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BELSHAZZAR FOUND The Bible speaks of Belshazzar, the king of Babylon killed by the Persians (Daniel 5:30). The archeological evidence at the time had Nabonidus as the last king of Babylon. Critics of the Bible quickly jumped on this difference between the archeological record and the Bible. Belshazzar was actually the SON of Nabonidus. Nabonidus lived in Arabia, and Belshazzar was the acting king of Babylon who was killed by the Persians. Seen in this photo is the Nabonidus Chronicle, an ancient Babylonian text which chronicles the reign of Belshazzar's father and also documents the period during which Belshazzar was regent in Babylon. The Bible is, and has always been, historically accurate! en.m.wikipedia.org/wiki/Belshazza… creation.com/archaeology-be…

$qure $clpt New WSJ article on Makary, got ripped to pieces and really laid out the entire soap opera from start to finish. The whole article is pretty remarkable. Some parts of the article. “My sources say that patience with Dr. Makary is wearing thin among Republicans in Congress and White House officials. It’s time for Mr. Trump to pull the plug on the Makary show.” “Has any Trump administration official caused more political headaches for the president than Marty Makary? His Food and Drug Administration has turned into a soap opera, with real lives hanging in the balance.” Ditto a gene therapy by UniQure for the brutal neurodegenerative Huntington’s Disease, which slowed progression by 75% in a clinical trial. The FDA has demanded the company run another trial in which some patients would have to undergo sham brain surgery to serve as a control group. This is unethical. To add insult to injury, after Huntington’s patients blasted Dr. Makary and the FDA, a spokesperson for the agency derided them on social media as “the swamp.” In a CNBC interview, Dr. Makary claimed the drug had “no benefit” and that the agency was being “pressured to approve” it by industry. Dr. Makary is slicker than a pharmaceutical salesman. In public interviews, he boasts about accelerating access to gene therapies and rare-disease drugs, even as he and his deputies block them. When FDA rejections draw criticism, he uses “industry” as a bogeyman. Lawmakers aren’t buying his act.

🚜 Farms in the south are struggling: 78% of Southern farmers say they can’t afford all required fertilizer this year, the highest of any region.  The South is exposed for two reasons: crop mix and pre-booking behavior. Just 19% of Southern producers pre-booked fertilizer ahead of the season, vs. 30% in the Northeast, 31% in the West, and 67% in the Midwest.  Cotton, rice, and peanut growers, largely concentrated in the South, barely locked anything in before fertilizer prices skyrocketed. Only 13% of cotton growers and 9% of peanut growers pre-booked.  Those are also the most fertilizer-intensive crops on the board. Rice runs $1,308/acre to produce, peanuts $1,166, and cotton $943 vs. $658 for soybeans and $396 for wheat. U.S. farm sector losses have exceeded $50 billion across the past three crop years. Nearly all (94%) farmers say their financial situation has worsened or stayed the same vs. last year. Farms are getting squeezed.

Proof Life was Created. DNA Replication requires 9 complex nano-machines working together. Without them, DNA can't replicate. If DNA can't replicate, Life can't evolve.

An enormous white fibrous amyloid clot is removed from a man’s jugular vein. These clots were not seen prior to COVID.

In coordination with our airline partners, we’re taking ACTION to bring relief to Spirit customers and its workforce. From capped ticket prices for flyers who need to rebook to employees looking for job opportunities, there’s a lot of information you should be aware of. Here’s the latest ⬇️ CAPPED TICKET PRICES United, Delta, JetBlue, & Southwest are all capping ticket prices specifically for Spirit customers who now need to rebook cancelled flights. To access these special prices, individuals will need to provide at a minimum a Spirit flight confirmation number and proof of payment. Please refer to each individual airlines website for additional specifics. REDUCED FARES For any consumers worried about higher prices, American Airlines and Delta Air Lines are offering reduced fares on high-volume Spirit routes. Allegiant has also committed to freezing fare prices across routes that overlap with Spirit. To support impacted travelers, Frontier is offering up to 50% off base fares across its network until May 10. EMPLOYEE SUPPORT Most major U.S. carriers are extending travel pass benefits and spare jump seats to Spirit pilots, flight attendants, and other employees who need to return home. They have also offered Spirit team members preferential employment interviews to ensure they jump the queue. Both American Airlines and United are creating microsites for Spirit employees looking to continue a career in aviation. Refresher on Compensation Rules: Per Spirit — the airline will automatically process refunds for any flight purchased through via credit card or debit card. Ticket holders can also: 1. Contact your credit card company: If you purchased your ticket with a credit card, you may be protected under the Fair Credit Billing Act. Contact your issuer to request a "chargeback" for services not rendered. 2. Check your travel insurance: If you have travel insurance, contact your provider to see if your policy covers “insolvency” or “service cessation.” 3. File a bankruptcy claim: You may file a formal "proof of claim" with the bankruptcy court. Please note that this process can take time and may only result in a partial refund.

Chart of the Day: We are watching the fastest revenue speedrun of all time.

Here's Biden Department of Transportation Secretary Pete Buttigieg bragging about blocking the Spirit Airlines merger with JetBlue that would have saved the airline from bankruptcy. I don't think America has ever had a more incompetent Secretary of Transportation than Mayor Pete.

Spirit Airlines died tonight at the hands of the socialist crusader, Elizabeth Warren She must be so proud to add another casket to her achievements. Tonight at 3am, Spirit turns off the lights. 14,000 jobs gone. 30+ smaller airports lose service. JetBlue offered $3.8 BILLION in cash to buy Spirit in 2022. Shareholders, flight attendants union, literally everyone voted yes. The combined company would have held 9% of the US market against a Big 4 that already owned 80%. For anyone who understands numbers: 9% isn’t a monopoly against 80%. Warren said no. She wrote letters. She pressured Buttigieg. Biden’s DOJ sued. A federal judge killed the deal in January 2024. Her argument: the merger would cost consumers $1 billion a year. Now look at her collateral damage she dusts under the rug. 510 pilots gone in the months after. 1,800 flight attendants furloughed in December. 14,000 jobs in 2023. 7,500 last week. Zero tonight. And that’s just the people in Spirit uniforms. Catering goes. Fuel guys go. Baggage crews, gate agents, airport coffee shops, hotels and rental cars in 70 cities Spirit flew to. Every airline job carries 3 more on its back. 40,000 people out of work because of one woman’s moronic crusade against the market. And the math ain’t mathing. Spirit abandoned 90 routes during the death spiral. Fares on those routes are up 14% on average. Oakland to Newark: $135 to $288. Fort Myers to San Juan: $92 to $219. Kansas City to Newark up 66%. That’s reality. Not some BS number from a “study.” So @SenWarren tell me how this saves the consumer money? Cheap carriers in a market drop fares 21% across the board. Southwest did this in the 90s and saved Americans $68 BILLION over 20 years. Warren killed it. That’s what moronic politicians led by socialism do. Then with her own blind arrogance, she tweeted Spirit’s collapse is “a Biden win for flyers.” A win. 14,000 people are reading termination letters tonight. And she’s taking credit. This is socialism in 2026. A senator who’s never made payroll thinks she knows how to run a market better than the people who own and work in the company. She saved you a billion on imaginary paper. She cost you ten times that in real life. She didn’t protect consumers from anything. 14,000+ will go from working to welfare. She will make sure to blame billionaires, hardworking tax payers, AI, capitalism and whatever monster they will make up tomorrow hiding under your bed. Higher taxes. Fewer jobs. More expensive everything. She called it a win. I hope you enjoy winning.

@Hedgeye Discovered Hedgeye via twitter in March 2020. Hedgeye provides the best research and actionable insights of any firm out there. My best single position via Hedgeye was $GME thanks to @HedgeyeRetail getting me a cost basis of ~$16 in December 2020.

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🇺🇸 Here's what $39 trillion in debt really means: If we confiscated every dollar of U.S. corporate profit ($3.8T/year), it would take over 10 years to pay off. Sell every ounce of gold ever mined: $32 trillion. Still $7 trillion short. Liquidate every Bitcoin in existence on top of that: $33.5 trillion. Still $5.5 trillion short. If we confiscated every dollar of federal tax revenue ($5.3T/year), it would take over 7 years to pay off, assuming zero spending. The debt is 71% of every home in America, or 30% of every publicly traded company on Earth. The debt grows by $7.2 billion a day, or $84,000 a second. This is a problem.

Imagine, the Creator of the universe humbling Himself by coming to serve, suffer, and die at the hands of the very creatures He created! Why would He do this? Because His infinite love compels Him to offer salvation to those made in His image.

Last night was the biggest disaster in the history of Tesla. Let me walk you through what actually happened on that earnings call, because the headlines are doing you a disservice: Elon Musk got on the call and admitted (his words) that Hardware 3 "simply does not have the capability to achieve unsupervised FSD." He said he wished it were otherwise. He said the memory bandwidth is one-eighth of what Hardware 4 has. And that's the end of the conversation. Approximately 4 million Tesla vehicles on the road right now have Hardware 3. Many of those owners paid $8,000 to $15,000 for Full Self-Driving capability based on Musk's repeated promises (going back to 2016) that the hardware was sufficient for full autonomy. As recently as 2022, Musk was publicly assuring owners that HW3 had the processing power to get it done. BUT IT DIDN'T Those promises are now officially broken. The solution is a "discounted trade-in" toward a new car with Hardware 4. Not a refund or a free upgrade... A discount on buying ANOTHER Tesla. Investor Ross Gerber said it too - all HW3 owners got screwed, and with roughly 285,000 FSD purchasers affected, the potential liability runs into the BILLIONS. But that's not even the worst part. Musk was asked if the current FSD v14.3 was ready for unsupervised deployment. He said yes. Then immediately walked it back and admitted Tesla has "major architectural improvements" in the pipeline that would significantly improve safety. What he really means: the software isn't SAFE ENOUGH to deploy without a human watching. Full unsupervised FSD for consumer cars is pushed to Q4 2026. At the earliest... Maybe. How many times has this deadline been pushed? I've lost count. And trust me, I've seen a lot of broken promises. But this one takes the cake. Now let's talk about the numbers everyone is celebrating: Tesla reported $22.4 billion in revenue and $0.41 in non-GAAP earnings. A "double beat." The stock popped 4% after hours. Victory, right? WRONG Dig into the actual filing: The number one driver of operating income improvement wasn't cost reductions, wasn't volume growth, wasn't FSD revenue. It was - and Tesla listed this FIRST in their own shareholder letter - "one-time benefits related to warranty and tariffs." They released warranty reserves. They booked tariff refund windfalls. They stretched supplier payments by 10 days. They took on billions in new debt. Then they presented everything through non-GAAP metrics that strip out over $1 billion in stock-based compensation. GAAP net income was $477 million on $22.4 billion in revenue. That's a 2.1% net margin. On a $1.4 trillion market cap. Let me put that in perspective: 3.75 billion shares outstanding. Annualize the Q1 GAAP profit and you get roughly $1.9 billion. That's a trailing P/E ratio north of 700. Use the adjusted number - strip out stock comp, which is a REAL cost to shareholders through dilution - and you're still at around 250x earnings. All of this is extremely bad, but I didn't even talk about the CAPEX BOMB yet... 3 months ago, Tesla guided to "over $20 billion" in 2026 capital expenditure. Last night they raised it to over $25 billion. A $5 billion increase in a single quarter. That's 3x their historical annual capex run rate - $8.5 billion in 2025, $11.3 billion in 2024. The CFO confirmed on the call that Tesla expects NEGATIVE free cash flow for the rest of the year. So you have a company generating roughly $6 billion in annual free cash flow on a good year, and they're about to spend $25 billion. The math doesn't work. They will almost certainly need to issue equity. Which means dilution. Which means the $1.9 billion in annual earnings gets spread across even MORE shares. The core auto business is literally deteriorating in real time: Tesla delivered 358,000 vehicles in Q1 (missed estimates again). They produced 408,000. That's 50,000 cars sitting on lots that nobody bought. Inventory days jumped from 10 to 27 in just a few quarters. California (their most important US market) saw registrations crash 24% year over year. Their market share in the state fell from 9.2% to 7.7%. That's on top of a Q1 2025 that was ALREADY weak from Model Y retooling. They're declining off a decline. And here's what really kills the bull case... The entire valuation rests on robotaxis, Optimus robots, and autonomy. So let's put numbers on it: Waymo - the actual leader in autonomous driving with 15 million completed rides in 2025 alone, over 127 million autonomous miles driven, operating commercially across 6 US cities with plans to expand to 20 more - just raised $16 billion at a $126 billion valuation. That's the market's verdict on what the LEADING robotaxi company is worth. $126 billion. And Waymo is YEARS ahead of Tesla in actual deployment. Tesla has 3.75 billion shares outstanding. So even if you assign $126 billion in robotaxi value (giving Tesla full credit for matching Waymo despite being nowhere close) that's $33 a share. Add the auto business at generous auto-industry multiples, maybe $20 a share. Throw in energy storage and services, $10-15. Sum of the parts gets you to roughly $65-70 a share if you're feeling generous. Maybe $50 if you're not. The stock is $387. So what exactly are you paying for? You're paying for a STORY. You're paying for PROMISES that keep getting pushed back, technology that keeps falling short, and a business plan that requires spending $25 billion a year while the core product sells fewer units at declining margins in a market where California sales just fell 24% and the federal EV tax credit is gone. I managed the number one mutual fund in America. I founded two billion-dollar hedge funds. I've been doing this since 1981. And I am telling you: Tesla at $387 is one of the most egregious mispricings I have seen in my entire career. THE CRASH WILL BE EPIC

BREAKING: Justice Department announces it's readopting the firing squad as a means of execution

Guy bets on himself and the mission. Makes $400k off of 33k and gets in trouble. In her 37 yrs in Congress, Paul and Nancy Pelosi rack up $130M off stocks: a 16,930% return. One thing I learned early: what’s considered corruption—and what’s not—is often a matter of scale.

Let no unwholesome word proceed from your mouth, but only such a word as is good for building up what is needed, so that it will give grace to those who hear. Do not grieve the Holy Spirit of God, by whom you were sealed for the day of redemption. - Paul, Ephesians 4:29-30

Thoma Bravo is reportedly handing over the software company Medallia to creditors after restructuring negotiations failed to materialize This is a $5.1 billion equity wipe out for the firm, who bought the business for $6.4 billion in 2021 Largest creditors include Blackstone, KKR, Apollo, Antares and Ares This loan was last marked anywhere between 70c to 100c on the dollar, according to most recent BDC filings from them

Food for thought. Iran Is Not Winning. It Is Unraveling. The prevailing narrative on Iran has it almost perfectly reversed. We are told that Tehran is winning a war of wills in the Gulf and that Donald Trump is gambling recklessly with the world’s most sensitive chokepoint. In reality, Iran is not consolidating strength; it is managing decline. And Trump’s play on the Strait of Hormuz has quietly forced energy markets to reprice security—tilting the balance decisively toward the Americas, and away from Europe, Asia and China. The Islamic Republic no longer resembles a confident revolutionary project. With the old clerical core leadership shattered, power has splintered between a camp that recognises a deal with the outside world as the only path to survival and the Islamic Revolutionary Guard Corps, a class of military dictators with guns, patronage networks and a rational fear that any genuine settlement will ultimately throw them overboard. This is not a unified strategy at work; it’s infighting, paranoia, a fragmented system in late-stage decay, crumbling under pressure. Into this fragmentation, the White House has introduced a form of calibrated coercion too often caricatured as impulsive. Around the Strait of Hormuz, Washington has threatened disruption without fully triggering it, forcing shipowners, insurers and policymakers to absorb a hard truth: dependence on vulnerable, seaborne Middle Eastern barrels is not a passing inconvenience but a structural risk. Iran can harass tankers and jolt day-to-day sentiment; it cannot rebuild a broken economy on sporadic shocks to global shipping. And the world must deal with the end of Pax Americana! The underlying playbook is anything but novel. Sun Tzu’s insistence that “all warfare is based on deception”, Machiavelli’s counsel that a ruler must manipulate appearances and exploit factionalism, and Alfred Thayer Mahan’s argument that sea power and control of chokepoints shape the fate of nations are not museum pieces. They are, in this case, the operating code. Trump’s opaque signalling, deliberate use of disinformation and visible but limited naval posture in and around Hormuz amount to a modern, Mahanian use of sea power as economic statecraft. Energy markets are already adjusting. Tankers are head to the Gulf of America. In a world where a single strait can a risk to economies is Europe and Asia, without ever being fully closed, assets tied to secure basins and diversified export routes deserve a premium. The Americas sit in an enviable position: vast, politically stable hydrocarbon resources, multiple pipelines and ports, and no dependence on a distant maritime chokepoint controlled by adversaries. By contrast, Europe, much of Asia and China find themselves downstream of vulnerabilities they do not control and regimes they cannot stabilise, exposed to shipping routes that can be threatened faster than alternative supply can be mobilised. All of this plays out against a domestic backdrop in Iran that looks less like revolutionary vigour and more like fear. A state that cannot safely keep its internet on, that must rely on public brutality to deter dissent, is not projecting confidence. It is signalling weakness, to its own citizens as much as to its rivals. Winston Churchill once remarked that “in war, resolution; in defeat, defiance; in victory, magnanimity; in peace, goodwill.” Iran’s leadership offers only defiance, without realistic prospects of victory or peace. The uncomfortable conclusion for those still insisting that Tehran is “winning” is that what they are observing is not the rise of a regional hegemon, but the protracted, strategically exploited unwinding of a brittle regime at the centre of an overexposed energy system.

The year is 1950. Your doctor lights a cigarette and tells you smoking is fine. He read it in a study. He is telling the truth about having read it. He does not know, or is not saying, that the study was funded by the tobacco industry. The year is 1958. Your doctor tells you to eat less fat. The evidence is contested. The contestation is not in the public messaging. The food industry has been helpful in clarifying which findings deserve attention. Some researchers who published contradictory data have been quietly defunded. Ancel Keys is on the cover of Time magazine. The year is 1962. Your doctor prescribes thalidomide to your pregnant wife for morning sickness. It has been approved. The FDA gave it the green light in Europe. Twelve thousand children will be born with severe limb malformations before anyone in an official capacity acknowledges the problem. The families are told the drug was safe. The drug was approved. Both of these things remain true. The year is 1972. Your doctor prescribes Valium. Britain is in the grip of a benzodiazepine wave that will last two decades. The dependency risk is known internally. It is not shared. Your doctor is not lying to you. He was not told either. The year is 1999. Your doctor prescribes Vioxx for your arthritis. It is newer than ibuprofen, well-tolerated, and Merck has a study showing it works. Merck also has internal data suggesting it roughly doubles the risk of heart attack. This data will not reach your doctor for four more years. Fifty thousand people are estimated to have died in the interim. Merck eventually settles for 4.85 billion dollars. No criminal charges are brought. The year is 2002. Your doctor prescribes OxyContin. Purdue Pharma trained its sales representatives to tell doctors the addiction risk was less than one percent. That figure came from a letter, not a study. The letter was about patients with terminal cancer on short-term doses in hospital settings. Your doctor is a GP with a patient who has a bad back. Nobody draws a distinction. Nobody is required to. The year is 2008. Your doctor checks your cholesterol. Your LDL is elevated. You are prescribed a statin. Nobody mentions that the number needed to treat for primary prevention is approximately 250. Nobody mentions that the muscle deterioration you'll notice over the next two years is listed as a rare side effect rather than a documented pattern affecting a meaningful percentage of patients. The trial that informed the prescription was funded by the manufacturer. Now it is today. Your doctor has new guidelines. New studies. New consensus. He is confident. He has always been confident. The confidence has never been the problem. The confidence is, in fact, precisely the problem.

🇺🇸 U.S. Oil & Gas: The U.S. sits on 46 billion barrels of proved crude oil reserves, with 60% of that locked in dense underground rock. The Permian Basin, which stretches across West Texas and southeastern New Mexico, pumps out 6.6 million barrels a day on its own, more than every OPEC country except Saudi Arabia. Zoom out, and the U.S. is the single largest oil producer on the planet at 13.6 million barrels a day, out-producing both Russia (9.1M) and Saudi Arabia (9.3M). On natural gas, it isn't close: America produced a record 43.2 trillion cubic feet in 2025, roughly a quarter of the world's supply and more than Russia and Iran combined. The U.S. sits on world-class reserves and out-produces every petrostate.