Sir Tim Berner-Lee’s autobiography, “This Is For Everyone” is a delight. In a world that is increasingly riven and polarised - largely through the deliberate misuse of the tools his web protocols enabled - his calls for a polite reset will likely fall on deaf ears… There is simply too much money to be made monetising the passions and addictions that drive social media – which is why we ultimately may need to regulate Big Tech and the Web.

Valuations in the USA look insane. Surely stock prices must be a bubble? Maybe. Maybe not – the USA has created a self-driving technology machine, a conveyor belt of tech innovation that’s set to continue delivering value and corporate profits. To understand it – ditch traditional thinking about economies.

Tesla’s spectacular rally this week shows why it’s the stock to short if you think Harris will win. As the world becomes less stable, Deftech is the next new thing. But, the adoption of new battlespace tech is being slowed by bureaucracy, Primes and dumb thinking – factors common to every government and business.  

So much to write about this morning…. Just some of the questions are:

How might Kamala Harris and a closer US election change the economic and market calculus? What does the Crowdstrike omnishambles on Friday tell us about the uncertain foundations of global tech and its’ resilience to instabilities? What did we learn about the UK’s economic prospects from Chancellor Rachel Reeves on Sunday Morning’s BBC interview?

The investment options are changing – is it time to “rotate” into a broad-based economic recovery around underpriced small stocks by selling over-priced Tech? Or is something more fundamental at play in Big Tech?

Blockchain and Tokens. Not satisfied with the gains apparently offered by AI, Tech Tyrants are planning how to deeper enslave us through Web3 – the Internet of Value. Be careful what we wish for – we might just get it. 

In the film of the Magnificent Seven, only three of the gunslingers survive. Which of the Big Tech names will be left in the dust? And which are likely to survive?

Confidence is critical in any financial decision. Markets rise or fall based on the confidence in the narrative; be it companies, sovereign bonds, or disruptive tech, but sometimes it becomes too exhausting to keep fooling ourselves.

Nvidia and Telsa trade on hopes and expectations, FOMO and huge PE multiples. They are very different investment propositions but reflect the bubble market. Maybe it’s time to revert to dull, boring, predictable returns in fixed income secured by real assets?

For years I’ve found reasons to avoid certain big tech stocks – but the market has largely been right. I might be clever, but the market is smarter. What’s the future likely to look like?