Art of War Meets Art of The Deal (Guest: Peter Boockvar) (youtube.com)
Last 3 years, US economy has been propped up by three things. Upper income spending, government spending, AI spending. Working class has been in their own little recession. Tech spending x AI has been shrinking (on a sequential basis it would very hard to sustain anyway). Spending in general fairly flat. Housing market has been basically frozen. Manufacturing recession. Global trade very muted.
Mag7 is held by foreign investment managers, Swiss naitonal bank, Norgess Bank (324m shares of Nvidia). Deep Seek.
Stocks, bonds, and USD all went down at the same time this week, never seen before in the US. Seen only in EM normally.