I remain bullish on the future potential of stablecoins as well as the leaders in this movement like CRCL and SOL.

This economy is not well. It can get well, but it needs more help from the Fed than it is getting. Hopefully, that help arrives in 2026.

- Smallest rise in new business inflows in 20 months
- Job growth constrained by concerns over costs
- Input cost inflation highest since November 2022 due to tariffs + rising labor costs
- Selling price inflation highest since July and one of the highest since 2022

Yet only 25% odds the Fed cuts in January, and the first full cut of 2026 isn't priced in until June.

The Fed is offsides. They need to be more dovish than they're being...

- Wages are stagnating. Average hourly earnings +3.5% in the weakest wage growth since Covid. Assuming November CPI runs at 3%, real wage growth slipped to just 0.5% in November, lowest since real wage growth flipped positive in May 2023.

- Unemployment is spiking. Unemployment rate up to 4.6% - highest since Covid. Clear cyclical upturn in unemployment consistent with recessions.

🔗 fortune.com/2025/12/12/...

Work/Life Balance --> more gig work, more health focus, more travel, more fun. #UBER #FVRR #UPWK #LTH #RBLX

Risky investing --> more money in high-risk investments. #HOOD #COIN

And that's partly why everything - from politics to markets to news to movies to podcasts - is becoming exceedingly polarized and extreme.

Because the people driving politics, markets, news, etc are exceedingly desperate for a radical change.

Interesting times we live in...

That's stuff that even Google can't erode quickly. It'll take a long time before Google scales a viable competitor.

Which is why today’s crash in Z looks appealing to me.

Their “sandbox” is bigger.

But over the next 3-5 years, Zillow has massive advantages.

MLS integration. Broker/agent partnerships. Dedicated app/experience. Value added services. Proven conversion.