Can Q3 Earnings Get Back on Track After Being Rattled by Big Tech's AI Prints?

Published on November 3, 2026

Last week, the AI trade began to crack further with Alphabet’s release, missing on both the top and bottom lines. Mirroring Meta’s print from the prior week, massive AI capex turned free cash flow negative, alarming investors.

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The Rotation Will Continue Until Morale Improves

November 3, 2026
We expect the rotation to continue. The earnings bar is high—very high. Any minor misstep has led to punishment, which has led to rotation. Rotation is not a bad thing, and if you are running a diversified equity portfolio, you should be in good shape.

Venezuela Was Richer Than Poland in 1990. Now Poland Is Six Times Richer

November 3, 2026
A few years back, I compared two island-nations whose leaders came to power in 1959. At the time, Cuba was by far the wealthier of the two—rich in sugar, tobacco and tourism—while Singapore was a sleepy former colonial outpost with almost no natural resources.