Urban Development & Cost Analysis - The report suggests that Tokyo offers a superior urban environment compared to American cities [1] - The cost of living in Tokyo is perceived to be significantly lower, approximately 10% (1/10th) of the cost in American cities [1] Quality of Life - The author expresses initial amazement followed by frustration, indicating a realization that cities can be well-maintained and aesthetically pleasing [1]

Economic Trends - A lack of recessions may be worse news than expected [1] Business & Consumer Insights - The report questions the reliability of Airbnb reviews [1] - The report shares insights from a visit to a turkey farm [1]

Defense Industry Trends - President Trump announced a new "Trump-class" of steel battleships [1] - Experts determined a greater need for smaller ships [1] Strategic Impact - The choice to build the battleships and the strategic impact of fleet are discussed [1]

Travel Volume - AAA expects a record-breaking 12240万 (122.4 million) travelers this holiday season [1] Travel Tips - "The Points Guy" provides advice to ensure travels don't ruin holiday cheer [1]

Market Overview & Trends - Industrials sector experienced a tale of two halves in the year, with growth focus in the first half and a dramatic divergence in performance in the second half [2][3] - Data center demand is exceptionally strong and increasing, making it a central theme for industrials [4] - Concerns about the sustainability and duration of the data center cycle exist, but on-the-ground activity shows no pause in data center construction [4][12] - Supply is struggling to keep up with demand in the data center buildout, suggesting the cycle is still in its early stages [13] Investment Opportunities - Recommends sticking with AI data center buildout trade, particularly names like Verdivive, which recently entered bear market territory [6][7] - Suggests Johnson Controls as an idiosyncratic margin story with potential for 15-20% earnings growth over the next few years [8] - Favors Dover and DuPont as relatively cheap economic leverage plays [10] Risks & Considerations - Residential HVAC stocks have declined significantly (20-30%) in the second half of the year, but the industry believes it's too early to time a rebound [10] - Discussion of an overbuild in the data center space is premature, as there are no signs of idle GPUs [14]

Housing Market Sentiment and Affordability - Homebuilder sentiment remains negative despite a slight increase this month [1] - The Trump administration plans to release affordable housing plans in the new year [1] - Zelman highlights the complexity of housing affordability, emphasizing collaborative discussions between the administration and the industry [3] - Bottlenecks and inflation at the local municipality level (impact fees, approval delays) pose a significant challenge to improving housing affordability [4] - Federal government intervention in local politics is needed to make a substantial impact on housing affordability [4] Interest Rates and Monetary Policy - The Federal Reserve controls short-term interest rates, while 30-year mortgage rates are tied to the 10-year Treasury yield [5] - Several Fed rate cuts have not resulted in a corresponding decrease in 30-year mortgage rates [5] - Potential measures to improve rates include adjusting loan level pricing adjustments (LLPAs) and the Fed buying mortgage-backed securities (MBS) [6] - A significant reduction in mortgage rates in 2026 is unlikely [6] Tariffs and Construction Costs - Initial concerns that tariffs would increase home production costs by $5,000 to $10,000 per door have not materialized for large public builders [8] - Large public builders have used their size and scale to push back on trades, manufacturers, and suppliers, absorbing tariff costs [9] - New home prices have declined this year due to incentives like mortgage rate buydowns [10] - Reversing tariffs may benefit suppliers and manufacturers more than consumers [10]

Immigration Policy - The U S government will pay immigrants living in the U S illegally $3,000 (a tripling of the current "exit bonus") if they voluntarily leave the country by the end of the calendar year [1]

China’s local borrowing for infrastructure spending is on pace to hit a six-year low, as Beijing clamps down on risks in a strategy shift that calls into question its promise to stop an unprecedented investment slump. https://t.co/dPm5MvqOwO ...

RT Superteam India (@SuperteamIN)christmas has come early, and it has come with a new OnlyDevs podcast episode 🎙️@shek_dev and @kirat_tw sit down with @uriklarman, CEO of @bloxroute and the creator of @paladin_solana — diving deep into his journey in crypto, solana development, how MEV works, how infra works and much more.timestamps:(00:55) uri’s journey into crypto(02:18) how bloXroute started(04:05) DeFi summer and product–market fit(05:48) how bloXroute works(11:24) why uri created paladin,(14:56) MEV ex ...

RT Sharples (@0xSharples)We now have a DEX quoting tighter spreads on Solana than its CEX counterparts.@humidifi is quoting SOL-USD trades around 0.1bps for orders < $10k compared to CEXs like Binance around 1bp. https://t.co/wFdW1HHrX4 ...