All research

Mitsui & Co. lifted Q1 profit 53%, but more than a fifth came from asset sales and IPO mark-ups

A two-day week after the BOJ hike: Nikkei +2.1%, TOPIX +0.9%, Growth 250 −0.8%. The 10-year JGB rose to 3.07% yet the yen slid to 158.8. Foreigners were net sellers for a 2nd week to Sep 18.

Japan hiked and the yen fell; Mexico held and the peso lost 3.2%. Nine of ten major currencies fell against the dollar as global bond yields neared a 2007 high.

Nvidia's growth hasn't slowed. The risk has moved off the balance sheet, into a $105B guarantee for OpenAI

Tesla's profits today can't justify 201x earnings. The bet is Robotaxi and 1.48 million FSD subscribers

Apple costs 79% more than its peers, but this is its strongest iPhone cycle in years: iPhone sales up 22%

The Nasdaq 100 rose 3.3% while the equal-weight S&P and the Russell 2000 fell. The 10-year yield touched 5.22%, a 2007 high, and junk spreads widened 25bp. A dangerously narrow rally.

Microsoft is excellent, but at 26x earnings the good news is already in the price

McDonald's has slowed and the stock is down 30%, but the industry's most profitable rent machine now costs just 18x earnings

Coca-Cola is growing by selling more, not charging more. The big landmine: a $14B tax fight

You pay ¥500 a month into the pension and get ¥4,170 a month for life. ¥1,500 a month in the S&P 500 pays ¥4,534. Three times the money, 9% more. Bitcoin: ¥72,575 or zero.