A Black 'Friday Night Dirty'

In this special Thanksgiving episode, the guys cover it all including:1. Japanese bonds & silver on a tearYields in Japan are moving lower, with the 2‑year bond nearing 1%, while silver is described as being on a “runaway train” higher amid shifting safe‑haven flows.​2. Fed leadership shake‑up in focusThe group debated the market implications if Kevin Hassett were to replace Jerome Powell as Fed chair, highlighting how that could alter rate expectations and risk‑on sentiment.​3. Tether’s gold stash: crypto ironyThe boys noted the irony that Tether , a major crypto stablecoin issuer, now holds a large position in physical gold, blurring lines between crypto and traditional safe havens.​4. Natural gas driving energy playsNatural gas prices were a key theme, with Range Resources and Expand Energy flagged as potential beneficiaries and interesting energy stock ideas in the current environment.​5. AI hype vs. sustainable marginsThe conversation turned to artificial intelligence, with concerns raised about whether NVIDIA’s current margins and valuations are sustainable as competition and regulation increase.​6. Consumer discretionary & tax‑loss windowConsumer discretionary stocks were discussed as a sector to watch, and the group highlighted the coming year’s tax‑loss selling season as a potential source of mispriced opportunities.​…And so much more….. This is a public episode. If you'd like to discuss this with other subscribers or get access to bonus episodes, visit whatarewedoingonthedesk.substack.com/subscribe