Jack W

People keep saying "RWA is already priced in." My brother in Christ, just 0.01% of the addressable market has been tokenized. Nothing is priced in. Nothing has even started.

🔥Gold has overtaken the US Dollar in central bank reserves for the first time in decades: Global gold reserve assets hit a record $3.87 trillion, surpassing valuation-adjusted USD reserve assets at $3.73 trillion. This is the first time gold has exceeded adjusted Dollar reserves since the IMF started publishing the data in the late 1990s. Since 2014, the adjusted value of Dollar reserves has fallen -15%, while central banks have increased their physical gold holdings by +15%. Because adjusted USD reserves exclude interest income from instruments like US Treasuries, they reveal only the fresh Dollar reserves central banks are accumulating. Meanwhile, the IMF also reports unadjusted Dollar reserves at ~$7.5 trillion, but roughly half of that reflects accumulated interest on US Treasuries rather than active demand from central banks. Gold is increasingly competing with the US Dollar in global reserve holdings.

$320B projection looks aggressive but hyperscaler capex commitments support it. NVIDIA has effectively become the AI infrastructure benchmark.

Correlation is real but risk-off flows drive both. The actual contagion channel is carry trade unwinding. Japan has been the funding currency for years. Watch the unwind, not the headlines.

@GlobalMktObserv Excellent chart. The divergence between typical 5 supertankers and 28 contracted speaks volumes about supply chain reshuffling. Freight costs and vessel availability are the new bottlenecks.

🔴Over 800 ships are still stuck in the Strait of Hormuz: More than 800 vessels remain trapped inside the Persian Gulf despite Tuesday's US-Iran truce. The stranded fleet includes 426 crude and fuel tankers, 34 LPG carriers, and 19 LNG ships.👇 globalmarketsinvestor.beehiiv.com/p/us-stocks-po…

⚠️US crude exports are surging to historic levels: American crude oil exports are on track to average a record 4.90 million barrels per day in April, based on current loadings. Since February, exports have risen +1.12 million barrels per day, or +30%. At this pace, May exports are expected to exceed 5.0 million barrels per day for the first time ever, with ~28 supertankers already contracted, compared to just 5 typically booked at this point in a month. The surge is being driven by Asian and European refiners scrambling to replace Middle Eastern supply while the Strait of Hormuz remains effectively shut. However, the US export system is starting to face its own limits, with vessel availability, port capacity, and rising freight costs making it difficult to push much beyond 5.5 million barrels per day. At the same time, more barrels heading overseas means fewer staying at home, with US gasoline prices already at the highest since 2022 at over $4 a gallon. The world needs American oil, but so does America. Great chart @anasalhajji

@GlobalMktObserv Excellent chart. The export surge underscores how chokepoint risk translates to infrastructure premiums. Pipeline redundancy is now a measurable risk factor for energy market allocations.

BANKS ARE DIVING INTO BITCOIN Barclays, a $2 trillion financial titan, has confirmed live on Fox that they’re adopting $BTC and crypto. Recently Morgan Stanley’s introduced BTC ETF, market signals suggest a growing wave of institutional players are preparing to enter the space.

@UNCTAD The investment implication is clear: sovereign wealth buffers separate EM economies that can self-fund growth from those trapped servicing debt. This is where asymmetric upside lives.

Least developed countries face mounting debt burdens as growth slows and revenues weaken amid global uncertainty, @UNCTAD warns. In 2024, nearly 25% of government revenue went to creditors abroad – the highest share among developing countries. More: ow.ly/txQu50YHMgU

@Rmanning4 $200 oil is catastrophic, not great. But the question for EM investors is who survives the shock. UAE's ~$2.5T sovereign wealth buffer provides fiscal optionality most markets lack.

And it’s great if your goal is $200 oil.

SELLERS ARE RUNNING OUT OF BITCOIN 🚨 On-chain data shows realized losses falling and selling pressure easing. Fewer sellers left -> even small demand can move price.

850,000 $BTC Just Got Accumulated In The $60K-$70K Range This Year. That's Over 9% Of Bitcoin's Total Supply. Locked Up. Bought. Held. This Is The Foundation Of The Next Bull Run Being Built In Real Time.

@ChrisBloomstran The pattern of escalating optimism after missing projections is the tell. Genuine research adjusts assumptions when reality diverges. Advocacy research just moves goalposts. $10B AUM suggests marketing works.

Cars sold in 2025: 5-10 million. Actual: 1.6 million (and declining). EV revenue: $234-367 billion. Actual 2025 total revenue: $95 billion (and declining). Bear case insurance revenue: $23 billion. Actual: Undisclosed, likely < $1 billion. Insurance profit: 40% pre-tax margin. Actual: Undisclosed. 40% is impossible. Most definitely negative. Human/autonomous ride-hail revenue: $42-327 billion. Actual: Zero Gross margin: 43-50%. Actual: 18% EBITDA margin: 30-31%. Actual: 12% Enterprise Value/EBITDA: 14-18x: Actual: 117x (LOL) Market Cap: $1.5-4.0 trillion. Actual: $1.3 trillion (312x P/E) Free Cash Flow Yield: 4.2-5.0%. Actual: 0.5% ARK then published increasingly more optimistic “research” reports on Tesla in the subsequent 3 years (before giving up). The final 2024 report projected a $7.0-10.9 trillion market cap and $300 billion of annual free cash earned by 2029. While Tesla’s’ stock did rise 59% in the subsequent five years from the 2021 report (to a 312x P/E), the ARKK ETF lost 43%. The fact that ARK still has more than $10 billion of fee-paying investor capital despite destroying the majority of the billions that cascaded in near its 2021 peak remains a mystery. Perhaps it’s the ongoing more than 100 appearances on CNBC. Or the live TV prediction of earning 50% returns per year. Cumulative management fees total more than $600 million. And counting.

ARK Invest published its 2021 “research” report on Tesla, thoughtfully estimating metrics on where the car company would be in five years. The results are in. Turns out Cathie & Co were just a tad bit optimistic in their forecasting skill. That was sarcasm. The scorecard: 1/

@PauloMacro Your sarcasm is warranted. An 'uptick' to -88% is still crisis-level. The relevant variable: UAE institutional continuity, documented through regulatory operations during disruption.

Wow!!!! Only -88%!!!!!

Important reporting. The disinformation environment around this conflict, from recycled footage to misattributed claims, makes independent verification essential for any serious allocation decision.

Fortifying #Cloud Security Operations with #AI Driven Threat Detection buff.ly/GUAgshJ @DZoneInc #CyberSecurity Cc @roxananasoi @jblefevre60 @BroadenView @SpirosMargaris @TamaraMcCleary @LaurentAlaus

@MCins_ @LinkedIn @jeffroth77 @GalenDShaffer @JimMarous @FGraillot @nigelwalsh @SpirosMargaris @jblefevre60 @robgalb @RonnoArnold @hedgequote Data depth is a compounding advantage. Incumbents didn't just defend their position, their moats widened during the insurtech cycle.

how has the #insurtech trio performed in a year of spectacular profitability for the insurance sector? linkedin.com/pulse/profits-… via @LinkedIn @jeffroth77 @GalenDShaffer @JimMarous @FGraillot @nigelwalsh @SpirosMargaris @jblefevre60 @robgalb @RonnoArnold @hedgequote @Nick_Lamparelli @antgrasso @hugues_bertin @globaliqx @psb_dc @an_battista

@business For risk-literate investors watching the region, structural fundamentals may create asymmetric upside for patient capital.

The Bank of England plans to discuss the impact of Anthropic’s new AI model with financial institutions, as UK regulators join their peers in the US and elsewhere in raising alarms over the risks posed by the tool, a person familiar said. bloomberg.com/news/articles/…

JPMorgan's 4% enhanced dividend approach merits attention. Sovereign-backed infrastructure in select EM markets offers yield stability with differentiated risk profiles.

Ghana’s Regulus is enabling cross-border liquidity, investment access, payment connectivity across emerging markets disruptafrica.com/2026/04/07/gha…

Solid overview of bioenergy economics. The Abu Dhabi Global Water Platform demonstrates how sovereign capital can restructure climate infrastructure into investable transactions.