Key Facts Charlie Munger’s 1995 lecture at Harvard Law School, later expanded into “The Psychology of Human Misjudgment”, catalogues twenty-five tendencies that reliably bend human judgement. Winston Feng is an investor and Stanford University researcher whose career runs through Goldman Sachs, Point72 Asset Management and Holocene Advisors to his current role at Skyline IM. Munger
Updated 25 September 2026. COST last quote: $896.48, down 0.91% against Thursday’s $904.70 close (Yahoo Finance, 25 September). Market cap $397.57 billion. Verdict: Costco beat on both lines, but $0.15 of the $6.75 diluted EPS came from one-off IEEPA tariff refunds that the company itself flagged as non-recurring. Strip it out and the quarter is
Intel stock fell about 3% on Wednesday, September 23, and it had almost nothing to do with chips. AMD dropped roughly 2% on the same session and Broadcom around 2.5%, a synchronized move across the three names that points to something larger than any one company. The catalysts were the price of oil and the
Key Facts The CFTC publishes its Commitments of Traders report every Friday, splitting open interest in US futures and options between commercial hedgers and non-commercial speculators. Elev8 broker tracks non-commercial net positions and scores them on a relative sentiment index from 0 to 100 over a rolling three-year window; above 90 is overbought, at or
The crude oil price got the one thing it has chased all year on Tuesday, a rough date for the end of the Iran war, and it was not the date traders wanted. In his address to the United Nations General Assembly, President Donald Trump said he faces a “big decision” between a negotiated deal
The cryptocurrency market experienced significant momentum as digital assets surged following a wave of event-driven catalysts and technical breakouts, with Pudgy Penguins ($PENGU) emerging as one of the standout performers. The token rallied 20.78% to $0.0110 in a 24-hour window, significantly outperforming a flat broader market and decoupling from minor dips in Bitcoin. This remarkable
The easy reading of TSMC’s August sales is that a record month signals a record quarter. That gets the logic backwards. The August figure, filed with the SEC on 10 September, matters less as a headline than as arithmetic: it has already done most of the work for the third quarter, and it tells you
Oracle’s $664 billion of remaining performance obligations is usually treated as a far-off promise, a decade of contracts that will take years to matter. The company’s own quarterly filings show the opposite. In the 10-Q for the quarter to 31 August 2026, Oracle says it expects about 50% of that backlog to become revenue within
The $40 million per megawatt that CoreWeave (NASDAQ: CRWV) disclosed on 17 September is not the new price of AI compute. It is the rate on contracts lasting three to six months, and on management’s own year-end guidance the whole fleet will earn roughly $10 million per active megawatt, about a quarter of the headline.
The one-month extension of Fermi’s TensorWave lease is not a paperwork delay on a done deal. The 222 MW lease at Project Matador has never been effective: it was signed on 9 August subject to conditions, and on 22 September Fermi and TensorWave moved its closing date from 30 September to 31 October because the