Dual Momentum?
More like Duel Momentum.
Gary Antonacci has spent the better part of the last two decades arguing why his Global Equities Momentum is not “just” a backtest. Be that as it may, it hasn’t really delivered the goods.
Buying & holding the S&P 500 index out-performed GEM that last 7 years at least: Global Equities Momentum (Update).
Markets this Week
Bottom in flows in?
Since 2015, gold has out-performed the NIFTY 50 TR index in spite of the recent ~30% drawdown…
More here: country ETFs, fixed income, currencies and commodities.
Links
Research
GLP-1–Induced Weight Loss and the Female Obesity Penalty (NBER)
GLP-1 medications generate large weight loss and may also alter social and economic outcomes. Single women’s marriage/cohabitation rates rise by 29 percentage points and employment among baseline non-employed women rises 27 percentage points after six or more quarters.
India
Japan’s communications ministry will launch eight communications infrastructure projects in Taiwan and India under a new digital corridor initiative, strengthening cooperation on undersea cables, satellite communications, and digital infrastructure (taiwannews).
India’s demographic dividend has a window of just 15 years or so before ageing sets in (livemint).
Fresh questions have emerged from the audit trails of Rajesh Exports. SEBI had said it could not independently verify over 98% of Rajesh Exports' reported revenue (livemint).
India allows four Chinese-linked power equipment firms to bid for government projects (reuters).
Supreme Court says AI-generated hallucinated precedents ‘catastrophic’ to judicial process, sets aside NCLT order (thehindu).
Data released by the Indian Railways shows that 3.39 crore passengers who booked tickets could not travel in the 2025–26 financial year due to unconfirmed or waitlisted tickets, highlighting the significant gap between demand and available capacity (deccanherald).
row
Putin gambled that the West would lose its nerve, and Ukraine would always be held on a short leash by its friends. That leash has snapped (telegraph). Fuel shortages, military unrest, and a strangled Crimea (thebulwark). Putin no longer has an easy way out. The war is financially, demographically, and politically unaffordable (foreignpolicy).
Trump earned more than $1.4 billion in income through several cryptocurrency ventures in 2025 (politico).
CBOE Seeks to List Prediction Market Type Options on Earnings Metrics (yahoo).
Korea unveils megaprojects focused on semiconductors, physical AI, data centers. Samsung, SK hynix pledge $519 billion (koreatimes).
A.I.
Anthropic wants to develop its own drugs (theverge).
Anthropic is discussing a new custom chip with Samsung (techcrunch).
OpenAI has discussed giving the U.S. government a 5% stake (reuters).
The U.S. chases AGI/superintelligence as an end in itself; China is "AI-pilled but not AGI-pilled," focused on diffusing AI across manufacturing, healthcare, and other sectors — chasing "the application" rather than "the prize." (brookings)
Meme of the Week
