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The "Real Housewives of Beverly Hills" alum starred in the erotic thriller 28 years ago.

“A fight occurred, an altercation occurred, and as a result individuals decided to settle it with gun violence,” Detroit Police Chief Todd Bettison said.

The term “86” can mean to remove or get rid of something, while “47” refers to Donald Trump as the 47th president.

Gen Z is eager to climb the corporate ladder — but says millennials are standing in their way.

The Justice Department said Kevin D. Curry, 64, "shamelessly preyed" on veterans by exploiting the TRICARE health program.

Barrett had delayed speech, but his first words were “Bluey” and “Mickey Mouse,” her lawyer said during a hearing. 

Xi Will Return And Put His Foot On The Pedal To Develop Better Chips, Better Models, And The Energy To Drive That Compute

We came into this week with a list of things to think about with the Fed Behind Us, and a SITREP focusing on the Houthis vs Saudi Arabia. We also kicked off the week with a preview on CNBC. Our “official scoring” was stocks did well, Bessent faced setbacks on bonds and the yen, and for the world, well, not as much clarity as we could have hoped for. I was going to go with i instead of ? but √−1 seemed overly complex vs ? even if it is more reflective of the current complex state of the world!

We weighed in on some possibilities in Let’s Make a Deal: NYC Style. We started off with a bang, with the Greenland deal and a pre-summit trade “status quo” extension, but finished the week with a lot of wasted opportunities. The confusing messaging with Ukraine and Russia (confusing on everything except a desire for diesel prices to go lower). The contradictory messaging with Iran: public threats, closed door meetings allegedly leading to a deal, the terms of which seemed to be rejected by the President on Friday after the close. The summit had a lot of pageantry, some amazing moments, some awkward moments, but little seemed to come out of it in terms of concrete proposals.

We ended the week on Bloomberg TV (click play, as we kick off Friday’s show) where we get to review what happened and preview what’s next. I’m sure I got some of the military details incorrect, but I lay out a case (explained more thoroughly in last weekend’s report), why the admin might be pushing to frame the midterms as a re-launching point, rather than an artificial constraint on U.S. activities (fortunately, Friday’s messaging from the admin is consistent with that view). So far, the admin has not proceeded with a diesel export ban, which I think would backfire in a relatively short period of time.

If you haven’t heard Academy’s latest Around the World Podcast (Academy Podcasts, iTunes, and you can also find on Spotify) I highly recommend it. We cover:

• Iran, Saudi Arabia, and the Houthis
• Cuba
• Russia/Ukraine War
• Greenland Deal
• The Trump / Xi Summit
• Macro Impacts

Recently retired Air Force General Kruse joins Spider, Maria, Bret, and me to run through the variety of topics, with some pretty interesting takes.

Supercalifragilisticexpialidocious Intelligence

Who knew that was a word that not only appears in the Oxford English Dictionary, but also in spell check?

According to a Truth Social post, the President and Xi agreed to rename Artificial Intelligence as Super Intelligence. As you might guess, the number of memes is growing exponentially (with the aid of AI). My favorites so far are the Terminator ones where AI Terminator is BAD, Super Intelligent Terminator is GOOD. Never one to doubt the power of marketing, but this name change doesn’t seem likely to address the questions, domestically, internationally, and geopolitically around the development and deployment of AI.

Trump: "A big day with President Xi of China. Super Intelligence (SI) will be a big topic of discussion, but I want to leave it exactly where it is." pic.twitter.com/QYEWYMQlLF

— zerohedge (@zerohedge) September 24, 2026

But if we are going to go for “super,” why not supercalifragilisticexpialidocious? You’ll always sound precocious. (I am scared of what small percentage of readers will recognize the song, but for those who do, it isn’t a bad song to have stuck in your head, getting ready for another long week).

But seriously, by the time you are done saying Supercalifragilisticexpialidocious Intelligence, you will have forgotten what you are arguing about!

Stocks did quite well this week, with the Nasdaq up 2% and the SOXX index up 6.3% (though, depending on the index you track, most of the gains came on Monday’s rip-roaring rally!). Also, the Russell 2000 was down on the week.

As many have pointed out, the lack of breadth remains an issue. We continue to have a “compute” economy, which funnels into semiconductors (a sector with a disproportionate number of large sector and single stock leveraged ETFs).

ZeroHedge has been focused on this more than most and pointed out on Friday that we had 9 days in a row of more 52 week lows in the S&P 500 than 52 week highs. 

The market has given up: there is no more breadth - 9th day in a row of more 52 week lows than highs pic.twitter.com/fUeIqlXfZ9

— zerohedge (@zerohedge) September 25, 2026

The “mechanical” nature where $1 of new money triggers activity in ETFs (and leveraged ETFs), along with other fears around “faux liquidity” (a market driven by algos and machines, that is incredibly liquid for small moves, but prone to gaps on larger moves), are growing concerns for me. Trying to dig deeper into this, but some of the experts in the area are arguing (persuasively to me) that depending on the sector, the market impact of that $1 in new money can create much larger market cap changes (hence the fixation on leveraged ETFs in particular).

Short term, markets are swinging around with oil, but longer term, it is the compute build and spend that will drive markets and the economy.

A lot of positive vibes, but not sure what was really accomplished or not this week on the AI front, especially with China. Much Ado About Nothing is the likely case there, as I expect whatever was said, Xi will return home and put his foot on the gas to develop better chips, better models (using distillation if need be), and I would say the energy to drive that compute, but on that front, they seem to be ahead of the U.S. where braggawatts remains a concern.

At its most simple, since last year in Geneva, if not before then, I think the simplest way to frame every meeting with China is that after they go back to their respective countries, each side has one specific agenda:

• The U.S. must continue to maintain or increase its lead in compute, while working on being less dependent on China in sectors where we need to be truly resilient (ProSec). Processing, refining, and smelting rare earths, critical minerals, and even basic commodities is a part of that, but it goes far beyond those industries (more on this later).
• China needs to grow its compute and chip industry (in terms of size and quality) faster than the U.S. can catch up on things that the U.S. is currently over-reliant on China for.

Both sides have improved their hands (or cards) since the Geneva meetings, but my nagging concern is that China is more fixated on its goal and better organized in terms of achieving it, hence my repeated concerns for markets AND National Security, on Cheap Chinese Compute.

The House Doesn’t Always Win

10-year Treasury yields jumped to 5.2% this week. A 20 bp move. The part of the move that seemed to be triggered by S&P PMI data seemed particularly unusual (it is rarely such a market moving event).

Bessent of I am the House Now and 6 Billion Dollar Man fame, is not getting his way on bond yields, nor on the yen.

On bond yields, the data isn’t helping him. The war isn’t helping him. At the same time, the supply (just not in size but in average maturity) from the corporate market isn’t helping him. Neither are bond yields that are higher globally than they have been in a long time. Treasuries just aren’t that exciting, which is one of the messages the 5-year bond auction seemed to send.

The buybacks left a lot to be desired. The Treasury continues to only help buy back some illiquid bonds, even then only at yields in the context of the market.

Bessent Plays Hardball With "Bloomberg Bros": Yields Spike As Treasury Accepts Just 68% Of Maximum Buyback Offers https://t.co/c4WFUI7Cej

— zerohedge (@zerohedge) September 24, 2026

Some “don’t bet against the Fed (or Treasury)” positioning was likely wiped out this week on that move, meaning it should be more difficult to push yields higher. But to get yields much lower, we need peace in either Russia/Ukraine or the Middle East (which we didn’t seem to get) or something akin to the “whatever it takes” moment Draghi unleashed on the Euro.

The yen move hasn’t been quite as bad as the move in yields, and the yen diligently responded to more chatter about intervention (and maybe some actual intervention), but look for a weaker yen to remain a talking point, for both the admin and markets. To some degree I’m not sure why it is so front and center, especially as I’m not a big believer in the yen carry trade, but it is, and markets need fewer rather than more distractions.

The World

I’ll admit, I was kind of optimistic about the UN convening in New York City with so many opportunities to address so many potential issues. NYC is where Trump is really in his element.

My main takeaway from this week is that I’m convinced that Mark Rutte, the Secretary General of NATO, was on the cusp of saying ProSec™ during his interview with Annmarie Hordern on Thursday.

He wasn’t comfortable talking about trade (that was for the politicians), but he had no problem lamenting the lack of refining capacity in Europe.

Rather than rehashing our thoughts on this subject, we can just direct you to our longer pieces:

ProSec 2026 (our start of the year kick-off piece).

Is ProSec The New ESG? What sounded preposterous even in the U.S. when we first started touting this concept seems to be turning into the norm. Look at investment committees. Look at recent ETF launches. Look at Canada and Australia, who seem to be contorting themselves to this reality. And finally, while Europe isn’t quite there, it seems a growing part of the population, including leaders like Rutte, is starting to face that reality that “true” sustainability requires real world resiliency.

Our Mid-Year ProSec Update and first real attempt to introduce the concept of Vertically Integrated Nations.

While investing in ProSec has been mixed outside of the compute/semiconductor/energy side of the concept (including the companies that make the equipment to build out compute), I think it is time to

add to some of the ProSec sectors that have lagged (nuclear for one, rare earths and critical minerals as another) and also to start moving allocations more aggressively into Global ProSec!

Bottom Line

Difficult to be bearish rates after the big moves. Even on oil and diesel and the wars, the “surprise” would seem to be a solution rather than ongoing problems (though by no means have markets priced in bad cases, let alone worst cases, for global energy distillate supplies). Let’s call rates “neutral” here, maybe playing for a bounce in prices (lower yields).

TLT (long-dated Treasury ETF) dropped 2.4% on the week, while LQD (long-dated IG) dropped only 1.4%. Some of that is linked to a shorter duration, but I continue to want to combine my credit risk with my duration risk and own longer-dated corporate bonds, with an emphasis on the compute build bonds (which make up a large part of the end of the curve anyways). Any slowdown in compute build (which was off the table this week) will be incredibly good for all-in compute bond yields.

Energy, energy, and more energy. While rare earths and critical minerals (especially the processed and refined versions) are important, they don’t resonate with the public the way higher energy prices do (or god forbid, actual shortages). What the public wants, the public often gets, so continue to be skewed heavily to energy and energy production in all forms (electricity, LNG, diesel, etc. are at the top of your investing list). Yes, the sector will sell off on any resolution of today’s oil price problems, so be careful there (plenty of profits to be taken already), but look to reload on any sell-off. If Canada and Australia can start addressing their self-inflicted energy wounds, and Europe can at least admit they might have a problem, there is a lot more opportunity in this space!

Good luck and I cannot help but feel a bit disappointed that this week’s opportunity in the U.S. didn’t seem to create much real momentum that markets or the economy could latch on to. On the other hand, it is difficult not to smile with supercalifragilisticexpialidocious running through your head on repeat. If you haven’t heard it, look up the word and Mary Poppins and give it a shot; it can’t hurt!

Tyler Durden Sun, 09/27/2026 - 15:55

Young voters are right that the system is failing them, but they're wrong about which system it is: They've experienced a quasi-socialist economy that fails them at every turn.

The competitions that defined training camp all came into focus Sunday.

The model died on Sept. 20. He was 27.

The model died on Sept. 20. He was 27.

Iran 'Fully Prepared' To Resume War, We Don't Trust Trump: Iran FM

The two big weekend Iran war developments are 1) President Trump has rejected Tehran's seven day ceasefire roadmap proposal, and reportedly plans to resume bombing Iran - likely after the November midterm elections; 2) the Iranian government announced Sunday its forces have struck 19 ships in the Strait of Hormuz over the past two nights, per Fars News Agency.

The Fars report indicated the Iranians hit 12 vessels Friday night and 7 more Saturday - though Western sources have been slow to report or confirm this, and the Pentagon has not initially commented.

Iranian Foreign Minister Abbas Araghchi has meanwhile once again emphasized in the wake of Trump's rejection of the latest proposal that on the one hand Tehran stands 'ready' for renewed fighting and won't back down - and on the other has not yet abandoned diplomacy.

JPost/Getty Images

"We are fully prepared for the war to be resumed. We stand firm in the face of any new aggression, even if it comes to a doomsday war," Araghchi told NBC News Meet the Press on Sunday.

He was specifically asked about the Friday Wall Street Journal report which strongly suggested Trump is ready to resume bombing the Islamic Republic after the midterms.

But Araghchi offered the key caveat and opening: "At the same time, we stand ready for diplomacy. It is up to President Trump to choose," he said.

The top Iranian diplomat further make clear his country is not backing off its initial conditions to end the war and reopen the Strait of Hormuz:

Our proposal is very clear. We are ready to open the strait if certain things are done by the U.S. And these certain things are not new, have not come from the space. These are our rights, that we want to be respected. First of all, we want to end this war of aggression. They started this war eight months ago with the hope that in two, three days, you know, they can win the war. It's now eight months. And we want it to be ended. We want our money, our assets, which are illegally frozen, to be released. We want, you know, to be able to sell our oil. So we want certain things that the U.S. has already committed itself to in the previous, you know, deals.

The main conditions can be summarized as the end of the war on all fronts, the release of frozen assets and the end of the naval blockade.

The NBC show host tried to hold Araghchi down on Iran's insistence that its funds be unfrozen and returned - which is proving a tall ask from a White House which has unleashed its 'Economic D-Day' campaign seeking to totally isolate Iran.

The interview transcript is quite illustrative of the main impasse:

KRISTEN WELKER: But Mr. Foreign Minister, the ambassador's point was the United States is not going to unfreeze assets on the front end. It's not going to lift sanctions on the front end. Is it possible to negotiate a new peace plan at this juncture? Or has diplomacy failed?

FOREIGN MINISTER ABBAS ARAGHCHI: Well, why aren't they ready to release our money? It is our own money. It is not, you know, any other's money.

KRISTEN WELKER: Because they want to see some actionable items from Iran, like opening the Strait of Hormuz, before they do that. Has diplomacy failed, Mr. Foreign Minister?

FOREIGN MINISTER ABBAS ARAGHCHI: Well, there is always hope for diplomacy. But to be honest with you, we have no reason to come back to diplomacy and engage with this administration once again, because of how they've behaved in the past two years. You know, in 2025 they offered negotiations...

And so clearly the situation is back to square one in terms of the stalemate that's been on from the beginning, and has persisted for seven months, as Washington finds itself in yet another quagmire in the Middle East.

🔺 Iran says it struck 19 ships in the Strait of Hormuz over the past two nights, Fars News Agency reported Sunday, after Kpler reported over 20 million barrels of crude and products exiting the US blockade line as 7-day average.

Iranian forces hit 12 vessels Friday night and 7… https://t.co/UnVeYf99k0 pic.twitter.com/LP8tZknZqo

— Drop Site (@DropSiteNews) September 27, 2026

Regional analyst and editor of Amwaj.media, Mohammad Ali Shabani, concludes of weekend events: "The next phase of the war will likely revolve around destroying Iran's economic infrastructure. The method is collective immiseration until desperate Iranians with nothing to lose will do the regime change."

This of course sets the US on a trajectory of yet another 'forever war' in the region. Trump, it seems, may also opt for bombing in search of a 'better deal' - though this will simultaneously ensure a more hardline resistance will be entrenched in decision-making centers in Tehran.

Tyler Durden Sun, 09/27/2026 - 15:45

They had to go!Four runaway portable toilets were spotted rolling across a parking lot in Metlife Stadium in New Jersey on Sunday as wicked nor’easter winds tore through the Garden...

Myles Garrett will be out longer than expected

The building developed by Alchemy-ABR Investment Partners is one of the new luxury apartment towers along the Q subway line.

Losing him would obviously be a major blow to the defense.

The best music videos of the year will be honored tonight.

The best music videos of the year will be honored tonight.

The tragic NYCHA handyman killed by a falling tree in Brooklyn was known as “Mr. Fix-it” and working overtime when he died in his brown rain boots, which tearful residents recognized his body by.

His company this month swooped into the Boca market by purchasing the entire Boca Raton Innovation Campus, a 124-acre, former IBM facility that adds 1.7 million square feet of offices to Ross’s Palm Beach County portfolio.