EP127: Be fearful when others are greedy

The optimists are away — JT's sailing to Japan and Finn's in Tonga with the whales — so the ex-bond traders are running the show. Mark walks through 12 risk factors that have been quietly building: record margin lending, rock-bottom cash allocations, almost zero downside protection, and corporate bond demand starting to dry up. Meanwhile, the semiconductor sector is splitting in two — memory chip makers are printing money while the hyperscalers writing the cheques are starting to feel it.Plus: Meta making its own chips, Apple's luxury AR glasses play, the India-Australia uranium deal, copper's relentless grind higher, and why next week's US bank earnings (JPMorgan, Goldman, Citi, BofA, Wells Fargo) could set the tone for the quarter. And yes — Mark has finally overtaken Kai on the leaderboard after 191 days.Not financial advice. General advice warning applies. Do your own research.