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1. Q3 Letter: Tumbling Dice

Introduction

Mick Jagger said: “It’s weird where your lyric things come from. On ‘Tumbling Dice,’ I sat down with the housekeeper and talked to her about gambling. She liked to play dice, and I really didn’t know much about it, but I got it off her and managed to make the song out of that. [It] was written to fit Keith’s riff. It’s about gambling and love—an old blues trick.”

These Rolling Stones’ lyrics channel the spirit of a promiscuous gambler—and it’s hard to find a better metaphor for today’s markets. “It’s about gambling and love,” Jagger said, and that sentiment feels especially relevant in 2025, where speculation and emotional investing are rolling together more than ever. From meme stocks to margin loans, Robinhood traders to crypto cowboys, the modern investing landscape looks a lot like dice—thrown over and over again.

As we discussed in last quarter’s The Times They Are A-Changin’ letter, vast segments of the market now resemble Jagger’s “promiscuous gambler”—where trading, investing, gambling, and entertainment all blur into a 24/7, touchscreen casino. The Degenerate Economy, a term coined by Stocktwits CEO Howard Lindzon, captures this dynamic perfectly: speculative bets, fueled by easy access, with digital wallets becoming everything from brokerage accounts to betting slips.

"Over the past few years, Stocktwits CEO Howard Lindzon has been exploring what he calls the 'Degenerate Economy'—the next phase of investing where the lines between trading, ownership, and gambling blur, and it all happens in the palm of your hand. In this new economy, people are making high-risk moves and embracing a more speculative approach to finance, where digital wallets on your phone hold everything from investments to assets with just a few taps.”

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2. $1Trillion Pours into ETFs….Every Month 2025 3.5x the Usual Seasonal Average

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3. Growth of Data Centers

There is still strong growth in data center construction, but the current growth rate at 30% is lower than the 80% observed two years ago, see chart below.

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4. It Will Be Cobots Before Robots

AI Overview  Cobots, or collaborative robots, are industrial robots designed to work safely alongside human employees in a shared workspace, unlike traditional robots that require safety cages. They are characterized by user-friendly design, flexibility, lower power levels, and the ability to be quickly deployed for various tasks, such as assembly, packaging, or machine tending. Cobots augment human capabilities by taking on repetitive, dangerous, or ergonomically challenging tasks, allowing human workers to focus on more complex and creative aspects of their jobs

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5. Social Media Peaked in 2022

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6. Share of Americans Drinking Alcohol Breaks to New All-Time Lows

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7. College Tuition vs. Inflation 40-Year Chart

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8. Wealth Breakdown Among Millionaires

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9. Most Affordable Global Cities…Salt Lake, Austin, Dallas, Atlanta

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10. Nick Saban-The 5 Enemies of Greatness

Ten Stress Triggers

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Disclosure

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Material for market review represents an assessment of the market environment at a specific point in time and is not intended to be a forecast of future events, or a guarantee of future results.
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