Discretionary, non-essential Federal spending is officially on pause, as the government entered a shutdown earlier this week. Unfortunately, economic data collection is considered non-essential, leaving investors to rely on alternative data sources for the time being. The timing is not ideal, with the labor market being in such a precarious position. The AI boom is not just reshaping the stock market, it’s also reshaping the economics of the market leaders. Investors are giddy, but insiders are singing a different tune. Thematic equity ETFs. House prices. Window dressing. How long is your commute?
1. Bondholders need not worry, interest is mandatory:
Source: Goldman Sachs, @neilksethi via the Daily Chartbook on 9/29/2025
2. The current “frozen” labor market, no hiring or firing, is unprecedented:
Source: Dario Perkins, TS Lombard via the Daily Chartbook on 9/30/2025
3. This isn’t your parent’s stock market:
Source: Callum Thomas, Topdown Charts via the Daily Chartbook on 10/1/2025
4. Technology companies are transitioning from cash flow machines to cap ex machines:
Source: @lhamtil
5. A bet on stocks over bonds is a bet on strong earnings growth:
Source: John Authers, Points of Return
6. Insiders have accelerated their share sales:
Source: @isabelnet_sa via the Daily Chartbook on 9/29/2025
7. Investors should be cautious of crowded trades with ample capital:
Source: @vrntperception via the Daily Chartbook on 9/25/2025
8. Unsurprisingly, there’s a strong relationship between home prices and inventory:
Source: @mnolangray
9. It’s time for retail investors to tune up their portfolios with Thanksgiving just around the corner:
Source: Scott Rubner, Citadel Securities via the Daily Chartbook on 9/30/2025
10. My bike commute to downtown Boston takes about 40 minutes:
Source: Drew Downing
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