The Kobeissi Letter

The Kobeissi Letter

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Official X account for The Kobeissi Letter, an industry leading commentary on the global capital markets. Email us: support@thekobeissiletter.com

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The Kobeissi Letter

What does the Fed do here? - CPI inflation: Cold - Core CPI inflation: Hot - PPI inflation: Red hot - MoM PPI inflation: 3-year high President Trump has maintained his near-daily calls for 300+ bps in rate cuts. And, a new Fed Chair is about to be announced 8+ months in advance. Can the market handle more rocket fuel?

The Kobeissi Letter

Get your popcorn ready: Warren Buffett's Berkshire Hathaway just spent 2 quarters accumulating a "mystery stock." Today, the Berkshire disclosed that the mystery position was a $5 BILLION stake in UnitedHealth, $UNH. This is the United State's largest insurance company, which just announced a DOJ probe for fraud. Once of the world's largest companies by market cap, the stock fell as much as -60% from its all time high in under 1 year. Can Warren Buffett turn the sinking ship around?

The Kobeissi Letter

BREAKING: UnitedHealth stock, $UNH surges over +7% as Warren Buffett’s Berkshire Hathaway reveals a new stake in the company.

The Kobeissi Letter

Crypto markets are expanding: The market share of Bitcoin and Ethereum ETFs as a % all US-listed ETFs is up to a record 1.6%. This percentage has DOUBLED over the last 12 months. For perspective, the implied allocation into the 2 largest cryptocurrencies was just 0.2% in 2023. Over the last 3 days alone, investors have poured in a whopping $2.2 billion into Ethereum ETFs and $331 million into Bitcoin ETFs. Crypto adoption is accelerating.

The Kobeissi Letter

Risk appetite among professional investors is surging: Institutional investors’ equity allocation rose to 54.8% in July, the highest since the early months of the 2008 Financial Crisis. This is now ~4 percentage points above its long-term average. Excluding 2008, such a high allocation has only been seen during the 2000 Dot-Com Bubble. Institutional investors now hold 17.5% of their capital in cash and 27.6% in fixed income excluding Treasury Bills. All while State Street’s Investor Risk Appetite Index hit its second-highest reading in 11 years last month. Professional investors have rarely been this bullish.

The Kobeissi Letter

BREAKING: President Trump says there is "hardly any inflation at all" and that inflation is "down to a perfect number." Rate cuts are coming with PPI inflation at its highest level since March 2022. twitter.com/KobeissiLetter/sta...

The Kobeissi Letter

The market knows: Futures are now pricing in 75 basis points, or more, of interest rate cuts by year-end. Meanwhile, yields are rising with the 10Y Note Yield back at 4.30%. Why so? Tariffs are here to stay, inflation is heating up, and the US deficit spending crisis is worse than ever. Keep watching the bond market. twitter.com/KobeissiLetter/sta...

The Kobeissi Letter

Leveraged trading activity is skyrocketing: Assets under management (AUM) for US leveraged exchange-traded products (ETPs) hit a record $119 BILLION in July. By comparison, the 2021 peak before the 2022 bear market was ~$78 billion. Over the last 3 years, assets in ETPs have tripled. In 2025, more than 100 leveraged or inverse products have launched in the US, surpassing the previous record of 73 posted in 2024. The expansion of leveraged products is unprecedented.

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