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Today's Summary

US Rents for Single-Family Homes Surge, Pull Further away from Multifamily. Rents spiked in San Francisco, Chicago, NY City, Rochester, Kansas City… rose more slowly in others… fell in Austin. Europe and Russia have reached a point of clarity, and it is bleak, but clarity is preferable to wishful thinking and false hope. Russia has been arming Iran for many months now and it seems they have set no restraints on Iran if and when Trump Netanyahu decides to re-engage. US gold reserves are now at 90-year lows, while the rest of the world has pushed their holdings. 2015 had us teed up for a real shank both economically and in the markets. Roughly half of US household wealth is now invested in stocks. American retail investors are all in, buying at an unusually aggressive pace this year. The Art of the Deal foreshadows the current modus operandi, says Satyajit Das 2026. Jack Nicholson, Steven Spielberg, Warren Zevon, Lenny Bruce, Ricky Nelson, and the Director of the Rand Corporation all came from families with strong (profound) Deep State military ties or high-level halls of power. Russia and China seized 12 US-flagged tankers and crew for some violation, fully loaded with US grain or oil. Tesla delivered 418,227 vehicles in Q4 2025, the lowest Q4 since 2022. Wolf Richter: Tesla could very well benefit from next space race. The FBI is blocking Minnesota authorities from all involvement in the Minnesota police shooting. Video does not match up with slowed down video where he was always clear of the car and feet were firmly planted on the ground. Too-high home prices and ultra-low-interest-rate mortgages have now locked up part of the housing market. Those homeowners not selling and therefore not buying because they dont want to finance a more expensive home with much higher interest rates. 40% of homeowners have no mortgage. Toyota US/NA is losing $400M+ per quarter even with record sales. Driving a modern car is like being controlled by a micro managing nanny. The big 3 have all but abandoned selling normal sized and priced cars to average folks. China overtook Japan as largest car exporter. Barry Ritholtz speaks with Apollos Chief Client and Product Development Officer Stephanie Drescher. IQSTEL Inc. announces the execution of a definitive agreement to acquire 51% of GlobeTopper. GlobeToppers plans to generate over $65 million in profitable revenue in 2025 alone. November sales were up 2.6 percent from a revised 280,530. November marked the 38th consecutive month in which statewide sales remained below the 300,000-unit benchmark. Housing inventory in November rose from both the prior month and prior year. Case-Shiller Home Price Indices for September is a 3-month average of July, August and September closing prices. This is the 2nd consecutive month with a slight MoM increase seasonally adjusted. Fannie Mae reported that the Single-Family serious delinquency rate in November was 0.58%, up from 0.54%. Since 2015, India has been the worlds fastest-growing major economy, taking the crown from China. India is still a service-intensive economy, but manufacturing is only 13% of the countrys GDP. The weak yen makes anything produced in Japan more competitive in world markets. MSCI announced it will retain “Digital Asset Treasury Companies” (DATCOs) in its global indices for the February 2026 review. Strategy issued more than $15 billion in new shares throughout 2025 to aggressively accumulate Bitcoin. The world loves everything Japanese, but Japan doesnt realize it, says John Sutter. Six institutional Solana developments occurred within 60 days, including Wyomings state stablecoin launch, Morgan Stanleys ETP filing, and Visas settlement expansion. JPMorgan issued $50 million in commercial paper on Solana with USDC settlement. Visa announced in December that it is expanding stablecoins. In 2023, Japan topped the Anholt-Ipsos Nation Brands Index. Daiso, Uniqlo, and Muji have become all the rage. People who value the wealth and freedom of European-derived societies, but who feel oppressed or bored by European- derived cultures, find refuge and novelty.