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Happy Sunday.
Hope you all had a great weekend.
Iâll be taking some time for spring break over the next 2 weeks, so the Sunday flagship issue will return on May 31st.
For Carbon Capital subscribers, weekly updates will continue to be sent.
The next email will go out by Wednesday at the latest, covering the final stretch of earnings season.
Key Data Bites Over The Last Week:
20 S&P 500 stocks with soaring sales and improving profit margins.
Bloomberg shared where to invest $1M right now.
Billionaire David Einhorn pitched 5 U.S. turnaround stocks.
President Trump made more than 3,700 stock trades in Q1.
Just 1 in 4 stock pickers are outperforming the market this year.
600 OpenAI employees made $6.6B collectively from selling shares.
Fortress co-founder was allegedly sextorted for more than $1B.
OnlyFans sold a 16% stake at a $3.15B valuation.
40% of Americans earning over $300K are living paycheck to paycheck.
Inflation rose 3.8% annually in April, highest rate in 3 years.
EBay rejected GameStopâs $56B takeover proposal.
Colleges are slashing MBA tuition up to 50% to attract applicants.
Anthropic in talks to raise $30B at $900B valuation.
Pentagon estimates cost of Iran War has risen to $29B.
Microsoft has spent over $100B on OpenAI partnership.
In todayâs newsletter:
đ° Warren Buffettâs Cash Position
đ Fastest Growing ETF Ever
đľ Cheaper Than The Market
đ 10 Stocks With Huge Insider Buys
đ´ Honda Posts First Loss Ever
Letâs jump right in.
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Bloomberg's Marcus Ashworth recently wrote, thereâs "no more reliable safe havens."
The S&P, while hovering over 5 year highs, fell over 7% from the February peak. Bonds might carry less risk but they are barely keeping pace with inflation.
The things supposed to protect your portfolio started moving together.
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Berkshireâs war chest keeps piling up.
The company ended Q1 with roughly $397B in cash and short-term investments, the highest level in its history.
That now represents about 32% of total assets, more than double its long-term median.
Even crazier? Berkshire also controls more than 5% of the entire U.S. Treasury bill market.
The build comes as major indexes sit near record highs, powered largely by AI optimism and mega-cap tech.
But Berkshire has not been chasing the rally.
The company has now been a net seller of stocks for 14 consecutive quarters.
This ETF is making history.
Roundhillâs Memory ETF ($DRAM) hit $6.5B in assets in just 36 days.
Thatâs faster than BlackRockâs Bitcoin ETF ($IBIT), which took 43 days to reach the same mark.
The fund is a concentrated bet on the AI memory supply chain, led by SK Hynix, Micron, and Samsung.
It took just 10 trading days for DRAM to pull in its first $1B.
Now, itâs seeing roughly $1B in daily inflows as investors chase one of the biggest bottlenecks in the AI buildout.
As models get larger, they require more DRAM, storage, and high-bandwidth memory.
However, itâs important to remember that memory has historically been cyclical.
If supply eventually catches up to demand, prices can move the other way just as quickly.
The market is far from a bargain.
At 21x forward earnings, the S&P 500 still trades above historical figures, even if some investors believe stronger earnings growth justifies the multiple.
That leaves many investors looking for individual names priced below the broader index.
But lower valuations often come with a reason.
Some companies trade at discounts because of real headwinds, including weaker demand, regulatory risk, slower growth, or turnaround uncertainty.
Others may simply be caught in a broader narrative, such as fears that AI will disrupt traditional software models.
From time to time, that creates diamonds in the rough.
Names like Nvidia, Meta, Uber, and Salesforce now trade below the market on forward earnings.
Insiders are taking advantage of volatility.
While the market has been choppy, several executives and directors have used the weakness to buy shares in their own companies.
These are direct market purchases, not option exercises or stock compensation, meaning insiders are putting their own money to work.
That does not guarantee a stock will perform well, but it does show conviction from people closest to the business.
For investors looking for ideas, insider buying can be a useful place to start.
The strongest signals often come when insiders are buying during periods of pressure, not after everything already looks easy.
Honda just hit a major bump on the road.
The company reported a $2.7B annual loss, its first since listing shares in 1957.
The main damage came from EVs.
Honda booked roughly $10B in EV-related losses after canceling U.S. models, freezing major projects, and backing away from its prior target of selling only EVs or fuel-cell vehicles by 2040.
China has added pressure too, with sales falling by more than half over the past five years as local competition heats up.
The company plans to recover by focusing on its profitable gasoline-powered business and rebuilding around hybrids.
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𧸠Bearish Burryâ â Michael Burry warns the Nasdaq 100 is headed toward a dramatic crash after recent surge.
đşđŚ Peace Signalâ â Vladimir Putin hinted the war in Ukraine was coming to an end.
đ Overseas Upsideâ â JPMorgan says AI plays in emerging markets offer more upside than in the U.S. today.
đ°ď¸ Space Serversâ â SpaceX and Google are in talks to launch data centers in orbit.
Notable Companies Reporting Earnings Week of May 17th, 2026:
Major Trades Published 5/11 - 5/15. Trades may be those of family members. [Source: Capitol Trades]
Buys
Chip Roy (R)
Company: Atlas Energy Solutions ($AESI)
Amount Purchased: $5.1M - $25.3M
Description: Spouse awarded RSUs as part of total comp package.
Sells
Michael McCaul (R)
Company: Arrow Electronics ($ARW)
Amount Sold: $50K - $100K
Company: Applied Industrial Technologies ($AIT)
Amount Sold: $50K - $100K
Major Trades Published 5/11 - 5/15
Buys
First Citizens Bancshares ($FCNCA)
Insider: Frank Holding (Chairman and CEO)
# of Shares Purchased: 5,940
$ Amount: $10,257,311
SEC Forms: [1]
On Holding ($ONON)
Insider: Caspar Coppetti (Executive Officer & Co-CEO)
# of Shares Purchased: 60,000
$ Amount: $2,198,102
SEC Forms: [1]
Insider: Olivier Bernhard (Executive Officer)
# of Shares Purchased: 60,000
$ Amount: $2,198,099
SEC Forms: [1]
Insider: David Allemann (Executive Officer & Co-CEO)
# of Shares Purchased: 60,000
$ Amount: $2,198,099
SEC Forms: [1]
Sells
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