Let’s be dispassionate about the US election result. What kind of upside will a Bonfire of Regulations and Surging Confidence bring to markets? What are the risks of Trump’s new start for US markets? The next four years look… interesting.

Today is Halloween, when the lines between this world and others, the past and future, alternative timelines and other realities, cross and oft merge into each other.. at least according to Celtic legend. This morning it just so happens a Morning Porridge from October 2026 has crossed the divide and snuck into my inbox….

The market is under a glamour cast by Nvidia. It’s the most watched headline stock. In a perfect world, its position would mean there would be little to worry about, but US data and all the other market frictions are combining to challenge the market’s narrative – which is a long way of saying… THIS MARKET IS TOPPY.

I just found my best reason to sell Nvidia, confirming we’re at the top of the market. What might come next? How about 20-years of rising inflation, rising rates and a global commodities super-cycle as nations scrabble to secure future strategic resources?

Markets are shrugging off yesterday’s wobbles, but is it really over? The next few months are likely to remain volatile, fraxious and stressful – and we still don’t know what No-See-Ums are lurking in the background – but we can guess...

The pressure on the City of London as a global centre of financial excellence is mounting – a disconnect between costs and fees, an irrelevant stock market, and a dysfunctional fixation on process and bureaucracy leaves the investment management industry struggling.

Boeing desperately needs to get it right. Over the next 20 years, global demand will be around 35,000 new aircraft. Supply is currently a duopoly of Boeing and Airbus. To avoid it becoming an Airbus monopoly (bad for everyone), Boeing’s new management need to completely reset the firm and focus back on fundamentals – which are people rather than numbers driven.

Apple doesn’t look so Magnificent these days. It’s made lots of money, but faces lots of challenges. It doesn’t look likely to lead in AI. It’s hardly a growth stock – it’s a mere value stock selling the same stuff it’s been selling for decades, while charging premium price to sell via its digital shopfront.

Stock buybacks are a contentious issue – there are times they are the right thing to do, and make sense. Often they do not. The trick is to align them with shareholder value and stakeholders and be aware of the consequences. They should not just be about the stock price!

Harry Hindsight is the greatest trader who ever lived. He saw the July/August rally was just a bear trap. But, he’s not revealing his thoughts on how much further the market has to correct. Some analysts see mean reversion all the way back to 2008 levels!