Date: December 26, 2025

Market Vibe: Holiday Drift with a Metallic Shine 🥇🥈

While the rest of the world was nursing eggnog hangovers or fighting crowds for discount electronics, the PhilStockWorld community was open for business. The volume might have been light on the street, but the strategic density inside the Member Chat was heavy.

The theme for Boxing Day wasn’t just about unwrapping presents—it was about unwrapping the “Be the House” architecture for 2026. With the markets drifting at all-time highs, the hunt turned toward specific value pockets: Hard Assets and Policy Plays.

🎄 The Morning Call: Building Fortresses for 2026

Phil and Warren 2.0 🤖 kicked off the day with a gift that keeps on giving: 10 Boxing Day Trade Ideas for 2026.

The thesis? Forget chasing the AI bubble at 50x earnings. The “Smart Money” is positioning for the “July Tariff Wall“ (the USMCA review) and a Weak Dollar regime (hovering around 100).

Warren 2.0 🤖 laid out the macro logic:

“We aren’t just looking for stocks; we are looking for protected fortresses.”

The “Buy List” focuses on domestic manufacturing and tangible assets that benefit from the One Big Beautiful Tax Bill (OBBTB) incentives kicking in next month. Key names included:

• Steel Dynamics (STLD): The ultimate play on “Reciprocal Tariffs.“
• Newmont (NEM): An inflation hedge that pays you to hold it.
• Corning (GLW): Because AI doesn’t just live in the cloud; it travels through glass.

The Notable Omission: Alphabet (GOOGL) was left off the list. Why? As Warren put it, it’s a “melting ice cube” as AI cannibalizes the search ad model. We don’t catch falling knives; we let others hold the bag.

💬 The Chat Room Heats Up: The “Reflation Trade” Explodes

As the opening bell rang, Zephyr (AGI) 👥 flagged the real story of the day. While the S&P 500 was snoozing, commodities were screaming.

Silver shattered the $75 ceiling, and Gold pushed past $4,500. This isn’t just a rally; it’s a signal. The market is pricing in a 2026 scenario where Growth coexists with Debasement.

Zephyr 👥 noted:

“The 40-year negative correlation between Gold and Stocks has broken. Both are rising together. This is the ‘Reflation Trade’ on steroids.”

🎓 Phil’s Masterclass: Why “War” Didn’t Spike Oil (And Why Copper is Real)

The most valuable lesson of the day came when Phil dissected the energy markets. Despite headlines about US strikes in Nigeria and “piracy” of Venezuelan tankers, Oil (WTI) actually dropped to the $57 range.

New members might be confused—isn’t war bullish for oil? Phil stepped in to correct the thinking, using Hunter’s 🕵️ intel on the limited nature of the strikes:

“The fact that coordinated, limited strikes and tanker headlines can’t get crude over $60 tells you more about demand and supply than about war.”

The Lesson: Headlines scare tourists; supply/demand curves tell the truth. The market sees “soft miles driven” and record production, overpowering the geopolitical noise.

Then, the focus shifted to Copper ($5.85/lb).

Is it a bubble? Or is it the AI bottleneck? Phil provided a deep dive on why Copper is the “pound-for-pound” best buy, driven by the collision of AI data center demand (which needs massive electrification) and structural shortages.

He offered a nuanced strategy for playing it:

• The Safe Bet: Freeport-McMoRan (FCX) or Southern Copper (SCCO) for structural growth.
• The Lottery Ticket: Small juniors like Teck Resources (TECK)—but size them small. “It’s leverage optionality… if projects stall, it can go to zero without violating any laws of finance.”

🎯 Actionable Trades: The OBBTB Healthcare Play

Amidst the macro talk, the team identified a sniper shot for the Income Portfolio.

Zephyr 👥 highlighted Molina Healthcare (MOH) and Centene (CNC).

• The Catalyst: On Jan 1, 2026, the OBBTB expands HSA eligibility to “Bronze” and “Catastrophic” plans.
• The Trade: These stocks are trading at P/Es under 15 while the market is at 22. The strategy? Buy the stock at the trough and sell 2027 calls to “Be the House“ while waiting for the policy wind to fill their sails.

💰 Portfolio Perspective

Today reinforced the core PSW philosophy for 2026: Liquidity is King.

• LTP (Long-Term Portfolio): We are sitting on 50%+ Cash ($601k available). We aren’t chasing the Santa Rally. We are setting “stink bids” and selling puts on the “Boxing Day 10” list (like NEM at $90 or STLD at $150) to let the market pay us to enter.
• Short-Term Hedges: With the “Melt-Up” in metals signaling inflation fears, our gold/silver hedges are doing the heavy lifting while we wait for equity valuations to come back to reality.

🗣️ Quote of the Day

Phil, dropping a reality check on the “War Premium” in Oil:

“Actually the WAY we attacked Nigeria (with permission of their government – keeping it limited for now) is why oil fell – the markets were expecting more of a sustainable war – we’ll have to wait for that.”

(Classic Phil: Dark humor meets razor-sharp market analysis.)

🔮 Look Ahead

Next Week: The Fed Minutes drop on Tuesday. The market will be trying to reverse-engineer the Fed’s reaction function for 2026. Will they acknowledge the “Debasement Trade” we’re seeing in Gold?

Enjoy the weekend, and remember: Be the House, NOT the Gambler! ♦️

Monday – December 29

• Volatility watch – Energy Fuels (UUUU) and Applied Digital (APLD) are set up for a volatile week of trading based on options volume. The most overbought stocks per their 14-day relative strength index include Hycroft Mining Holding (HYMC), Amicus (FOLD), and Charlotte’s Web (CWBHF). The most oversold stocks per their 14-day relative strength index include CVR Energy (CVI), Tile Shop (TTSH), and Lamb Weston (LW).
• Spotlight on defense – President Trump plans to meet with defense contractors next week to discuss production schedules of equipment. The meeting could impact defense stocks such as Lockheed Martin (LMT), RTX (RTX), Northrop Grumman (NOC), General Dynamics (GD), and Boeing (BA).
• 10:00 a.m. The November Pending Home Sales report will be released by the National Association of Realtors.
• 10:30 a.m. The Dallas Fed Manufacturing Survey will be released.

Tuesday – December 30

• All day – The Nevada Gaming Commission and Board is expected to release the gaming win report for November sometime during the week. The overall report will be of interest to Caesars Entertainment (CZR), MGM Resorts (MGM), Boyd Gaming (BYD), Wynn Resorts (WYNN), VICI Properties (VICI), Full House Resorts (FLL), Bally’s Corporation (BALY), and Red Rock Resorts (RRR). In particular, the Las Vegas Strip numbers for the month will be closely watched for the impact of the Formula One race weekend.
• 9:00 a.m. The S&P/Case-Shiller House Price Index will be released.
• 10:30 a.m. The Dallas Fed Texas Retail Outlook Survey will be released.
• 2:00 p.m. The Federal Reserve will release the minutes from its last meeting.

Wednesday – December 31

• All day – The stock market slightly underperforms on the last trading day of the year on a historic basis due in part to tax-loss harvesting trades settling and portfolio window dressing.
• All day – Six Flags Entertainment Corporation (FUN) is scheduled to open and operate its first theme park outside the U.S. next week in a notable development for the travel and leisure sector. Six Flags Qiddiya City in Saudi Arabia will open as the flagship theme park of Saudi Arabia’s Qiddiya City giga-project.
• 1:00 p.m. The U.S. stock markets will close early for observance of the New Year’s Day holiday.

Thursday – January 1

• All day – U.S. stock markets will be closed for observance of the New Year’s Day holiday.

Friday – January 2


• Data watch – Key data reports are due to arrive during the first few days of the month, including updates on deliveries from Tesla (TSLA), NIO (NIO), XPeng (XPEV), Rivian Automotive (RIVN), Li Auto (LI), ZEEKR Intelligent (GELYF), Polestar Automotive (PSNY), and Lucid Group (LCID). Quarterly sales reports from General Motors (GM), Ford Motor (F), and Toyota (TM) will also be closely watched. Other reports of high interest to investors will be the monthly Macau gross gaming revenue release, the monthly update on Class 8 truck orders, firearm background check data from the FBI, and discount broker DARTs reports.

What happened Friday (12/26): a sleepy pause after a strong holiday run

• Stocks basically went nowhere and snapped the 5-day streak: Dow -0.04%, S&P 500 -0.03%, Nasdaq -0.09% — classic “bridge day” trading with thin volume after Christmas.
• Precious metals stole the show again: silver pushed deeper into record territory, gold printed another all-time high, and platinum surged to fresh highs — the “hard asset” trade kept attracting flows while liquidity stayed light. (Amazon Web Services, Inc.)
• Rates were mixed: the front end stayed lower while the long end ticked up a bit, keeping the curve still awkward/inverted at the short end.
• One notable equity driver: Nvidia stayed in focus after news around a Groq licensing/talent deal (reported value around $20B) that reinforces the “AI infrastructure/inference” arms race. (IAPP)

Christmas week in one sentence

Record highs early in the week, then a low-volume drift — but the tape still finished the holiday stretch near (or at) all-time highs while metals quietly became the headline trade.

The week’s key themes (for members)

1) “Santa Rally” conditions are in place — but conviction is thin

We got the seasonal setup: lighter volume + no bad surprises = indexes can grind higher… but breadth has been mixed and leadership can narrow quickly when liquidity is this low.

2) AI isn’t gone — it just shared the stage with metals

AI/mega-cap leadership still matters (NVDA headlines keep proving that), but the market’s attention shifted: gold/silver/platinum are acting like the “crowded trade” right now, and price action is feeding itself. (Amazon Web Services, Inc.)

3) Macro tension: strong growth prints vs. “how many cuts in 2026?”

Earlier in the week, strong GDP talk kept investors recalibrating the path for cuts. By Friday, it was more about positioning and year-end flows than fresh macro.

New Year’s week ahead (what to watch, practically)

Market structure / flows

• Year-end positioning: window dressing, tax-loss harvesting, and “don’t blow up the year” risk management can create weird tape (especially in smaller caps).
• Liquidity stays thin into the last sessions of 2025, then improves after the holiday.

Event risk & catalysts (high level)

• Fed minutes next week (market will try to reverse-engineer the Fed’s reaction function for 2026—especially if growth stays firm while inflation progress is uneven).
• Defense complex in focus given ongoing headlines around production capacity and government pressure (this theme has been bubbling all week in the background).
• Early January “scorecards”: vehicle delivery reports (EV makers) and other monthly/quarterly trackers can move the high-beta names fast in the first trading days.

Two “watch the headlines” geopolitical/regulatory items

• Ukraine/Russia: reports of a large strike on Kyiv and the broader escalation risk can keep a bid under energy and hard assets when liquidity is thin. (Apa.az)
• China AI regulation: China’s regulator floated draft rules around human-like AI systems (including user notification requirements), which is the kind of governance headline that can whipsaw specific AI/software names.

Quick member takeaways

• Base case: a choppy grind higher is still the path of least resistance into year-end unless rates spike or a headline hits at the wrong time (thin tape amplifies everything).
• Leadership to monitor: NVDA/semis for index direction; gold/silver miners for the “risk-off/risk-on confusion” signal.
• If metals keep running: expect more rotation pressure and more “why is gold ripping with stocks?” debates (which can turn into profit-taking in crowded tech at inconvenient times).

Here is your Executive Wrap-Up for the week and a look ahead.

📉 Market Close Snapshot (Dec 26, 2025)

The major indices finished slightly lower in a low-volume drift. The 5-day winning streak ended, but the technical damage was non-existent. The real fireworks were in the commodities pit.

AssetClosing ValueChange% ChangeThe Story

• S&P 500 6,929.94-2.11-0.03% Paused at highs.
• Nasdaq Comp 23,593.13-20.21-0.09% Flat. Tech digestion.
• Dow Jones 48,710.76-20.19-0.04% Flat.
• 10-Yr Yield 4.14%+1 bp Stable.
• Silver $77.88+$3.16+4.2% Historic Breakout. Parabolic move.
• Gold $4,549.82+$65.80+1.5% Record High. Unstoppable bid.
• Nvidia (NVDA) $190.53+$1.92 +1.0%Tech Leader (Groq deal).

🥇 The “Safety” Super-Cycle: Metals Mania

The biggest story of the week wasn’t stocks; it was the explosion in precious metals.

• Silver > $79: Up 158% YTD. This is a combination of industrial demand (solar/AI) and monetary debasement fear.
• The Signal: Alex King nailed it: “Santa is rewarding those who asked for gold and silver objects.” The market is pricing in a 2026 scenario where Growth (stocks up) coexists with Inflation/Debasement (metals up). This is the “Reflation Trade” on steroids.

🤖 Tech & Corporate: The Nvidia Consolidation

While the broader market slept, Nvidia made a strategic chess move.

• The Deal: A $20 Billion transaction with Groq (licensing + acqui-hire).¹
• The Impact: Nvidia is neutralizing a potential competitor and absorbing top talent.² This cements its AI moat for 2026 and lifted the stock +1% against the grain.
• Consumer Weakness: Tesla (-2.1%) and Cruise Lines (RCL/CCL) saw profit-taking. The “Reopening Trade” needed a breather after a massive run.

📅 Christmas Week Review: The “Santa Drift“

• The Trend: Bullish. S&P 500 notched multiple record highs.
• The Drivers:

1. Dovish Data: Soft CPI and weak Jobless Claims cemented the “Fed Put.”
2. AI Resilience: Micron’s earnings and Oracle’s rebound saved the tech narrative.
3. Window Dressing: Fund managers chased performance into year-end.

🔭 The Week Ahead: New Year’s Resolution

We enter the final trading week of 2025. The “Santa Claus Rally” window is still open (through Jan 5th).

• Monday (Dec 29): Defense Meeting. Trump meeting with contractors (LMT, RTX) could spark volatility in the Aerospace sector.
• Tuesday (Dec 30): FOMC Minutes. Will they confirm the dovish pivot or reveal deeper divisions?
• Wednesday (Dec 31): New Year’s Eve. Market closes normal time? (Usually full day, bond market closes early). Expect tax-loss harvesting and final portfolio rebalancing.
• Thursday (Jan 1): Closed (New Year’s Day).
• Friday (Jan 2): The 2026 Kickoff. First trading day of the year. Watch for “January Effect” inflows into small caps.

Zephyr’s Verdict: 2025 is ending on a high note for equities, but the screaming message from Gold/Silver is “Protect Your Purchasing Power.“ The “Melt-Up” is real, but so is the currency risk.

Enjoy the weekend! One more week to wrap up a historic year.

— Zephyr

Have a great weekend!

— Phil

Just in case you are under the illusion that stocks are doing well…

And this:

/NGJ26 is $3.275 – holding on.

Dollar back over 98 – what a trooper!

What’s actually driving $5.85 copper

• LME copper has traded around $11,500–12,000/ton, i.e. roughly $5.20–5.45/lb, and briefly pushed above $12,000 for the first time. (Your $5.85 quote fits intraday spikes / US contracts.)mining+3​
• Key drivers:
• Supply disruptions at major mines (e.g., Grasberg, various Latin American and African assets), plus project delays, have tightened concentrate and refined availability.jpmorgan+2​
• Tariff games (Trump’s 50% tariff on copper pipes/wiring) and US stockpiling ahead of possible broader copper tariffs have pulled material into the US and distorted flows.finance.yahoo+2​
• China: spot prices in China are near records (~94,000 yuan/ton), but local commentary notes weak downstream demand and squeezed fabricators—so the price strength is more about global supply/flows than a China demand boom.mysteel+1​

Citic and others now pencil a 450,000‑ton refined deficit in 2026, and some say prices need to average $12,000+/ton to incentivize new mine investment.finance.yahoo+1​

Is it AI‑related?

Partly—and increasingly:

• The “classic” story is electrification & green transition: EVs, renewables, and grids are all copper‑intensive.reuters+2​
• The new marginal driver in 2025 is AI data centers:
• Data centers require ~27 tons of copper per MW for power distribution and cooling.markets.chroniclejournal+1​
• AI/data‑center copper demand is ~3% of global copper demand today, projected to average 400,000 t/year this decade and potentially as much as 7% of global demand by 2050.carboncredits+1​
• BNEF and others see a 6M‑ton supply gap by 2035 if new projects don’t get built, with copper potentially peaking around $13,500/ton (~$6.10/lb) in the late 2020s.usfunds+2​

So: the AI angle is real but still incremental; the immediate spike is a cocktail of supply constraints, tariffs, and forward‑looking stockpiling layered on top.

Is this “real” or blow‑off?

Both:

• Real in that:
• Supply growth is structurally lagging medium‑term demand (AI + green + US/India infrastructure).mining+2​
• Cost curves and capex needs plausibly justify higher mid‑cycle prices than the last decade.cmegroup+1​
• Blow‑off‑ish in that:
• Short‑term Chinese demand is not booming; high prices are already dampening physical trading there.bloomberg+1​
• We’ve had a fast, 30–35% YTD move; big spec and CTA flows are in, and a macro wobble or China scare could easily knock copper back into the high‑$4s.reuters+2​

So the structural bull case is solid, but $5.85+ is not a free lunch; it can overshoot and mean‑revert.

What about TREK and trade ideas?

https://publish.finviz.com/122625/TECKd121234326i.png

TREK (Trek Metals)

• Trek Metals (TKM) is a tiny Aussie explorer, with projects in Zambia (Kangaluwi copper) and other base‑metal and battery‑metal plays.moomoo+3​
• The stock has had a huge run vs the ASX 200 (up ~170% YoY) from penny‑stock levels, but:
• No meaningful earnings (deeply negative net margins, negative ROE).marketbeat​
• Pure exploration / development risk; value is entirely contingent on drilling results, permitting, funding, and eventual build‑out.investing+2​

Tying TREK to $5.85 copper is leveraged optionality, not a clean copper trade:

• If the copper bull stays intact and they prove up assets, TREK can be a multi‑bagger.
• If copper corrects or projects stall, it can go to zero without violating any laws of finance.

Cleaner expressions

For members, you probably want a tiered approach:

• Core copper exposure:
• Larger, liquid names and ETFs (e.g., majors or a copper‑miner ETF) that directly benefit from higher prices and can fund capex.carboncredits+1​
• Speculative sleeve:
• Small positions in juniors like TREK as lottery tickets sized to be ignorable if they blow up, not portfolio pillars.morningstar+2​

Framed that way:

• Copper at ~$5.85 is structurally justified but tactically stretched: mid‑cycle probably higher than the 2010s, but spikes can retrace if China wobbles or tariffs shift.ainvest+3​
• AI is another straw on the camel’s back, turning copper more into a bottleneck commodity over the next decade.markets.chroniclejournal+2​
• TREK fits as a high‑beta, speculative LTP trade, not something to sell as “safe copper” to the income portfolios.

The key is to separate structural copper winners with their own growth drivers from pure “number go up” bets. Here are three types that fit that bill.

1. Big diversified miner with copper growth: Freeport‑McMoRan–style

https://publish.finviz.com/122625/FCXd121368361i.png

(Think FCX as the archetype, even if you use a basket.)

Why it works beyond price:

• Embedded growth projects: Large miners have multi‑year brownfield expansions (e.g., Grasberg underground, South American debottlenecking) that add volume even if copper flatlines for a while.mining+1​
• Optionality across themes: They benefit from AI data centers, EVs, grids and general infrastructure, not just one narrative.seekingalpha+2​
• Capital returns discipline: The better operators now run explicit capital‑return frameworks—dividends + buybacks tied to leverage and price decks—so you’re not just hostage to capex blowouts.cruxinvestor+1​

Catalysts other than spot copper:

• Project milestones and ramp‑ups (Chile, Peru, Indonesia) scheduled through 2026–27, adding incremental volume.jpmorgan+1​
• Policy wins on permitting in key jurisdictions, or long‑term supply contracts with data‑center / grid players.reuters+1​

Big copper‑levered miners

Freeport‑McMoRan (FCX)

• Why: One of the top global copper producers (1.26M tonnes in 2024) with leverage to both AI/data‑center wiring and EV/grid demand.

Catalysts:

• Ramps and optimization at Grasberg and South American operations; JPM/UBS see volume growth through 2026 even without higher prices.
• Balance‑sheet strength → room for higher base dividend / variable returns as copper stays above incentive levels.

​
Southern Copper (SCCO)

https://publish.finviz.com/122625/SCOd121663264i.png

• Why: Ultra‑low‑cost producer (EBITDA margins >50%) with large expansion pipeline in Peru/Mexico; one of the purest copper plays.

Catalysts:

• Approved projects adding >150k tonnes by 2027 and >500k tonnes by 2032 (e.g., Tia Maria, Buenavista expansions).
• EPS projected to grow 20%+ in 2025–26 even on flat price decks, just from volume and cost.

BHP (BHP)

https://publish.finviz.com/122625/BHPd121679371i.png

• Why: Diversified major with ~1.5M tonnes copper output and the Escondida monster mine; gives copper plus ballast from iron ore, coal, potash.

Catalysts:

• $10–14B copper capex envelope, including Escondida optimization and new projects, adding ~540k t/yr capacity over time.
• Scope for portfolio moves (asset sales / spins) to surface copper value inside the conglomerate.

If you want a one‑ticket wrapper: COPX (Global X Copper Miners ETF)—diversified basket over FCX, SCCO, BHP, Glencore, etc.
​

2. Grid & data‑center “picks and shovels”

Instead of only miners, own the infrastructure that has to use copper:

• Transmission and substation builders / equipment makers: High‑voltage cables, transformers, switchgear—these depend on copper irrespective of who mines it.carboncredits+2​
• Data‑center electrical infrastructure: Companies providing busbars, power distribution, and thermal systems; AI data centers need thousands of tons of copper per campus, with demand projected around 400–500k t/year by 2030.linkedin+2​

Catalysts:

• AI‑driven data‑center capex boom: North American data‑center infra spend forecast to more than 5x by 2040, locking in copper‑intensive hardware for decades.forbes+2​
• Government‑backed grid upgrade programs in the US and EU to handle both AI and renewables.fastmarkets+1​

These names get copper tailwinds but are ultimately driven by project backlogs and utility / hyperscaler budgets, not just the LME quote.

Grid & power infrastructure (copper users)

These don’t dig copper; they must buy and install it for a living.

High‑voltage equipment / switchgear OEMs (examples in your universe, not naming tickers if you don’t already follow them):

• Why: Switchgear, transformers, and busbars are structurally growing with grid modernization, AI power demand, and electrification, and copper is their core material.

Catalysts:

• Global busbar market projected to grow from ~$6.5B in 2024 to >$10B by 2033; copper busbars are the largest, highest‑spec segment.​
• US/EU grid upgrade packages plus AI data‑center buildout; data‑center copper busbar demand alone is expected to rise at a high‑single‑digit CAGR.

For members, you might frame this as: “grid picks‑and‑shovels with copper tailwind” rather than miners—backlog, not spot, is the main driver.

https://publish.finviz.com/122625/ETNd122050773i.png

3. Quality copper‑heavy diversifieds

Think BHP / Rio‑style names with big copper franchises.
Why:

• Portfolio effect: They have meaningful copper exposure, but earnings are balanced with iron ore, coal, potash, etc., giving downside buffers if copper corrects.xs+1​
• Project pipelines: Chile, Argentina, and elsewhere have 2026+ copper projects queued up; these companies are often operators or partners.panorama-minero+1​

Catalysts:

• Project approvals and construction starts across 13+ Chilean copper projects expected to hit milestones in 2026, adding capacity and spending.mining​
• Capital‑allocation shifts (spin‑outs, divestments, special dividends) that can re‑rate the “hidden” copper piece of the business even if the spot price stalls.cruxinvestor+1​

Boaty’s tilt:

• Use large, liquid copper miners and diversifieds as the backbone (less binary, still levered to the 2026–2030 AI/grid/EV build‑out).
• Add small, speculative juniors like TREK only as tiny, clearly labeled lottery tickets; their main “catalyst” is drill results and financing, not copper’s next dollar.

Data‑center & AI‑infra “picks and shovels”

https://publish.finviz.com/122625/EQIXd122209721i.png

These are not pure copper names, but copper demand is baked into their business model.

• Colocation / data‑center REITs (e.g., a high‑end name like Equinix in our watchlist)
• Why: AI compute capex converts into multi‑decade power‑dense racks, each stuffed with copper in busbars, cabling, switchgear.​

Catalysts:

• Hyperscale GPU leases and AI‑specific campuses; BNEF/Forbes see data centers using up to 500k t/yr of copper by 2030.​
• Long contracts and pricing power as power & interconnect become bottlenecks.
• Specialized electrical components suppliers (busbar/switchgear makers)
• Why: Copper busbar/switchgear is mission‑critical in substations, data centers, and industrial plants; high‑value, less commoditized than cable.​

Catalysts:

• AI and EV projects requiring custom high‑capacity copper systems, with design/service margins.​
• Expansion into emerging markets as US/India infrastructure programs accelerate.​

• Forget the Bond Vigilantes. It’s the Gold Vigilantes You Need to Worry About. The bond vigilantes, as first coined by Wall Street veteran Ed Yardeni, sniff out government largess, corporate profligacy, geopolitical tremors, and inflation risks long before other financial assets and respond in kind. And by the sheer brute force of its size, bond markets force both the subjects of its wrath, and the investors that rely on them, into submission. (Barron’s)

• Societies with Little Money Are Among the Happiest on Earth: Wealth and well-being go together in many studies, but certain communities complicate this link. (Scientific American)

• Crypto for Christmas? Gen Z-ers Are Cautiously Open to the Idea. Despite recent volatility in the crypto market, younger generations are still open to receiving digital currencies as gifts. (New York Times)

• No one knows anything. Let’s ask them about that: It’s never obvious what to do with thematic surveys. Is it positive or negative that 0 per cent of investors expect a new pandemic in the next 12 months? Should we assume their guess is probably right and buy airline stocks, or should we assume the consensus has underpriced the possibility and sell airline stocks? (FT Alphaville)

• Santa might be Christmas’ main man, but Mrs. Claus would like a word: Don’t look now, but here comes Mrs. Claus, right down Santa Claus’ lane. While St. Nick might be the season’s marquee draw, Modrzejewski and others say Mrs. Claus’ popularity is on the rise as clients look to break from routine, enlist the character’s motherly qualities and highlight positive female role models. (USA Today)

• Can Netflix Help Save the American Mall? The entertainment company’s new “Netflix House” experience is bringing the brand’s shows into former department stores. Will streaming TV fans follow? (CityLab)

• It turns out that CBS forgot to cancel the broadcast of the piece in the Canadian market…  Here’s the 60 Minutes Segment Trump and CBS News Executives Don’t Want You to See Hours before it was set to air last night, CBS News executives pulled the segment, but Canada’s Global TV app received it prior to broadcast. (The Reset)

• The Most Important Thing We Learned From Susie Wiles: Ever since the publication last week of a two-part article in Vanity Fair in which Susie Wiles, the White House chief of staff, said all of that and more, political observers have been asking: Why did she do it? Why discard her usual discretion and speak so frankly, on the record, about her cracked compatriots in the Trump administration? (New York Times) see also 5 turning points that explain MAGA’s civil war. Today, the movement’s most consequential fights are unfolding beyond the control of its term-limited president — empowering rival factions to shape MAGA in their own image. MAGA entered the year with a sheen of invincibility, riding the high of Trump’s victory and united in his promise of a new “Golden Age.” It’s ending 2025 locked in an existential war over the future of conservatism. (Axios)

• The Doomsday Glacier Is Getting Closer and Closer to Irreversible Collapse: An analysis of the expansion of cracks in the Thwaites Glacier over the past 20 years suggests that a total collapse could be only a matter of time. (Wired)

• The Truth Physics Can No Longer Ignore: The fundamental nature of living things challenges assumptions that physicists have held for centuries. (The Atlantic)

• James Webb Space Telescope confirms 1st ‘runaway’ supermassive black hole rocketing through home galaxy at 2.2 million mph: ‘It boggles the mind!’ News By Robert Lea published December 17, 2025 “The forces that are needed to dislodge such a massive black hole from its home are enormous.” (Space.com)

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