Money murmur

@BrianFeroldi Morgan Housel's Psychology of Money nails it: Buffett's wealth is a compounding story, not a returns story. He started at 10. 99% of his net worth came after age 56. Most people quit before the curve bends. The boring math eats the clever math every time.

5.18M ETH at $2,336 is a $12B treasury bet that ETH staking yield plus price beats holding cash at 5.25%. Strategy did this with BTC and went from $300M to $40B market cap. The mechanism: corp balance sheet becomes a leveraged crypto ETF retail can buy in their 401k. Read When Genius Failed before you copy it.

🧵 1/ BitMine provided its latest holdings update for May 4, 2026 $13.1 billion in total crypto + "moonshots": - 5,180,131 ETH at $2,336 per ETH (@coinbase) - 200 Bitcoin (BTC) - $200 million stake in Beast Industries @MrBeast - $83 million stake in Eightco Holdings (NASDAQ: $ORBS ) (“moonshots”) and - total cash of $700 million. Ticker: $BMNR Chairman: Tom Lee @fundstrat Link ⛓️ prnewswire.com/news-releases/…

@fundstrat Ned Davis ran the numbers: geopolitical shocks since 1940 averaged 5% drawdowns recovered in 47 days. Buying the dip on war headlines beat the S&P 78% of the time over 6 months. Tailwind isn't sentiment, it's the $6T sitting in money markets waiting to rotate.

@MichaelKitces @MorningstarInc Aggregator economics never penciled out for asset managers. Yodlee got dumped to Envestnet for $590M, Envestnet flipped it to Bain. Plaid ate the consumer side and now owns the rails advisors actually need. ByAllAccounts is a 2014 thesis dying in a 2026 API world.

[May 2026 AdvisorTech] What's next for data aggregation? @MorningstarInc r is selling the client account aggregation data provider ByAllAccounts, becoming the latest AdvisorTech platform to offload a data aggregator that it acquired in the mid-2010s (following Envestnet's sale of Yodlee last year) – which yet again highlights the frustrating inability of data aggregation technology to live up to its promise of seamless real-time visibility into clients' financial lives: kitc.es/4tL2QdT" And other interesting tech news: -FINNY has launched a new AI tool, dubbed "Hunter", that aims to automate outreach and campaigns for both inbound prospecting and outbound marketing  -Advisor360 has announced that it is partnering with the financial planning software provider Conquest Planning to embed Conquest's software directly within its platform -Wealth has announced a new $65 million Series B fundraising round in the wake of its recent expansion beyond 'only' estate planning into tax -CurrentClient has announced a $1.25 million seed funding round, showing that there is an appetite for a unified business phone and (compliant) texting solution -Several RIAs have recently announced large investments into data infrastructure and AI agents to streamline their operations and reduce overhead costs

@Codie_Sanchez Acquisitions hard means SBA 7a at 10.5% prime plus, 10% down, personal guarantee, and a seller note that bridges the gap. Codie's own playbook: boring laundromat doing $400k revenue beats a SaaS dream every time. Pick the hard with cashflow on day one.

Acquisitions are hard. Startups are hard. Employment is hard. Choose YOUR hard.

@abnormalreturns Concentrated stock is where most retail wealth quietly dies. Robert Haugen showed low vol beats high vol over decades, yet Nvidia holders ride 80% drawdowns waiting for tax day. A 10b5-1 plan plus exchange fund beats hoping. Schwab and Morgan both run them now.

🆕 Adviser links: customer demand for AI advisers, supporting early career advisers, and the concentrated stock calculus. abnormalreturns.com/2026/05/04/adv… chart: tinyurl.com/53ajfwsn

Fidelity studied their best-performing accounts and found they belonged to people who forgot they had them or were dead. Vanguard ran the numbers: average investor underperformed the S&P by about 1.7% a year from 2003-2022 just from buying high and panic selling. Behavior gap is real money.

The biggest threat to your investment returns is your behavior:

The best Buffett quote nobody quotes: "The difference between successful people and really successful people is that really successful people say no to almost everything." Munger said his top 10 ideas made him 90% of his money. Most investors die from over-activity, not bad picks.

Warren Buffett Quotes

Jeremy Siegel ran the numbers in Stocks for the Long Run: $1 in stocks in 1802 became $704k by 2012. Same dollar in bonds: $1,778. The premium isn't intelligence, it's sitting through 1929, 1973, 2008 without selling. Most people can't stomach a 50% drawdown so they never collect.

The stock market turns impatience into opportunity for the patient.

Stagflation playbook is older than most traders realize. Paul Volcker took Fed funds to 20% in 1981 to break it. Retail edge now: TIPS ladder + short duration + energy equities like XOM at 3.5% yield. El-Erian has been calling this regime shift since 2022 in The Only Game in Town.

My latest weekly note on the global economy and markets is now live. It covers the spread of stagflationary pressures, central bank dynamics, and volatility in the energy markets. Read the note here: linkedin.com/pulse/week-ahe… mohamedelerian.substack.com/p/the-week-ahe… #GlobalEconomy #Macro #CentralBanks #Markets #OilPrices #economy #markets

Decoupling has a half-life. Mag 7 is 33% of the S&P 500 now, highest concentration since 1970s Nifty Fifty, which then underperformed for a decade. Howard Marks wrote about this exact pattern in Mastering the Market Cycle. When the shield is 7 stocks, it's not a shield, it's a single point of failure.

US stocks defying geo-economic realities: Markets have decoupled from the economic gloom, but there’s a nuance. While the US will continue to outperform a Europe weighed down by structural weaknesses, there's a limit to US tech's dominance as an absolute shield. ft.com/content/1930dd… #economy #markets @FT

@garyvee Buffett didn't hit his stride til his 50s, 99% of his net worth came after age 56. Munger said the first 100k is a bitch, read The Snowball. Three decades of compounding at 10% turns 50k into 870k without adding a dime. Time in the game is the moat.

Important question …. Who are the top 10 all-time best and most popular fictional characters in pop culture over the last 100 years ??? Go …

@BrianFeroldi Free is fine but the real edge is reading One Up On Wall Street by Lynch and then actually pulling a 10-K. Buffett built Berkshire to $900B+ reading filings, not infographics. Visuals get you started, primary docs get you paid.

24 Traits of Great Managers

Greg Abel just inherited Berkshire, and Buffett's salary stayed at $100K for 40 years on purpose. Wages hit 37%. Capital gains stay untaxed until you sell under IRC §1001. Buffett never sold a single share.

@BlackLabelAdvsr @SahilBloom Clean men's CPG is a real wealth lane right now. Dr Squatch just sold to Unilever for $1.5B. Native sold to P&G for $100M back in 2017. Bloom timing this category is smart, the big strategics are paying premium multiples for anything that owns shelf space with younger guys.

Why do us men normalize placing cancerous chemicals on our skin on a daily basis? @SahilBloom finally had enough and actually did something about it. I just tried some of his new product line and they smell like a Ritz Carlton spa but in a manly way. And no junk! I’m honestly kind of upset at myself for not launching this very idea sooner. Basically, Sahil has created the cleanest skincare product line for men in human history. History has been made. And no, I didn’t get paid to post this.

@FundstratDirect @fundstrat @SquawkCNBC Lee called the 2023 rally when everyone said recession. His framework: liquidity plus positioning beats narrative every time. Worth the 6am alarm just to hear what he's watching on the 10yr.

Tomorrow @fundstrat's Tom Lee will be live on @SquawkCNBC at 6:10am ET. Set your alarm ⏰

The proportional split (each pays % of rent matching % of combined income) is the only one that survives a raise or job loss without resentment. Ramit hammers this in I Will Teach You To Be Rich. Splitting 50/50 when one earns $120k and the other $60k is just a slow tax on the lower earner. x.com/ramit/status/2…

Asian AI chip stocks just hit record highs. Mark Cuban has been here before. He sold Broadcast.com to Yahoo for $5.7B in stock in 1999. Bought puts and sold calls before the crash. Yahoo dropped 95%. His proceeds didn't. The structure is a costless collar.

Wall Street quietly admitted boring stocks are winning again. The kind nobody tweets about. The kind your group chat will roast you for owning. Bloomberg ran a piece this week titled "Cheap, Unloved, Profitable" on value investing's comeback. Translation: the same companies trading at 8x earnings while everyone chased AI at 40x are starting to print. The Millionaire Next Door by Thomas Stanley and William Danko is a 1996 book most 25-year-olds skip because the cover looks like a tax pamphlet. Stanley spent 20 years studying actual American millionaires. Not the Lambo guys. The ones with 7 figures in the brokerage account. Three findings the book is built on: - 80 percent are first generation. Nobody handed them anything. - The average one drives a used car and lives in a 320k house. - Their portfolios are heavy in dividend stocks and index funds. Not crypto. Not 0DTE options. The 2020 cohort got rich on Tesla, Nvidia, and Bitcoin and decided value was dead. Stanley's data says the people who stay rich own the boring stuff and never sell. If you have 40k in loans and are watching AI charts at 11pm, you don't need to find the next Nvidia. You need to own 200 boring companies for 30 years and let the dividends compound. The hot stock is a story. The boring portfolio is a paycheck.

A woman wrote into MarketWatch this week. 40 years married. Asking if she should have kept her money separate. The data says she already won. Thomas Stanley wrote The Millionaire Next Door in 1996 after surveying thousands of actual American millionaires. He built one formula that quietly destroys most personal finance advice. Expected net worth equals your age times your pretax household income, divided by ten. If your number is double that, you're what Stanley called a Prodigious Accumulator of Wealth. The pattern that kept showing up in his dataset: PAW households were overwhelmingly married once, to the same partner, running one pooled balance sheet. One budget. One emergency fund fully funded instead of two half funded. One retirement plan instead of two strategies hedging each other. Two separate accounts under one roof is two people guarding instead of compounding. Friction kills wealth at the same income. She didn't lose money by sharing it. That's how she made it.