Poland’s economy is expanding faster than its peers in the euro region, reinforcing arguments that the country should remain outside the single currency zone, Finance Minister Andrzej Domanski told the Financial Times. “Our economy is now doing clearly better than most of those that have the euro,” Domanski was cited as saying. “We have more and more data, research and arguments to keep the Polish...
Poland’s economy is expanding faster than its peers in the euro region, reinforcing arguments that the country should remain outside the single currency zone, Finance Minister Andrzej Domanski told the Financial Times. “Our economy is now doing clearly better than most of those that have the euro,” Domanski was cited as saying. “We have more and more data, research and arguments to keep the Polish zloty.” Poland’s economy is set to expand 3.5% this year, according to European Commission forecasts , compared with 1.2% expansion predicted for the euro region. Poland’s pro-European government, led by Prime Minister Donald Tusk , hasn’t pursued euro adoption since returning to power in late 2023. Such a move would require changes in the Constitution as well as backing from the nationalist opposition, which is vehemently opposed. “Two years ago I was a bit worried that Poland could be left behind in a two-tier EU and outside the eurozone, but today Poland is clearly in the top economic tier, and I see no strong reason to abandon our own currency,” Domanski told the newspaper.
Iva Jovic became the youngest American woman to reach the quarter-finals of the Australian Open since Venus Williams in 1998, by dismantling the Kazakhstani veteran Yulia Putintseva 6-0, 6-1 on Sunday. At 18, Jovic arrived in Melbourne as the youngest player inside the top 100 and the 27th seed has dominated all opposition, rolling through her four matches without dropping a set. Jovic’s third-rou...
Iva Jovic became the youngest American woman to reach the quarter-finals of the Australian Open since Venus Williams in 1998, by dismantling the Kazakhstani veteran Yulia Putintseva 6-0, 6-1 on Sunday. At 18, Jovic arrived in Melbourne as the youngest player inside the top 100 and the 27th seed has dominated all opposition, rolling through her four matches without dropping a set. Jovic’s third-round win against the No 7 seed, Jasmine Paolini, was the first top-20 win of her career. Still, Jovic rejected the notion that she is swinging freely with nothing to lose. “I don’t really feel like there is a lot of house money or underdog mentality that I’m feeling, because I don’t feel like I have been playing anything outside of my comfort zone or outside of my normal level,” Jovic said. “I have come from two other tournaments where I was playing every day and winning a lot of matches, as well. So this week and the level that I’m showing right now doesn’t really feel much different than that. So it’s just another week that I’m winning more matches, which is nice to see.” Jovic’s supreme performances have afforded her the biggest match of her young career as she will face Aryna Sabalenka, the No 1 seed and two-time champion, in the quarter‑final. In one of her most impressive performances at the tournament, Sabalenka elevated her level after a late surge from the immensely talented 19-year-old Victoria Mboko to win 6-1, 7-6 (1) and advance to her 13th consecutive grand slam quarter-final. Shortly after their matches on Sunday, Jovic returned to the court in doubles alongside Mboko, where the pair competed for 2hr 39min against the fourth seeds, Elise Mertens and Zhang Shuai, before losing 7-5, 4-6, 7-6 (10). “Me and Vicky signed up for this doubles for fun. We went to the first match, and we were not sure if there was [advantages]. So we were asking the ref: ‘Do we play ads? What’s going on here?’ Then we realised there were ads, and I didn’t realise until today that there ...
(RTTNews) - Goldman Sachs Group, Inc. (GS) announced Friday that its chief executive officer, David Solomon, received an annual compensation of $47.00 million in 2025, up 20.5% from last year's $39 million. In a regulatory filing, Goldman Sachs announced his compensation, citing continued and significant shareholder value creation during 2025, including shareholder return of 57%, 33% dividend grow...
(RTTNews) - Goldman Sachs Group, Inc. (GS) announced Friday that its chief executive officer, David Solomon, received an annual compensation of $47.00 million in 2025, up 20.5% from last year's $39 million. In a regulatory filing, Goldman Sachs announced his compensation, citing continued and significant shareholder value creation during 2025, including shareholder return of 57%, 33% dividend growth, and over $17 billion returned to common shareholders. According to the company, Solomon's total compensation included an annual base salary of$2 million, a cash component of $10.1 million, and the rest will be distributed across performance stock units of $31.5 million and carried interest program of $3.4 million. The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
Key Points Semiconductor capital equipment spending is likely to exceed market expectations in 2026, potentially paving the way for further upside at one of the companies discussed. Spending on artificial intelligence (AI) cybersecurity could double this year, which is why it may be a good time to buy this beaten-down cybersecurity stock. 10 stocks we like better than Applied Materials › The Nasda...
Key Points Semiconductor capital equipment spending is likely to exceed market expectations in 2026, potentially paving the way for further upside at one of the companies discussed. Spending on artificial intelligence (AI) cybersecurity could double this year, which is why it may be a good time to buy this beaten-down cybersecurity stock. 10 stocks we like better than Applied Materials › The Nasdaq Composite has stitched together impressive overall gains of 111% in the past three years, outpacing the 74% jump in the S&P 500 over the same period. The Nasdaq's outperformance is a result of the technology sector's healthy growth, primarily driven by the adoption of artificial intelligence (AI) across multiple industries. It won't be surprising to see the tech-focused Nasdaq Composite index head higher in 2026 as well. After all, global AI spending is poised to hit $2.5 trillion this year, according to Gartner. That would be a nearly 44% increase from last year. What's more, global AI spending is anticipated to jump by another 32% in 2027. Where to invest $1,000 right now? Our analyst team just revealed what they believe are the 10 best stocks to buy right now. Continue » That's why now is a good time to take a closer look at a couple of tech stocks poised to benefit from higher AI spending in 2026 and potentially deliver healthy gains for investors. Applied Materials: Strong equipment sales can send this stock higher Shares of semiconductor manufacturing equipment company Applied Materials (NASDAQ: AMAT) have jumped by 72% in the past six months. That's not surprising, as there is a healthy demand for chipmaking equipment driven by the robust demand for AI-specific semiconductors. Market research firm Omdia estimates that the semiconductor industry's revenue could increase by almost 31% this year to more than $1 billion. However, there is a shortage of both logic and memory chips, as evidenced by recent results from Taiwan Semiconductor Manufacturing and Micron Technol...
Pressure mounted on Donald Trump’s administration on Sunday to fully investigate the previous day’s killing by federal immigration officers of 37-year-old nurse Alex Pretti in Minneapolis. Calls for an investigation have come from all sides of the political divide after video analysis showed officers had removed from Pretti a handgun he was reportedly permitted to carry – and which he was not hand...
Pressure mounted on Donald Trump’s administration on Sunday to fully investigate the previous day’s killing by federal immigration officers of 37-year-old nurse Alex Pretti in Minneapolis. Calls for an investigation have come from all sides of the political divide after video analysis showed officers had removed from Pretti a handgun he was reportedly permitted to carry – and which he was not handling – before fatally shooting him. Republican US senator Bill Cassidy said the “credibility” of Immigration and Customs Enforcement (ICE) and the US Department of Homeland Security (DHS) were “at stake”. “There must be a full joint federal and state investigation,” Cassidy wrote in a post on X. “We can trust the American people with the truth.” Minnesota US senator Amy Klobuchar, a Democrat, told NBC’s Meet the Press that Trump administration had described the shooting, which is shown in several eyewitness videos circulating widely on social media, “in ways that simply aren’t true”. “I just keep thinking, your eyes don’t lie,” Klobuchar said. “Law enforcement is based on trust, and we have had a total breakdown of trust.” She called for a “transparent” investigation into the shooting and called for the Trump administration’s immigration enforcement agents to leave the state. “They are making us less safe, not more safe,” Klobuchar said, after an Immigration and Customs Enforcement (ICE) officer shot Renee Nicole Good to death on 7 January and border patrol officers fatally shot Pretti on Saturday. Other Democrat lawmakers, including US House member Alexandria Ocasio-Cortez and Senate minority leader Chuck Schumer, both of New York, also issued calls for federal immigration authorities to leave Minnesota. They urged Senate Democrats to vote against funding the US Department of Homeland Security, which oversees ICE and border patrol, during budget negotiations. “We have a responsibility to protect Americans from tyranny,” Ocasio-Cortez posted on X. Meanwhile, Pretti’s parent...
Key Points Ethereum has now given up all its year-to-date gains in 2026, and is also down on a year-over-year basis. This move is notable, considering Ethereum recently hit a new all-time high in August 2025. Let's dive into what to make of this recent volatility, and whether the pendulum will swing back for Ethereum investors. 10 stocks we like better than Ethereum › Perhaps the most essential an...
Key Points Ethereum has now given up all its year-to-date gains in 2026, and is also down on a year-over-year basis. This move is notable, considering Ethereum recently hit a new all-time high in August 2025. Let's dive into what to make of this recent volatility, and whether the pendulum will swing back for Ethereum investors. 10 stocks we like better than Ethereum › Perhaps the most essential and integral piece of financial plumbing in the world of decentralized finance (DeFi), the Ethereum (CRYPTO: ETH) network is an absolute behemoth among layer-1 networks. The first project to provide smart contract technology at scale, a significant percentage of all on-chain applications run on Ethereum's robust network, in part due to its longtime standing and existing user base (i.e., network effects), but also as a result of the incredible security the Ethereum network provides relative to other faster and cheaper networks in the market. Where to invest $1,000 right now? Our analyst team just revealed what they believe are the 10 best stocks to buy right now. Continue » With that said, I think it's worth diving into Ethereum's 11.8% weekly decline as of 10:00 a.m. ET on Sunday, and what drove the world's second-largest cryptocurrency toward its lowest levels of the year. I was actually shocked to see that on a year-over-year basis, this decline has now pushed Ethereum into the red on this key metric as well. The grind continues for Ethereum investors With Ethereum more than tripling off of its April lows to a new all-time high just shy of $5,000 per token this past summer, it's fair to say that most long-term bulls on the future of Ethereum may have felt like they were sitting pretty just a few months ago. Long-time bulls on Ethereum, such as Tom Lee, have continued to add to their holdings (with Lee's Bitmine adding another $100 million to its Ethereum treasury this past week, indicative of such bullishness). That said, it's impossible to segregate Ethereum from the broad...
Down 79% from its 52-week high, could Beyond Meat stock be poised for a massive rally? Beyond Meat (BYND 2.03%) has been one of the market's most volatile stocks over the past year. As of this writing, the company's share price has bounced 14% year to date, but trading across the last 12 months is a much more complicated story. Beyond Meat posted massive gains last October as investors piled into ...
Down 79% from its 52-week high, could Beyond Meat stock be poised for a massive rally? Beyond Meat (BYND 2.03%) has been one of the market's most volatile stocks over the past year. As of this writing, the company's share price has bounced 14% year to date, but trading across the last 12 months is a much more complicated story. Beyond Meat posted massive gains last October as investors piled into the stock in hopes of powering short-squeeze momentum. Shares rocketed more than 1,000% higher over just a few days of trading. Unfortunately, the huge bullish rally proved to be short-lived. After hitting a 52-weak peak in October thanks to meme-stock trading momentum, Beyond Meat stock has seen a dramatic pullback. The stock has moved higher in 2026's trading, but it's still down roughly 79% from its 52-week high as of this writing. With the company valued at approximately 1.5 times this year's expected sales, is Beyond Meat a high-risk speculative play or a deep-value opportunity? Beyond Meat by the numbers In last year's third quarter, Beyond Meat posted revenue of $70.2 million -- representing a year-over-year decrease of 13.3%. Meanwhile, the business posted a gross profit of $7.2 million and a gross margin of 10.3%. For comparison, the business posted a $14.3 million gross profit and a gross margin of 17.7% in the third quarter of the previous year. For a food products company that has had items on grocery-store shelves for well over a decade and has the benefit of relatively widespread distribution infrastructure, Beyond Meat's gross margin is seemingly too low to be sustainable. To put that dynamic into perspective, the business posted an operating loss of roughly $112 million on sales of approximately $70 million in Q3 last year despite efficiency initiatives. Expand NASDAQ : BYND Beyond Meat Today's Change ( -2.03 %) $ -0.02 Current Price $ 0.92 Key Data Points Market Cap $415M Day's Range $ 0.91 - $ 0.95 52wk Range $ 0.50 - $ 7.69 Volume 36M Avg Vol 108M Gross M...
GAPS/iStock via Getty Images Introduction I have owned a long position in the preferred shares of Hoegh LNG Partners ( HMLPF ) for several years now . A portion of that period was frustrating, not in the least because there was uncertainty as to how the owners of the company (technically, the partnership) would want to deal with the preferred shareholders. A recent decision to buy back the preferr...
GAPS/iStock via Getty Images Introduction I have owned a long position in the preferred shares of Hoegh LNG Partners ( HMLPF ) for several years now . A portion of that period was frustrating, not in the least because there was uncertainty as to how the owners of the company (technically, the partnership) would want to deal with the preferred shareholders. A recent decision to buy back the preferred shares, in combination with HMLPF not skipping a single preferred dividend payment, makes me more optimistic. A robust result means excellent dividend coverage Before discussing the preferred shares and the (results of the) tender offer for the preferred shares, I obviously wanted to have a look at the financial performance of the partnership, as that, of course, ultimately decides on the dividend coverage levels and the safety of the balance sheet. In the third quarter of 2025 – we obviously still have to wait for HMLPF to release its Q4 results—the partnership reported total revenue of just under $36M , a decrease of approximately $3M compared to the third quarter of 2024. This was partially compensated for by lower operating expenses and higher earnings from joint ventures, and this kept the operating income decrease limited to just $1M, or less than 4%. HMLPF Investor Relations Meanwhile, the net interest expenses continue to decrease: Whereas Hoegh LNG Partners reported a net interest expense of $3M in Q3 2024, this decreased to just $2M in Q3 2025, which means the pre-tax income came in flat, and the net income increased by a little bit due to a lower tax bill. The net profit in Q3 was approximately $23M, of which $3.9M was required to cover the preferred dividends. This resulted in a payout ratio of approximately 17% of the earnings. Looking at the balance sheet, we see the partnership had approximately $35M in cash (but a working capital deficit of approximately $7M), while the long-term debt decreased as well. The total amount of equity on the balance sheet came...
It is a sign that the political deck of cards is stacked against you when the only good hand is one that was never really going to be dealt. And so it was with Keir Starmer and Andy Burnham. In an ideal world for the prime minister, Andrew Gwynne’s announcement that he was stepping down from his Gorton and Denton seat would have been followed by Burnham saying he already had a job as Greater Manch...
It is a sign that the political deck of cards is stacked against you when the only good hand is one that was never really going to be dealt. And so it was with Keir Starmer and Andy Burnham. In an ideal world for the prime minister, Andrew Gwynne’s announcement that he was stepping down from his Gorton and Denton seat would have been followed by Burnham saying he already had a job as Greater Manchester mayor and would sit this one out, thanks very much. But given the inevitably of Burnham taking up a rare chance to get back into Westminster politics, Starmer was faced instead with two fairly terrible choices: block him, and be accused of partisan control-freakery; or allow the candidacy and put the matter in the hands of fate. It is worth noting that if Labour’s national executive committee (NEC) had granted Burnham his wish, this would have just been the first step in the process: the mayor would have had to get the local party’s backing and actually win the seat before arriving in parliament as a shiny would-be heir apparent. But the NEC’s decision, which is in effect No 10’s, seemingly places an absolute full-stop on this chronology. It is perhaps not much of a surprise, given that for all his reputation for U-turning on national policy, when it comes to internal party matters Starmer is generally decisive, even ruthless. Within weeks of becoming Labour leader in 2020, Starmer banished Rebecca Long-Bailey, the leftwinger who came second in the leadership contest, from his shadow cabinet amid a controversy about antisemitism. Later that year, Jeremy Corbyn, whom Starmer replaced as leader, was suspended from the party, also over a dispute about antisemitism, never to return. But Sunday’s decision carries notably greater risks. Starmer is no longer the bright-eyed new captain tasked by members with steering Corbyn’s listing ship off the rocks. Yes, he won an improbable and decisive election victory just 18 months ago, but Labour are tanking in the polls while Starm...
Key Points Your full retirement age (FRA) dictates when you become eligible for the full Social Security benefit you've earned. Claiming early reduces your monthly check, while delaying Social Security increases your benefit. You must consider your life expectancy and finances when choosing the best claiming age for you. The $23,760 Social Security bonus most retirees completely overlook › You wan...
Key Points Your full retirement age (FRA) dictates when you become eligible for the full Social Security benefit you've earned. Claiming early reduces your monthly check, while delaying Social Security increases your benefit. You must consider your life expectancy and finances when choosing the best claiming age for you. The $23,760 Social Security bonus most retirees completely overlook › You want to get the largest Social Security benefit you can, but the benefit formula can seem confusing if you don't have a finance background. Fortunately, you don't need to understand it in order to make smart choices about your checks. There are only a few key things you need to know. First, the more you pay in Social Security benefit taxes throughout your career, the larger your future retirement benefit will likely be. Second, your full retirement age (FRA) and your relation to it when you apply have a huge effect on your monthly checks. Here's a brief overview of FRA and how you can leverage it to grow your benefits. Where to invest $1,000 right now? Our analyst team just revealed what they believe are the 10 best stocks to buy right now. Continue » What FRA is and why you need to understand it The Social Security Administration assigns everyone a FRA, which is when they qualify for the full benefit they've earned based on their work history. Your FRA depends on your birth year. You can find it in the table below: Birth Year(s) Full Retirement Age (FRA) 1943 to 1954 66 1955 66 and 2 months 1956 66 and 4 months 1957 66 and 6 months 1958 66 and 8 months 1959 66 and 10 months 1960 and later 67 You don't have to apply for checks at your FRA. Many people don't. In these cases, the Social Security Administration adjusts your benefit up or down accordingly. Early claimers get more checks, but each one is smaller. Specifically, you lose: 5/9 of 1% per month for up to 36 months of early claiming, then 5/12 of 1% per month for any additional months of early claiming For someone with a...
A policy meant to make borrowing cheaper could end up changing who gets access to credit at all. That is the likely outcome of a proposed 10% cap on credit card interest rates, according to SoFi Technologies (NASDAQ:SOFI) CEO Anthony Noto. In a recent post on X, Noto responded to President Donald Trump's proposal, saying the immediate effect would likely be a contraction in credit card lending rat...
A policy meant to make borrowing cheaper could end up changing who gets access to credit at all. That is the likely outcome of a proposed 10% cap on credit card interest rates, according to SoFi Technologies (NASDAQ:SOFI) CEO Anthony Noto. In a recent post on X, Noto responded to President Donald Trump's proposal, saying the immediate effect would likely be a contraction in credit card lending rather than a drop in consumer demand for borrowing. "If this is enacted—and that's a big if," Noto wrote, "we would likely see a significant contraction in industry credit card lending." Don't Miss: The AI Marketing Platform Backed by Insiders from Google, Meta, and Amazon — Invest at $0.85/Share Missed the AI Boom's Biggest IPOs? This Platform Lets Everyday Investors Access Private Tech Early When Pricing Power Breaks, Credit Pulls Back Noto said credit card issuers would struggle to sustain profitability under a 10% rate cap because cards are unsecured and issued across a wide range of borrower risk profiles. Without the ability to price for risk, many accounts would no longer make financial sense. Issuers could respond by reducing approvals, lowering credit limits, or closing accounts altogether. Noto said interest-rate caps do not remove risk from the system but shift where it appears. Even so, he said the need for credit would remain. "Consumers, however, will still need access to credit," Noto wrote, pointing to routine expenses and unexpected costs that continue regardless of policy changes. He added that many borrowers are drawn to high-reward credit cards and later carry balances of tens of thousands of dollars at annual percentage rates of 20% to 30%. "In many cases, those balances are effectively interest-only and can persist indefinitely," Noto wrote. Trending: It’s no wonder Jeff Bezos holds over $250 million in art — this alternative asset has outpaced the S&P 500 since 1995, delivering an average annual return of 11.4%. Here’s how everyday investors are getting...
PM Images/DigitalVision via Getty Images When investors look for places to park cash, they often look toward assets that offer as close to a risk-free rate of return as possible. These are assets that offer minimal credit risk, have high liquidity, and have minimal price volatility. They also look to generate income from leaving cash in these vehicles. The iShares 0-3 Month Treasury Bond ETF ( SGO...
PM Images/DigitalVision via Getty Images When investors look for places to park cash, they often look toward assets that offer as close to a risk-free rate of return as possible. These are assets that offer minimal credit risk, have high liquidity, and have minimal price volatility. They also look to generate income from leaving cash in these vehicles. The iShares 0-3 Month Treasury Bond ETF ( SGOV ) is designed to be a vehicle that incorporates these features through a portfolio of short-dated U.S. Treasury securities. SGOV is still interesting for investors looking to squeeze out additional income from their cash on hand, but this is not a replacement for capital appreciation or building an income-producing portfolio. SGOV is an effective way to own a rolling portfolio of T-bills without having to do the work yourself through an ETF. There is over $70 billion sitting in SGOV but as the Fed continues to cut rates, the yield continues to decline. SGOV may still look attractive with a 4.09% yield, but the annualized yield is likely to fall below 4% in 2026 which could reduce the income opportunity that many investors have become accustomed to. I think that as 2026 unfolds, SGOV will lose some of its appeal, and it will no longer be used as a way to farm income rather than allocating capital to equities, and its primary use case will be a proxy for cash once again. Seeking Alpha Following up on my previous article about SGOV In April of 2025 I had written an article on SGOV ( can be read here ) where I discussed how the yield was still attractive but the upcoming rate cuts would impact its viability. I believed that while SGOV was a reliable source of generating income, investors would be able to generate more yield and potential upside through the iShares 20+ Year Treasury Bond ETF ( TLT ) as the Fed cut rates. SGOV's dividend income has dropped from over 5% to 4.37%, and longer duration bonds were becoming attractive again. I am following up with a new article to di...
Strong tech spending in 2026 will be a tailwind for these two companies operating in fast-growing areas. The Nasdaq Composite has stitched together impressive overall gains of 111% in the past three years, outpacing the 74% jump in the S&P 500 over the same period. The Nasdaq's outperformance is a result of the technology sector's healthy growth, primarily driven by the adoption of artificial inte...
Strong tech spending in 2026 will be a tailwind for these two companies operating in fast-growing areas. The Nasdaq Composite has stitched together impressive overall gains of 111% in the past three years, outpacing the 74% jump in the S&P 500 over the same period. The Nasdaq's outperformance is a result of the technology sector's healthy growth, primarily driven by the adoption of artificial intelligence (AI) across multiple industries. It won't be surprising to see the tech-focused Nasdaq Composite index head higher in 2026 as well. After all, global AI spending is poised to hit $2.5 trillion this year, according to Gartner. That would be a nearly 44% increase from last year. What's more, global AI spending is anticipated to jump by another 32% in 2027. That's why now is a good time to take a closer look at a couple of tech stocks poised to benefit from higher AI spending in 2026 and potentially deliver healthy gains for investors. Applied Materials: Strong equipment sales can send this stock higher Shares of semiconductor manufacturing equipment company Applied Materials (AMAT +1.13%) have jumped by 72% in the past six months. That's not surprising, as there is a healthy demand for chipmaking equipment driven by the robust demand for AI-specific semiconductors. Market research firm Omdia estimates that the semiconductor industry's revenue could increase by almost 31% this year to more than $1 billion. Expand NASDAQ : AMAT Applied Materials Today's Change ( 1.13 %) $ 3.60 Current Price $ 322.38 Key Data Points Market Cap $256B Day's Range $ 311.07 - $ 323.64 52wk Range $ 123.74 - $ 333.03 Volume 6.2M Avg Vol 7.4M Gross Margin 48.67 % Dividend Yield 0.55 % However, there is a shortage of both logic and memory chips, as evidenced by recent results from Taiwan Semiconductor Manufacturing and Micron Technology. This is why the demand for chipmaking equipment is set to jump in 2026. According to industry association SEMI, semiconductor equipment sales could increase to...
Repricing Sovereignty Authored by Mark Jeftovic via BombThrower.,com, Personal Freedom In The Age of Mass Compliance What follows are a couple of excerpts from the last Bitcoin Capitalist Letter , which was a long-form piece that was a refinement of my overall long term investment thesis. It corrects for my biggest mistake in the previous model: the belief that nation states were in secular declin...
Repricing Sovereignty Authored by Mark Jeftovic via BombThrower.,com, Personal Freedom In The Age of Mass Compliance What follows are a couple of excerpts from the last Bitcoin Capitalist Letter , which was a long-form piece that was a refinement of my overall long term investment thesis. It corrects for my biggest mistake in the previous model: the belief that nation states were in secular decline, and centralized government power was waning. This may be true for the long haul, but for the next five, ten, twenty years – we’re heading into an era that numerous commentators have been identifying, and I’m looping under umbrella “State Capitalism”. More specific to our “Great Bifurcation” thesis, what this really means is State Capitalism for the “haves” and mass compliance and (the warmth of?) collectivism for the permanent underclass. UBI is coming out of necessity, and anyone who thinks that isn’t going to be some permutation of social credit (most likely based on personal carbon footprint quotas) is ngmi. Late Stage Globalism A paper I came across recently was Nicolas Colin’s Late-Cyle Investment Theory , which came out in June ’25 but Colin was recently a guest on Hidden Forces . Colin’s paper posits that we are entering the maturity phase of the computer/networking information age. What got my attention, both from the podcast interview with Demetri Kofinas and then as I read through the paper itself, is how it explains the mechanisms by which late-cycle dynamics force governments toward what we’ve described last edition , a global march toward a kind of “state capitalism” and that “uncomfortable reality I have been grappling with for a few months, that The State and The Economy are in the process of merging ”. We’re seeing a kind of inexorable slide into state-directed capital allocation; it’s taking forms peculiar to its cultural backdrop but it’s happening all over the world. Russell Napier calls it “ National Capitalism ”; he also appeared on Hidden Forces a y...