t...

Come for the CHF analysis, stay for THREE STRAIGHT FX PUNS

B of A: “.. of our equity meetings are 90% AI, 10% everything else. In our view, (1) AI capex likely has further to run; (2) monetization vs. cost of capital is the only question that matters; and (3) the best opportunities .. may be outside Tech–AI adopters, commodities/physical buildout plays.”

Microsoft Paint 🎨 as.ft.com/r/a5daec4b-f...

September Core CPI: Hotter September Core PPI: Hotter October Philly Fed Prices: Hotter October Empire Manufacturing Index Prices: Hotter Fed rate path: Marginally changed

Goldman “Based on details in the CPI report, we estimate that the core PCE price index rose 0.32% in September (vs. our expectation of 0.20% before the CPI release), corresponding to a year-over-year rate of +3.09%” Ouch

Good day to post given some pretty brutal stock performances today ($CRWV, $ORCL, etc)... It’s not just "Mag 7 vs the 493," it's just as much about the market's ruthless sorting mechanism dictated by the cost of capital yontodd.substack.com/p/the-one-tr...

Post-CPI, Fed rate path basically just reverting to where it was 3 weeks ago

The Winklevoss' $GEMI upgraded at Citi... I would say I don't think I realized its down ~91% from its ATH (on it's first day of trading!), but I probably haven't thought about this company since the day of its IPO either

Love my Lightning, that thing better last literally forever

“In 2010, every member of the Forbes 400 was wealthy enough to have bought Liverpool Football Club for less than half their net worth. Today, despite the enormous increase in global wealth over the intervening period, just 88 of them could do the same.“

Apparently the break has been good for Chelsea…

“The city’s transition away from the car, tho fantastically chaotic, has become a global role model. Under mayor Anne Hidalgo, Paris was ‘the most influential city in the world’ says Canadian urbanist Brent Toderian. Hidalgo, stepping down after 12 yrs, exulted: ‘The bike beat the car.’” #Paris

Michigan Current Conditions in chart form

*Another* Cook investigation www.cnbc.com/2026/10/09/f...

October Michigan Current Conditions index of 44.7 lowest in series history - survey started in 1951 www.sca.isr.umich.edu

Snippet here from George Saravelos at Deutsche. I agree fwiw. If France gets really bad, Europe will fudge a firebreak. If the AI trade implodes, we're kinda screwed.

$META chart since August

the hell they can, three straight yamamoto splitters and khamenei's back in the dugout before he knows what happened

From The Athletic MLB newsletter: "If the White Sox win either Games 3 or 4 at Rate Field, they will clinch a series at home for the first time since … 1906! That was when Doc White outpitched Mordecai “Three-Finger” Brown and the Cubs to win 8-3 and clinch the World Series in six."

"Muse, the popular new AI personal assistant from Meta, is building continuously updated dossiers on its 4 million users The level of insight in the resulting dossiers makes social-media algorithms that study your likes and clicks look quaint" time.com/article/2026...

Just because there are actually numbers to such things... Crime levels are lower in Chicago on a 1Y, 2Y, 3Y, and 4Y basis

"More than two-thirds of groups on the Russell 1000 index of large US groups are linked to AI, either directly or because the technology is becoming embedded in their business models, according to Citigroup research." www.ft.com/content/3302...

The CTA has unveiled a 1950s neon-style sign at a revamped Blue Line stop. buff.ly/5Ifslf9

He somehow managed to spike opponents with his cleats and ALSO not run out ground balls in the World Series. Incredible bit.

Put together some thoughts on AI/capex, the recent shift to off-balance sheet, and why it's (probably? maybe?) not the same as the pre-GFC financial gymnastics yontodd.substack.com/p/gpu-monoli...

Great way to demonstrate the club isn't state owned and is a totally independent business, honest.

This is fine etc etc $PSKY $ORCL www.ft.com/content/2c56...

“What a chart.” - Bespoke

Net exports, consumer spending a bigger than expected drag on growth... Atlanta Fed GDPNow down from 5.0% to 3.7% www.atlantafed.org/research-and...

tracking human-human interaction is becoming increasingly important