On TCAF this week Josh and Michael spoke with returning guest Jens Nordvig, President at Vanda. They discussed rising Treasury yields and the risk of something breaking in the bond market, Scott Bessent’s intervention in the yen and Treasury markets, the massive AI capex and hyperscaler debt boom, whether AI is actually inflationary, oil prices and the Fed, the surprisingly resilient consumer and labor market, America’s growing debt problem, and why Korea could be one of the most interesting macro trades heading into 2027. (Listen)

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There are any number of ways to track speculative activity in the stock market. In this chart Matt Cerminaro at Chart Kid Matt looks at the number of S&P 500 stocks trading at a 40x forward P/E over time. So despite an up year for the stock market, that number is at multi-year lows.

A new Compound-Tropical Bros. collab just dropped. The Compound x Tropical Bros. Par-Tee Polo brings together everything we love about the game and the island lifestyle. Featuring a clean white backdrop with palm trees, golf clubs, golf balls, and The Compound logos throughout, this polo is built to stand out. A women’s version is available as well!

Next week on TCAF, Josh and Michael will be live at Future Proof talking with two very special returning guests.