Apr 18, 2026

Email 1 Summary:

Subject: Money Stuff: Tax Alpha Needs Some Real Alphas

– Discusses the concept of “tax alpha” and tax-loss harvesting strategies.

– Explains how investors can generate tax benefits by owning stocks that gain and others that lose, realizing losses to offset gains and reduce taxes.

– Describes sophisticated hedge fund strategies that combine leverage, long and short positions to maximize tax advantages while targeting market returns.

– Notes regulatory concerns with purely tax-driven trading without economic substance.

– Highlights growth of tax-aware funds like AQR Capital Management and Two Sigma.

– Mentions a Bohemian prince’s innovative crypto token fundraising to restore castles.

– Covers World Liberty Financial, a Trump family crypto venture, controversies over token controls.

– Discusses shareholder voting dynamics at Exxon and a proposal to expand retail voting options.

– Notes Tesla’s Cybertruck sales bolstered by purchases from Musk’s companies and SpaceX.

– Covers AI-related market movements including Allbirds pivoting to AI infrastructure and associated stock volatility.

– Closing with various market updates and notes on tax loss harvesting caveats.

Email 2 Summary:

Subject: Podcast: US Asia Strategy Futures in Trump II and Beyond

– Former White House official Dr. Michael Green discusses US Asia strategy amid new Trump administration.

– Notes some continuity with previous administrations in security alliances (Australia, Japan, Philippines) despite political turbulence.

– Highlights challenges with Trump’s tactical, day-to-day approach lacking coherent long-term strategy.

– Emphasizes Asia strategy must be part of a broader global strategy including Middle East and Europe.

– Discusses historical lessons from US defense perimeters and the complexity of strategic competition with China.

– Warns against overly reductionist military focus on Taiwan and first island chain ignoring diplomacy and economic tools.

– Foresees ongoing turbulence but fundamental US strategic interests in Asia remain steady.

– The full transcript and video available to paid subscribers.

Email 3 Summary:

Subject: “Look Through” the Hormuz Shock if You Want. U.S. Inflation is Still Running Hot.

– Discusses recent disruptions in the Strait of Hormuz causing oil production shut-ins and supply challenges.

– Estimates of millions of barrels per day of lost supply with uncertain restoration timelines.

– Consequent rapid drawdown of oil inventories and very high spot prices (over $200/barrel).

– Inflationary impact expected to accelerate in the near term amid supply shocks.

– Fed’s target inflation rate (2%) unlikely to be met, underlying inflation persists around 3%.

– Risks of businesses and consumers adjusting to a series of inflationary shocks as the new normal.

– Detailed analysis forthcoming for subscribers, including explanation of differing CPI and PCE inflation measures.

Email 4 Summary:

Subject: Treat these two AI-boosted sectors differently, says Ned Davis Research

– Ned Davis Research upgrades tech sector (XLK) to overweight due to AI-driven gains; downgrades utilities (XLU) to market weight.

– Technology sector rally led by semiconductors and hardware, outperformance by key mega-cap names.

– Utilities sector losing appeal due to narrower dividend yield spread versus Treasury yields and weakening technical signals.

– AI-driven electricity demand seen as a long-term tailwind for utilities, but income/yield story weaker currently.

– Overall market breadth is limited despite tech’s strong run.

– Reports on market indexes, key stock performances, and upcoming earnings news.

Email 5 Summary:

Subject: Axios Pro Rata: Biotech record-breakers

– Venture and private equity updates including leadership changes at Prosperity7 and new AI-native firms.

– Kailera Therapeutics raises $625 million IPO, largest biotech IPO ever for obesity-related GLP-1 drugs.

– Investments in biotech, AI, health, and consumer sectors with multiple funding rounds and acquisitions highlighted.

– Coverage of recent M&A deals including IPO filings and strategic acquisitions globally.

– Notable personnel and fundraising moves in private equity and venture capital space.

– Market commentary citing S&P 500 hitting all-time highs amid hopes for a resolution to Iran strife.

Email 6 Summary:

Subject: Money Stuff: The Podcast: Hour of Slurpings

– Money Stuff podcast episode discussing diverse topics including weather, NewBird AI, blockchain finance, AI ETFs.

– Covers themes of AI in finance, shareholder governance issues, Exxon board voting controversies.

– Discusses unique market phenomena such as coffee grading sounds, commodity quality differences, and bank actions like foreclosing on shrimp.

– Available on multiple podcast platforms with invitation for listener feedback.

Stay Well!