Anderson Morrison

The fate of this cycle could come down to margins. If inflation keeps nominal earnings growth up, investors may start focusing more on whether margins hold up. As go margins, so go valuations? So far, the operating margin has declined from 13.7% to 13.1%.

’s problems are caused by constantly optimizing for tokenomics over decentralization, security, and resilience. It looks like the Merge and POS will lead to complete regulatory capture by centralized exchanges & staking platforms, and there’s no way out for them. 🧵👇

Trade deficit surged to record in June, $109.8 billion vs. $107.1 billion est. & $89.8 billion in prior month (rev from $89.2 billion) … imports +10.3%; exports +5.6%. The US trade balance is a vertical line down lately.