My morning train WFH reads:

• The Dow, the Uncool Index, Has Its Moment in the Sun: The oldest, most unfashionable stock benchmark is suddenly outperforming. (Wall Street Journal)

• Crypto revolt exposes fragility of Trump’s coalition: Trillions of dollars in value have been vaporized from global crypto markets since October, plunging an ascendant industry championed by President Trump into a new bout of turmoil. Why it matters: Crypto joins a growing list of MAGA coalition partners — from Epstein-focused populists to farmers to Latino men — now questioning whether Trump’s return to power has delivered what they were promised.(Axios) see also A New Crypto Winter Is Here and Even the Biggest Bulls Aren’t Certain Why: Some of crypto’s biggest champions can’t put their finger on what went wrong. (Wall Street Journal)

• This job has become the ultimate case study for why AI won’t replace human workers: But the radiology field has become a case study for how AI could enhance, and not replace, jobs. The type of work in radiology is also ideal for AI assistance, said Dr. Po-Hao Chen, a doctor specializing in diagnostic radiology at the Cleveland Clinic. (CTV News)

• Carvana’s Red-Hot Growth Runs on a Cycle of Borrowed Money: Attacks from short sellers and the collapse of auto lender Tricolor haven’t slowed down America’s most valuable used-car retailer. (Businessweek)

• You better kiss those free snacks and cold brew goodbye, baby. Corporate perks (and loyalty) are gone, people are paying more on health insurance then rent, and someone is using “olive oil” as a resume builder. (Substack)

• Why there’s a “huge vibe divergence” between tech and finance on AI: Tech evangelists are hailing a Claude-fueled seismic shift in computer-based work. Investors are, by and large, selling AI stocks. (Sherwood News)

• How a $30 Billion Welfare Program Became a ‘Slush Fund’ for Both Red & Blue States: Republicans and Democrats alike decry the lack of oversight for America’s famous antipoverty experiment. TANF was supposed to help the poor. States found other uses for the money.  (Wall Street Journal)

• The 6 biggest questions about adult ADHD, answered by a neuroscientist: ADHD diagnosis has risen in recent years, particularly among adults. But we need to improve how we view and treat it. (BBC Science Focus Magazine) see also How ADHD Became an Adult Disorder: Millions of grown-ups are now being diagnosed with what was once thought to be a childhood condition: attention deficit hyperactivity disorder. What did health-care providers miss? And how do you know if you’re affected? (National Geographic)

• ‘The Trust Has Been Absolutely Destroyed’ Some state election officials say they no longer trust their federal partners. (The Atlantic)

• Bad Bunny’s unapologetically American Super Bowl show: All of the cultural Easter eggs you might have missed, explained. (Vox)

Be sure to check out our Masters in Business interview  this weekend with Bob Moser, CEO and founder of Prime Group Holdings, a private investor in unique real estate holdings. They created Prime Storage, one of the largest, privately-held self-storage brands in the world, with over 19 million rentable square feet of space and 255 locations across 28 states and the U.S. Virgin Islands. The firm has acquired over $10 billion in real estate assets.

 

Equal Weight S&P 500 has outperformed Cap Weight by 4.2% through 2/7. That’s the highest spread going back to 1992

Source: @mattcerminaro

 

Sign up for our reads-only mailing list here.

 

The post 10 Tuesday AM Reads appeared first on The Big Picture.

Algerian Boxer Admits To Having XY Chromosomes And Commits To Hormonal Treatments

Authored by Jonathan Turley,

With the start of the Winter Games, a story this week resurrected a controversy from the last Summer Olympics. Previously, Olympic officials and pundits denounced those who objected to Algerian boxer Imane Khelif competing as a woman, saying that she was born a female. Female boxers withdrew from the competition rather than fight Khelif. Now, the boxer has admitted to having XY chromosomes and is taking hormone treatments to lower testosterone levels for the next Olympics.

At the time, IOC chief Thomas Bach said: “We have two boxers… who were born as women, raised as women, who have passports as women, who have competed for many years as women. And this is a clear definition of a woman.”

In 2023, the International Boxing Association (IBA) President Umar Kremlev explained the IBA’s decision to disqualify Taiwan’s Lin Yu-ting and Algeria’s Imane Khelif from the 2023 Women’s World Boxing Championships. While there remains confusion on the testing used by the IBA (or the reliability of those tests), it issued this statement:

“Based on DNA tests, we identified a number of athletes who tried to trick their colleagues into posing as women. According to the results of the tests, it was proved that they have XY chromosomes. Such athletes were excluded from competition.”

Various media also did their own “fact checks” with outlets like USA Today stating that the “outcries from anti-trans celebrities and politicians” were based on false claims and the boxers were born women.

NBC also cited “attacks from anti-LGBTQ+ conservatives online who claim they’re transgender.”  It stressed that the IBA could not be trusted since the IOC banned the group. (IBA was banned for corruption and financial-related issues).

I wrote about the controversy, criticizing the lack of consistent testing and simple confirmation of the XY chromosomal allegation.

Khelif still insists on competing against female boxers and added:

“Doctors and teachers decide. We all have different genetics, all different hormone levels. I’m not a transsexual. My difference, it is natural. I’m like that. I did nothing to change the way nature did to me. That’s why I’m not afraid. For the next Games, if you have to take a test, I will submit to it. I have no problem with that. I already did this test. I contacted World Boxing, I sent them my medical record, my hormonal tests, everything. But I had no answer. I’m not hiding, I’m not refusing testing. What I don’t understand is why we want to make my story so bigger.”

Notably, Khelif previously filed a criminal complaint against JK Rowling and Elon Musk for cyberbullying.  It is another example of how free speech is being eviscerated in Europe through the criminalization of political speech. I cannot find a record of the complaint’s status.

Tyler Durden Mon, 02/09/2026 - 21:45

Rubio Slams 'Unjust' Jimmy Lai Sentence After Hong Kong Court Issues 20 Years

The high profile trial of Hong Kong's foremost pro-democracy media tycoon wrapped up in December, whereupon Jimmy Lai was found guilty of sedition. He had long spearheaded huge protests and local Hong Kong media criticism of Beijing, but came under legal hot water and scrutiny with the passage of the notorious China-imposed national security law.

Finally, on Monday he was handed a very harsh 20-year prison sentence, resulting in outrage and condemnations aimed at China from across the globe. This is effectively life in prison, or even a death sentence, for the 78-year old who also suffers various health problems.

via AP/Al Jazeera: Jimmy Lai walks through the Stanley Prison in Hong Kong on July 28, 2023

This is after he's already spent over five years in prison, and the trial alone lasted two years. He was first detained in August 2020 under Hong Kong’s Beijing-imposed national security law, in wake of large-scale student protests which at times brought whole sectors of the city to a standstill.

The city’s High Court said in its ruling: "Having stepped back and taking a global view of the total sentence for Lai’s serious and grave criminal conduct ... we are satisfied that the total sentence for Lai in the present case should be 20 years’ imprisonment."

The security law has been widely seen as the final nail in the coffin of Hong Kong's long-running autonomy, and was a response to the major 2019 protests which were widely covered in international press reports.

China had long alleged a foreign intelligence 'hidden hand' behind the protests. This was in part due to student activists being in semi-regular communication with Western officials and NGOs, and sometimes even honored at events hosted in Europe or the US.

Secretary of State Marco Rubio was swift to issue Washington's response to the verdict on Monday, calling the sentencing an unjust and tragic conclusion.

"The Hong Kong High Court’s decision to sentence Jimmy Lai to 20 years is an unjust and tragic conclusion to this case," Rubio said in the statement. 

"It shows the world that Beijing will go to extraordinary lengths to silence those who advocate fundamental freedoms in Hong Kong, casting aside the international commitments Beijing made in the 1984 Sino-British Joint Declaration," the US top diplomat added.

Elaine Pearson, Asia director at Human Rights Watch, stated that "A sentence of this magnitude is both cruel and profoundly unjust."

(1/5) Before sentencing was read, Jimmy Lai waved to the public gallery, made a heart gesture, and smiled while miming a bite of an apple.

After the decision was delivered, he again smiled broadly, waved, and made a fist-in-palm gesture toward the public seating. #AppleDaily pic.twitter.com/fnwEQefBaX

— Frances Hui 許穎婷 (@frances_hui) February 9, 2026

Western leaders, including of the US and Britain, are expected to lobby for his freedom, especially given that this is being viewed as ultimately a crackdown on Western values in influence on one of the world's main financial hubs. But given sentencing has been accomplished, any such action to obtain his release will get harder and harder. China, on the other hand, said he encouraged violence and foreign subversion.

Tyler Durden Mon, 02/09/2026 - 21:20

Downward Bitch: Irate Yoga Wokes Demand 'Complicit' Instructors Condemn ICE

A Sunday yoga class at Minneapolis CorePower Yoga studio turned into an unscripted protest earlier this month, as a group of enraged customers berated front-desk staff for not condemning federal immigration enforcement, prompting the Denver-based chain to ban one regular and agree to post anti-ICE signage in its studios.

Caught on camera and subsequently gone viral, the confrontation unfolded inside the CorePower studio lobby after a class let out. The video, posted by regular yogi Heather Anderson, 51, shows more than a dozen spandex-clad patrons “spontaneously” demanding answers from two visibly uncomfortable staffers over the company’s stance on Immigration and Customs Enforcement (ICE).

“Why are you being silent? Let’s hear it - loud and proud, baby!” Anderson demands, as she films a blonde staffer identified only as “Delaney,” amid approving snaps and cheers from the crowd.

Anderson repeatedly presses the staffer for a corporate position on ICE, dismissing the employee’s attempt to “take a pause” as unacceptable. When a second employee tries to speak, the group grows louder, with one student accusing the company of being “complicit” in violent federal immigration actions.

This is the raw video of the incident in a CorePower yoga location in Minneapolis, women members throwing a tantrum bc corporate would not denounce ICE. We have a program with white women in this country. The indoctrination and programming runs deep. Note they even snap fingers… pic.twitter.com/yop5I1BzAh

— Richard Parker of The Raven's Call (@astheravencalls) February 6, 2026

“You’re not being berated - you’re being asked hard questions,” Anderson snaps, before demanding the return of an anti-ICE sign she says was taken down from the studio’s front door.

Throughout the nearly six-minute clip, Lionel Richie’s “All Night Long” blares in the background as the crowd continues its vocal denunciations of the staff, who appear unsure how to respond. At one point, a woman in the group declares, “People are being murdered and abducted and attacked here — this is our community and this is bulls-t!”

The routine protest-cum-yoga-studio takedown gained traction after Anderson said patrons caught wind of rumors that corporate had ordered the removal of previously displayed anti-ICE signage. “Every single business in Minneapolis has something on their door right now — it’s not like we were asking for something out of the loop,” she told The Post.

In the aftermath, CorePower issued a series of Instagram Stories saying the company did not support the “violent ICE raids happening in Minneapolis” and that it had distributed approved signage to its studios. Anderson, however, was banned from the location after the incident.

Despite the ban, Anderson stood by her actions. “What I said in that video landed,” she insisted, adding that when one side refuses to engage constructively, activists are forced into a “self-preservation stance.”

Tyler Durden Mon, 02/09/2026 - 20:30

Gun Owner Denied Firearm By ATF For Claiming "God Given Rights"

Via Gun Owners of America,

A member of Gun Owners of America was recently denied a firearm by the Bureau of Alcohol, Tobacco, Firearms and Explosives (ATF) for writing "exercise my God given right" as their reason for manufacturing the firearm.

Our member wasn’t doing anything illegal; they were not attempting to manufacture something that was banned in their state of residence. They weren’t building anything that is banned federally, and they were complying with all regulations set forth by ATF during the registration process.

Even though no statute or regulation requires it, ATF’s Form 1, Box 4(i) demands that gun owners “specify why you intend to make [a] firearm.”

This GOA member wrote:

As a law-abiding US citizen with no criminal record, you don’t need a reason to purchase or manufacture a firearm. That’s what the Second Amendment is for. Yet ATF denied our member’s application for this exact reason.

Of course, ATF always forgets the “shall not be infringed” part.

As you can clearly see, our member’s Second Amendment rights were denied by bureaucrats because of an “insufficient reason.”

How is the desire to exercise one’s God-given rights an insufficient justification to exercise one’s God-given rights?

This is yet another clear reason why the ATF needs to be defunded and abolished entirely. The Second Amendment guarantees the exercise of our God given right to keep and bear arms.

Stating otherwise is a complete tyrannical falsehood.

That’s why we at Gun Owners of America just filed a notice of supplemental authority in our One Big Beautiful Lawsuit, using this as an example of government weaponizing the NFA against law abiding gun owners.

In our filing, we dismantle the government’s assertions that the National Firearms Act creates only a “modest burden” on the Second Amendment and that the NFA’s registration requirements are comparable to a “shall-issue” permitting system in pro-gun states.

ATF’s blatant denial of our member’s Second Amendment rights shatters this narrative completely.

Instead, the government treats the NFA’s registration requirements as a “may-issue” system - a subjective determination on who is allowed to own these firearms by government employees.

These “may-issue” systems were explicitly declared to be unconstitutional by the Supreme Court thanks to the Bruen decision. We think SCOTUS should rule the same here and abolish the NFA’s registration requirements forever.

We just reported this misbehavior by @ATFHQ to Judge Hendrix in our $0 NFA lawsuit.

These tyrants can't claim that the "Second Amendment protects... suppressors" and that the NFA is a "shall issue regime" & then arbitrarily deny the right to make a suppressor. https://t.co/JPVUJxa6vn pic.twitter.com/qU5PuSJi3p

— Gun Owners Foundation (@GunFoundation) February 9, 2026

We’re glad to be fighting on behalf of our member, because nobody should be denied for exercising their Second Amendment rights by the tyrannical bureaucrats at ATF.

If you aren’t already, please consider becoming a GOA member, so that we can fight on your behalf if the ATF attempts to deny your Second Amendment rights.

Tyler Durden Mon, 02/09/2026 - 20:05

Toyota Taps Kenta Kon As New CEO In Leadership Shake-Up

Toyota is reshaping its leadership once again, naming Kenta Kon as its next chief executive, with the transition set for April 1. Kon, currently the company’s chief financial officer, will step into the top role as part of a broader management realignment, according to Car & Driver.

The move shifts current CEO Koji Sato into a dual position as vice chairman and chief industry officer. Toyota says the change is designed to reduce Sato’s workload, especially after he took on the chairmanship of Japan’s main auto industry group earlier this year. Under the new structure, he will “focus on the broader industry, including Toyota, as Vice Chairman and CIO, while Kon will focus on internal company management as President and CEO.”

Kon succeeds Sato just three years after he assumed the role following the departure of Akio Toyoda, who stepped down in 2023 after more than a decade leading the company founded by his grandfather. That earlier transition marked a shift away from family leadership, and this latest change continues Toyota’s evolution.

The report says that industry observers see Kon’s promotion as a signal that Toyota is emphasizing financial strategy. Automotive News has described him as a “longtime confidant” of Toyoda, and his background in finance contrasts with his predecessors’ engineering-focused careers. Sato, for example, previously led Lexus and Toyota’s Gazoo Racing division, helping expand the company’s performance brand and develop models like the GR Corolla and Supra.

Kon’s former role as CFO will now be filled by executive vice president Yoichi Miyazaki, who has held the position before.

At a news conference in Tokyo, Kon made clear that profitability will be central to his leadership. “My role will be establishing this good profit structure, this foundation, so that the people can take on courageous challenges,” he said. “I want to use that money for the future of Toyota.”

With Kon focusing on internal management and financial strength, and Sato turning his attention to industry-wide issues, Toyota Motor Corporation is betting that a clearer division of responsibilities will help guide the automaker through its next phase of growth and competition.

Tyler Durden Mon, 02/09/2026 - 19:40

Google Versus China's Cyber Weapon

Authored by Anders Corr via The Epoch Times (emphasis ours),

Commentary

Google has sacked a Chinese company’s global proxy network, which constitutes part of a Chinese cyber weapon aimed at U.S. and allied critical infrastructure and telecommunications.

In this photo illustration, the Google logo is projected onto a man in London, England, on Aug. 9, 2017. Leon Neal/Getty Images

The company, Ipidea, allegedly has proxy malware that silently piggybacked on millions of legitimate software downloads by regular U.S. consumers to their phones, tablets, computers, televisions, and projectors. The internet bandwidth of these and other victims is then rented by such proxy networks to malign state actors, criminals, and others seeking to use the internet anonymously. Such networks are a national security threat of the greatest magnitude.

The Google takedown required a federal court order to remove dozens of the company’s domains and apps from approximately 9 million Android devices. Ipidea does not reveal the name of its CEO or headquarters location, which is somewhere in China. However, it does admit to operations in 220 countries using tens of millions of devices. Given the Chinese Communist Party’s (CCP’s) unprecedented surveillance in China, Ipidea likely has the full support of the regime. It could be a full-fledged Chinese intelligence operation.

The attacks are the tip of an iceberg that is sinking the privacy and security of American citizens, U.S. allies, and the future of democracy. One focus of CCP cyberattacks is hundreds of high-value critical infrastructure targets, such as municipal water companies, electricity plants, and ports. Another focus is on government operations, including the U.S. National Guard, National Nuclear Security Administration, and Congressional committees key to U.S. foreign and national security policy.

China’s hacker assaults are often given various storm names, such as Salt Typhoon and Volt Typhoon. They allegedly targeted approximately 200 U.S. companies and gathered the private data of almost all Americans. The targets include small municipal water and electric companies that have little or nothing to do with national security. They have no military bases or other sensitive sites nearby.

The only plausible reason for targeting such civilian infrastructure is to target civilians during a war, which is a violation of international norms. In some cases, exported devices and malware include the ability to hack hospitals or flood the water supply with poisonous treatment chemicals at high concentrations.

In December 2024, CCP representatives admitted to Biden administration officials of hacking U.S. infrastructure, including ports and water utilities. The regime representatives said the reason was U.S. support for Taiwan. This was probably a veiled threat against the United States to warn it off from support for Taiwan in case of war.

Hackers in China are similarly targeting the critical infrastructure of U.S. allies, like the United Kingdom, Australia, and Singapore. The hackers also target China’s allies, including Russia, to acquire data about the war in Ukraine. Battlefield data on the performance of different weapons systems is useful to Beijing’s military planning and armaments production. In the worst of cases, foreign weapons could be hacked and used against their own civilians.

Many Southeast Asian countries are also targets, and Taiwan’s chip industry is of particular interest.

In November, Anthropic revealed that state-sponsored hackers in China had used its AI technology in history’s first AI-powered hack, of about 30 U.S. companies and government agencies. The companies included technology, chemical, and financial companies. While Chinese agents allegedly directed and oversaw the attack, as much as 90 percent of them were carried out by Claude, Anthropic’s AI model, acting independently.

The latest Claude models require minimal programming by human coders as they can code programs themselves in response to normal language prompts by humans. The risk of this technology in the hands of a totalitarian state like China is incalculably high.

Anthropic is an American artificial intelligence (AI) company founded in 2021. It develops Claude, a family of large language models, and is also known for its research in AI safety, particularly interpretability. Riccardo Milani/Hans Lucas via AFP via Getty Images

An international coalition of government cybersecurity agencies, including those from the United States, Canada, the United Kingdom, Germany, Italy, and Japan, is publicly identifying individual Chinese companies for their hacking activity and provision of cyber products to China’s military and intelligence agencies.

The warning focuses on Advanced Persistent Threat (APT) actors in China that target “telecommunications, government, transportation, lodging, and military infrastructure networks” globally. France was conspicuously absent as a signer. In 2024, China’s APT31 hacking group allegedly targeted seven French parliamentarians.

The coalition’s warning is good, but not nearly enough to stop China’s highly lucrative practice of hacking pretty much anyone and everyone. CCP hacking will continue to weaken the United States and its allies until direct repercussions are imposed, including through counter-hacking and other measures designed to inflict significant economic damage on the regime.

These repercussions should be at the all-of-China level, not against particular companies. Sanctioning individual companies is ineffective, as they simply do the bidding of the CCP. Real repercussions should instead be imposed on the almost $20.7 trillion Chinese economy, and its almost $1.2 trillion in annual international trade. This should ideally be done to the financial benefit of the United States and U.S. allies as a form of economic compensation for previous harms done by the CCP. These harms include the COVID-19 pandemic, the fentanyl crisis, and intellectual property theft. The longer America waits to act, the more powerful the CCP becomes.

Views expressed in this article are opinions of the author and do not necessarily reflect the views of The Epoch Times or ZeroHedge. 

Tyler Durden Mon, 02/09/2026 - 19:15

Iran Offers To Dilute Enriched Uranium If US Lifts All The Sanctions

Iran has just made a significant overture amid the US pressure campaign, and as the two sides are set for a next round of indirect negotiations in the coming days. "Iran could agree to dilute its most highly enriched uranium in exchange for all financial sanctions being lifted, its atomic chief said on Monday, one of the most direct indications so far of its position at talks with Washington," Reuters reports.

Tehran has rejected White House demands that the country's ballistic missile arsenal also be subject of the talks, but this fresh Iranian offer to dilute its nuclear stockpile marks a significant turn, showing a willingness to entertain serious compromise on the nuclear front.

Image source: IRNA

Reuters recounts, "Washington has demanded Iran relinquish its stockpile - estimated last year by the UN nuclear agency at more than 440 kg - of uranium enriched to up to 60% fissile purity, a small step away from the 90% that is considered weapons grade."

But now the head of Iran's Atomic Energy Organization, Mohammad Eslami, is strongly signaling Tehran is ready to play ball, even if it is on Washington's terms - and after a history of the US side breaking its word (starting with the first Trump admin's unilateral pullout from the JCPOA nuclear deal).

"The possibility of diluting 60% enriched uranium... depends on whether, in return, all sanctions are lifted or not," Eslami made clear.

All of this stems from last month's very bloody protests and riots inside Iran, largely the result of the stranglehold that US sanctions have on the population. The White House since then has threatened regime change and dialed up the sanctions. 

Iran's supreme leader Ayatollah Ali Khamenei addressed the issue in Monday televised remarks. He urged citizens to participate in the anniversary of the 1979 Islamic revolution this week, said they must show "resolve" against foreign powers plotting the demise of the Islamic Republic.

"The presence of the people in the march and their expression of loyalty to the Islamic Republic will cause the enemy to stop coveting Iran," Khamenei said.

As for the ongoing negotiations base in Oman, which are at a very early and delicate stage, the geopolitical commentator Moon of Alabama has outlined some astute observations and expected outcomes as follows:

The likely outcome: Trump will have to lift some sanctions and, in exchange, will get some limited nuclear agreement with Iran. I assume that it will be softer on Iran than the JCPOA agreement which had been signed under Obama only to be trashed later by Trump.

The other demands on Iran which the Israelis had made through Trump: – no enrichment, a curb on the number and range of its ballistic missiles, an end of support for militia in the region – will not be part of the negotiations.

Those points are not of interest for Trump. He wants and needs an agreement – any agreement – that can be sold to the public has his personal success. The details will matter less to him than the fact that an agreement was made.

Israel will not like this. It wants Iran to be destroyed as a potential regional leader. Israel itself is too weak to defeat Iran. It may well try false flag strikes or terrorism to get the U.S. to finally do what it wants.

Monday's overture by Iran reflects just the above scenario, but it's unclear what the US reaction will be at this point. 

The US continues putting a huge amount of military assets in place in the Mideast region, and in Europe with an eye on supporting CENTCOM operations.

Despite this ominous build-up, Moon of Alabama concludes: "But the U.S. is no longer the all powerful force in the Arab region that it had been 30 years ago. It is lacking the means to defend its ships and bases against attacks by ballistic missiles and drones. This while Iran has systematically build up such  weapons and forces."

This could mean the conditions for a last-ditch major deal to avert military conflict remain favorable. But Trump is also as unpredictable as ever, and there are still hardline pro-Zionist hawks speaking in his ear.

Tyler Durden Mon, 02/09/2026 - 18:50

Leftists Lose It As Pro-ICE Ad Plays During Super Bowl

Authored by Steve Watson via Modernity.news,

A powerful pro-ICE advertisement aired during Super Bowl 60, spotlighting the everyday heroes in Immigration and Customs Enforcement who risk their lives to protect communities from violent criminals.

The spot, which ran right after Bad Bunny’s trash halftime performance, portrayed ICE agents as friends, neighbors, fathers, veterans, and Little League coaches dedicated to making America safer. Sponsored by the conservative group American Sovereignty, it struck a nerve with leftists already seething over recent ICE operations.

The 30-second spot opens with aerial views of American neighborhoods at sunset, cutting to scenes of ICE agents as family men and community members. Narration states: “These are Immigration and Customs Enforcement Officers. They are friends and neighbors, sons, fathers, their little league coaches and veterans… people who love this country. They are removing violent criminals from our streets and neighborhoods. It’s dangerous and difficult work, but ICE has one mission: to make America a safer place to live, and that’s what they’re doing. This is law enforcement. This is ICE.”

They're people who love this country.

These are Immigration and Customs Enforcement Officers. pic.twitter.com/9PyEua3ojV

— Rapid Response 47 (@RapidResponse47) February 9, 2026

The ad comes amid heightened tensions around immigration enforcement, with ICE ramping up deportations of criminal aliens under the Trump administration. The commercial aimed to humanize agents often demonized by open borders advocates, emphasizing their role in removing threats from neighborhoods.

It also comes after Trump advocated a “softer touch” to immigration enforcement.

Leftists wasted no time venting their rage on social media, particularly on X, where unhinged reactions poured in.

Fuck that ICE Super Bowl ad

— Tzar (#cornwatch) ????? (@Gore2024) February 9, 2026

ICE AD FOR THR SUPER BOWL BITCH GET THR FUCK OUTTA HERE NIGGA pic.twitter.com/jgFcZCa6Sz

— itxmi (@the_Itxmi) February 9, 2026

Aw yes, paid for by American Sovereignty, a right-wing, just made up group that somehow is non-profit but found the funds to make a pro-ICE ad in a month and pay the exorbitant post-Halftime shows Super Bowl ad fee…mmhmm…fuck ICE. https://t.co/vYWpNuFowZ pic.twitter.com/E3olA5S29A

— Erin$Giant34 (@EGiant49) February 9, 2026

Yep. Theyre so proud that they cover their faces.

— Nunya234 (@Nunyab234) February 9, 2026

Some of those that work forces, are the same that burn crosses.

— PNWCatDaddy69 (@PNWCatDaddy69) February 9, 2026

Sometimes you love your country so much, you have to terrorize and occasionally murder its citizens

— Chris Miller (@hchrismiller) February 9, 2026

Did I just see a fucking ICE ad on my fucking Super Bowl commercials? LMAO

— Lawlbringer (@lawlbringer) February 9, 2026

These extreme responses highlight the desperation among open borders extremists, who view any support for law enforcement as a threat to their agenda.

This backlash echoes recent moves by prominent leftists to undermine ICE. Just days ago, Rep. Alexandria Ocasio-Cortez announced training sessions for agitators on how to block ICE agents and doxx federal officials.

The Super Bowl ad is part of a larger push by American Sovereignty, which also placed provocative billboards in San Francisco praising ICE as “Defensive Player of the Year.” These efforts coincide with ICE’s intensified operations, including recent raids in Minneapolis that sparked leftist outrage after the shooting of an armed suspect.

Critics like AOC and her allies promote resistance tactics that endanger agents and obstruct justice, all while ignoring the victims of criminal aliens.

Democrats used to be all for immigration enforcement.

As ICE continues its vital work, ads like this one serve as a reminder: enforcing immigration laws isn’t optional – it’s essential to preserving American safety and sovereignty. Leftists can rage all they want, but the tide is turning against unchecked borders and spots like this push back against the madness.

Your support is crucial in helping us defeat mass censorship. Please consider donating via Locals or check out our unique merch. Follow us on X @ModernityNews.

Tyler Durden Mon, 02/09/2026 - 18:25

LA Taxpayers Spent $418 Million On Homeless Programs In 2025

Los Angeles spent about $418 million on homelessness programs in 2025, yet only a small share went toward helping people leave the streets for good, according to the New York Post. A recent City Hall report suggests most of the money supports short-term services that manage homelessness rather than resolve it.

The review, released as the city prepares major budget cuts, shows that hundreds of millions were directed to hygiene facilities, outreach teams, temporary housing, and vehicle-living programs with limited long-term success. These efforts often keep people in transitional situations instead of moving them into permanent homes.

The Post noted that councilwoman Monica Rodriguez condemned the system, saying, “We’re hemorrhaging money on a homelessness system that was never designed to succeed — and no one is being held accountable for the failure.”

She also argued that ineffective programs are protected instead of evaluated: “If we really wanted to do something about this crisis, we would be advancing real oversight, demanding results, and shutting down programs that don’t work — not protecting a system that keeps spending more while delivering less.”

One of the costliest efforts, Inside Safe, places people in motels and temporary housing at prices far above other programs. Rodriguez criticized its management, stating, “We know where a big pot of money is that isn’t being used wisely — and that’s Inside Safe.”

City officials warn that homelessness funding could fall short by nearly $250 million within two years, raising concerns about sustainability. Community advocate John Alle says the spending model focuses too much on services and too little on lasting change. “Services are a band-aid,” he said. “The numbers never go down. There are no results — and no consequences for mismanagement.”

Alle also accused city leaders of limiting public oversight: “We can’t even begin to calculate the total fraud until officials open their books. These are public funds, and they’re hiding from audits and accountability.”

Tyler Durden Mon, 02/09/2026 - 18:00

Jump Trading Eyes Kalshi, Polymarket Stakes As Institutional Interest Grows: Report

Authored by Sam Bourgi via CoinTelegraph.com,

Jump Trading, a Chicago-based quantitative trading company, is reportedly set to acquire minority stakes in prediction market platforms Polymarket and Kalshi, underscoring growing institutional interest in the rapidly expanding sector.

The equity stakes would be obtained in exchange for providing trading liquidity on both platforms, Bloomberg reported Monday, citing people familiar with the discussions.

While the report did not disclose specific ownership percentages, Bloomberg said Jump’s stake in Polymarket would scale based on the liquidity the company ultimately provides.

Founded more than two decades ago, Jump Trading has long been a major player in proprietary financial trading and has expanded aggressively into digital assets. It has been active as both a market maker and venture investor in crypto, backing blockchain infrastructure projects and exchanges through its affiliated investment arms.

Polymarket and Kalshi are the two largest prediction market platforms, each commanding multibillion-dollar valuations following recent funding rounds.

As previously reported by Cointelegraph, Polymarket raised $2 billion from NYSE parent Intercontinental Exchange, valuing the company at $9 billion. In early December, Kalshi secured $1 billion in funding at an $11 billion valuation.

While both platforms allow users to trade on the outcomes of real-world events, they operate under different models. Polymarket is a decentralized platform built on the Polygon blockchain that enables onchain settlement of prediction contracts, whereas Kalshi operates as a centralized, federally regulated exchange in the United States.

Polymarket’s monthly volume has surged at the start of 2026. Source: Dune

Prediction markets gain traction, but still face regulatory hurdles

Prediction markets gained mainstream attention after Polymarket’s event contracts accurately forecast the outcome of the 2024 US presidential election, highlighting the sector’s potential as a real-time information and risk-pricing tool. Industry analysts now estimate that prediction markets could generate trillions of dollars in annual trading volume by the end of the decade.

Eilers & Krejcik Gaming, a research and consulting company specializing in the global gambling and gaming industry, has identified sports-related contracts as a major driver of that growth. Speaking to CNBC in December, Eilers & Krejcik partner emeritus Chris Grove said sports betting could account for nearly half of the sector’s projected expansion.

Despite Polymarket’s early lead, Kalshi had largely caught up, with trading volumes at similar levels as of October. Source: Messari

Despite the growth potential, Grove cautioned that legal and regulatory challenges could slow adoption. 

Kalshi, which operates as a federally regulated prediction market, has received approval from the US Commodity Futures Trading Commission to run as a Designated Contract Market. However, the platform is facing pushback at the state level. Regulators in Nevada, Maryland, New Jersey and Ohio have challenged Kalshi’s offerings, triggering ongoing litigation and cease-and-desist actions.

Tyler Durden Mon, 02/09/2026 - 17:40

"Italian Job" Style Armored Truck Heist Caught On Video In Italy

In a scene straight out of The Italian Job movie, local Italian broadcaster Sky TG24 posted a dramatic video on X on Monday that appears to show at least one "armed commando" carrying out a brazen armored truck heist in broad daylight on an Italian highway.

"Moments of fear this morning on the 613 Brindisi-Lecce superstrada, at the Tuturano exit, where an armed commando attacked an armoured cash-in-transit van," the local outlet said.

Momenti di paura questa mattina sulla superstrada 613 Brindisi-Lecce, all'altezza dello svincolo di Tuturano, dove un commando armato ha assaltato un furgone portavalori ▶️ https://t.co/0hxZik8Vp0 pic.twitter.com/2aVV9GBTHK

— Sky tg24 (@SkyTG24) February 9, 2026

The Mirror provided more details about the heist:

An armoured van was attacked this morning, local news reports, on State Road 613 in Italy, which connects the cities of Lecce to Brindisi, in the region of Puglia, known as the 'heel of Italy'.

The dramatic clip shows masked men armed with automatic weapons on the highway, believed to be gang members who reportedly going into a firefight with armed officers from the local Carabinieri police force.

. . .

The armoured van, owned by the security company BTV, was forced to stop to avoid the blazing vehicle, giving the crooks, who were using a vehicle with blue flashing lights, posing as an escort to the van, the chance to strike.

It's clear from the video that whoever placed the shaped charge on the side of the armored van to blast a hole in it was a professional.

Authorities have not disclosed what the armored van was transporting, whether it was simply euros or something more valuable. It's also still unclear whether the armed criminal gang managed to secure whatever was inside before fleeing the scene.

Not quite the armored truck heist from The Italian Job remake in 2003 ...

... but it's still one of those scenes that never gets old.

Tyler Durden Mon, 02/09/2026 - 17:20

Feds Have Charged 158 Anti-ICE Agitators With Federal Crimes In Minnesota

Authored by Debra Heine via American Greatness,

Since the start of the Trump administration’s “Operation Metro Surge” in Minnesota, federal prosecutors have reportedly charged 158 anti-ICE agitators with federal crimes, including “FACE Act violations, conspiracy charges, and obstruction of federal agents.” Some of the offenses carry penalties of up to 20 years in prison.

Attorney General Pam Bondi announced last week that she “expect more arrests to come” as the Justice Department is poised to crack down on similar anti-ICE insurgencies nationwide. 

Those arrested in Minnesota include nine agitators who disrupted a church service (including Don Lemon, and a number of “ICE Watch” insurgents who “blocked, assaulted, or attempted to otherwise restrict ICE officers in the state,” according to Fox News.

Bondi last week announced the arrests of 16 Minnesota protesters for “allegedly assaulting federal law enforcement — people who have been resisting and impeding our federal law enforcement agents.” According to a criminal complaint published by the Justice Department, the alleged actions include the use of multiple vehicles to “box in” federal immigration officers; spitting on ICE officers during an arrest; attempting to throw a brick at an ICE officer; and other obstructive and violent actions.

Another 16 individuals have been charged with violating 18 U.S.C. § 111, which punishes anyone who “forcibly assaults, resists, opposes, impedes, intimidates or interferes” with officers engaged in carrying out their official duties.

In one case, an agitator allegedly tailed Customs and Border Protection (CBP) agents in his van “before approaching their vehicle with a baseball bat in hand.”

Penalties for a conviction on 18 U.S.C. § 111 range from one to 20 years in prison, depending on the circumstances, including “the involvement of a potentially dangerous weapon and whether bodily injuries were suffered,” Fox reported. The cases could carry longer sentences if additional charges are tacked on.

“People need to understand their actions have consequences and that obstruction, assault and impeding are not protected under the disguise of protesting,” stated John Condon, the acting director of Homeland Security Investigations (HSI).

On Thursday,  the feds also arrested Kyle Wagner, also known as “Antifa Kyle,” the cross-dressing anti-ICE domestic terrorist who threatened to assault, kill and doxx officers in Minneapolis.

Wagner was charged with numerous federal crimes, including Impeding/Retaliating Against a Federal Officer, Threatening Injury to Family, Interstate Domestic Violence, Conspiracy to Impede or Injure an Officer, Solicitation to Commit a Crime of Violence, and Interstate Communications,” the Department of Homeland Security posted on X.

The feds are also investigating the well funded and highly organized shadow network of anti-ICE militants who use the encrypted Signal messaging platform to track, dox and impede federal immigration enforcement officers.

These anti-ICE “digital Minutemen” use military-grade surveillance tactics to track law enforcement across 13 databases, Fox News revealed in an extensive report detailing the seditious operation.

Retired Special Forces Warrant Officer, Eric Schwalm, compared the anti-ICE effort in Minneapolis to the insurgencies he fought in Iraq and Afghanistan.

“We have an entire nation of collectors against our country’s law enforcement—it’s extremely dangerous,” Schwalm told Fox.

On January 26, FBI Director Kash Patel announced that the Bureau is investigating the “ICE Watch” operation being organized on Signal.

“We immediately opened up that investigation because that sort of Signal chat being coordinated with individuals, not just locally in Minnesota, but maybe even around the country — if that leads to a break in the federal statute or a violation of some law, then we are going to arrest people,” Patel said.

U.S. Border Czar Tom Homan vowed last week that the organizers and funders behind the ICE-hunting groups in Minnesota will be held accountable.

“The organization and funding of attacks on ICE—they will be held accountable, Homan stated. “Justice is coming.”

Tyler Durden Mon, 02/09/2026 - 17:00

Who's Next... What's Next...?

Authored by James Howard Kunstler,

It’s all backstage now. This fraught moment, the power-centers locked in the coldest cold of the year, the Spanish language lessons of Bad Bunny behind us, all the real action in the battle to save the country is out of sight, moiling and churning in the deep background. Everybody’s on edge waiting for shoes to drop, praying they don’t drop on their heads.

Bad Bunny’s Superbowl House Party. . . So Long, Been Good to Know Ya!

You should have seen Senator Mark Warner (D-VA; Vice-chair of the Senate Intel Committee) on Face the Nation Sunday, frothing at the mouth over Tulsi Gabbard, Director of National Intelligence (DNI).

He cannot believe she turned up at the Fulton County, GA, election warehouse last month, where the FBI extracted 700 boxes of ballots and other evidence for what happened there in the 2020 election.

Senator Warner doesn’t want you to find out.

Senator Warner, you understand, is one of the darkest creatures slithering through the cypress knobs of the DC swamp, and his lair, the Senate Intel Committee, is a fetid backwater of seditious intrigue. Senator Warner is setting the stage for yet another hoax against the country. He’s got a “whistleblower,” ID unknown, who supposedly imputes that last spring “an individual associated with foreign intelligence” made a phone call to “a person close to President Trump” and DNI Gabbard failed to report it to his committee.

DNI Gabbard simply called Sen. Warner a liar, which is exactly and succinctly correct.

Senator Warner is wetting his pants because the Georgia 2020 election tally looks sketchy to an extreme and he knows the case is beyond his control now.

Pulling on that thread will unravel the whole fake tapestry of “Joe Biden’s” election and will reveal the Democratic Party to be a criminal enterprise.

The nation itself has to face some unappetizing reality. Four years were stolen from the people and political devices were aligned to destroy the nation. They almost succeeded.

Over in Minnesota the major players are laying low now.

Governor Tim Walz, a creep of the thirty-second degree, surrendered his career weeks ago but nervously awaits indictment for presiding over massive social service fraud. ICE is still extracting psychopathic alien mutts out of Minneapolis, while the Cluster-B ladies and their mentally-ill Antifa spear-carriers remain out in the streets banging on sauce-pans. But somewhere in an office, away from the deafening whistles, the money trails are getting tracked from taxpayers to the Learing Centers to the state’s politicians and the DNC and then off forever into the Horn of Africa. You just can’t see it now.

The giant poisonous amoeba that Jeffrey Epstein became has not yielded all of its secrets.

Everybody knows that there are darker scenes lurking behind the curtain. The rumors are outlandishly horrifying, worse than anything out of Hollywood’s scare factory, a slaughter of the innocents. Who knows if they are true — well, possibly somebody knows, but these would be things you cannot want to know. One thing I’d like to know: why don’t the dozens of so-called “Epstein Survivors,” grown women supposedly raped and abused by celebrities years ago as children, name their abusers publicly? What’s stopping them as they grandstand around the country? Or is it just another grift?

It’s seven o’clock in the morning as I write (and fifteen-below zero), and World War Three has not started yet, though it seems like the whole US Navy and half the Air Force has deployed in the vicinity of Iran: the USS Abraham Lincoln Carrier Strike Group, a Nimitz-class nuclear-powered aircraft carrier in the Arabian Sea, accompanied by guided-missile destroyers USS Frank E. Petersen Jr., USS Spruance and USS Michael Murphy. . . destroyers USS McFaul and USS Mitscher in the Straits of Hormuz. . . littoral combat ships USS Canberra, USS Tulsa, and USS Santa Barbara in the Persian Gulf. . . at least a dozen F-15E Strike Eagles relocated to Muwaffaq Salti Air Base in Jordan (from RAF base Lakenheath, UK). Additional aircraft like A-10C Thunderbolts noted at regional bases. . . support aircraft, KC-135 Stratotankers for refueling (active at Al Udeid Air Base in Qatar), P-8A Poseidon maritime patrol, MQ-9 Reaper drones, and transport/refueling planes (C-17s, etc.), deployed around the region.

You have to wonder whether the regime running Iran has already selected martyrdom rather than yielding anything to forces who are sick of them, including many Iranians.

Iranian missiles are targeted for Tel Aviv, US bases in the Emirates, and possibly even Saudi Arabia. Could be all bluff. The truth of the situation remains hidden, like everything else right now in the global arena.

Down in Fort Pierce, Florida, today, a grand jury will hear more witnesses in the sedition and treason conspiracy carried out by our own government officials since 2016. And being a grand jury, it is all secret, you will not be hearing about it in the news. Like so much else now, the action there is behind the curtain. Too many cynics believe that nothing will come of it. Yet, the blast zone from it, when it comes, will blow at us like a second American Revolution in the 250thanniversary year of the first one.

Different dynamics are aligning now, forces better structured to the survival of our nation. The only thing we know for sure: Bad Bunny has had his fifteen minutes of fame.

Who’s next and what’s next?

Patience, please.

Tyler Durden Mon, 02/09/2026 - 16:20

 

 

The transcript from this week’s MiB: Bob Moser, Prime Group Founder and CEO, is below.

You can stream and download our full conversation, including any podcast extras, on Apple Podcasts, Spotify, YouTube, and Bloomberg. All of our earlier podcasts on your favorite pod hosts can be found here.

~~~

This is Masters in Business with Barry Ritholtz on Bloomberg Radio.

Barry Ritholtz: This week on the podcast, what a fascinating conversation. Bob Moser is founder and CEO of Prime Group Holdings. Uh they’re the largest privately held self storage owner operator, investor in the country. Fascinating conversation. Started acquiring properties in college. Eventually, uh started doing RVs and uh mobile homes. Just really fascinating uh methodology of identifying undervalued properties. Uh I thought the conversation was fascinating and I think you will also. With no further ado, Bob Moser of Prime Group Holdings. 

Bob Moser: Thanks for having me.

 Barry Ritholtz: So, let’s start out with your your background, bachelor’s with honors in economics from Union College. What what was the original career plan?

Bob Moser: Tell you the truth, it was always real estate. So, I’ve always had an affinity for real estate.

Barry Ritholtz: Really?

Bob Moser: Yeah. My mom tells the story that when I was like 14 or 15, she’d drop me off at the local real estate broker’s office and I would drive them nuts for a couple hours and it was either that or just to get rid of me out of her hair probably. But I always had it. Got my real estate license before college. I got my brokerage license while at college and actually started the business basically my sophomore junior year while at Union.

Barry Ritholtz: Wow, that’s amazing. So, so your college thesis focused on how to value income producing real estate investments by comparing demand and value like so you really knew exactly what you wanted to do by your senior year. What was the outcome of that college thesis?

Bob Moser: It’s a good question. So, it was on the valuation of income producing properties using hydonic and non-hydonic regression analysis.

Barry Ritholtz: So, when we say hydonic you’re adjusting for quality…

Bob Moser: …location, attributes of the property, uh taking away basically the revenue stream, what else adds value to the asset. Uh and I was really hyperfocused on fragmented real estate assets. So basically every real estate asset when you look at it goes through the same life cycle when they’re originally owned, developed, managed by local regional developers. Then over time the larger groups come in and consolidate. So I was looking for that reflection point when that consolidation starts. And I was focused back then in college on the thesis for manufactured housing communities.

And when you’re a college student, you know, people pick up the phone when you call because they’re always trying to help somebody out. And I was very fortunate to speak to Sam Zell uh and some other obviously leaders in the real estate business. And they gave me some great insight. And one of the ones he said to me was that there’s a lot of buyers, but there’s not much product out there. You have to go out and find product for people.

So, I decided to start a company in college to facilitate that transaction. Obviously, I didn’t have any money. My dad was a retired New York City detective. Uh my mom was a teachers aid, so I didn’t grow up with any wealth. But I figured out that if I could find good product, there was a numerous amount of buyers to buy it. And I did this by using the Freedom Information Act of New York and then various other states where I figured out that I could track all real estate asset classes using the the same common denominator of water and sewer per So I went down to Albany and I made my request…

And one day, you know, UPS knocked at my door… and handed me a box. I’m like, “Oh, there’s my real estate information.” And he’s like, “Actually, that truck out there is.” I had boxes and boxes of the old DOSs printouts of every self storage facility, every mobile home park, every RV park, marina, multifamily. Just so some of the younger listeners can appreciate this, forget AI. This is really before there was any sort of usable internet… This is physical paper stored in physical um office buildings and file cabinets. I had to pay per page on the print out.

Barry Ritholtz: And what did that cost and how how long ago was this?

Bob Moser: So this was back in 97 96 97. Uh it probably cost me a couple hundred dollars which I really didn’t have as a college student. But I realized quickly that that information was the key to finding assets. And what I would do is I would systematically go through these lists basically county by county… identifying the institutional quality assets that were still owned by mom and pops or non-institutional investors. Then I would do a deep dive on those assets. I would call and get the rent. I would call the tax assessor to get the real estate taxes. My goal was to know more about the real estate than the owner did by the time I called them on the phone to see if they’d be interested in selling.

Barry Ritholtz: That’s unbelievable. So that’s what led you to unconventional and overlooked segments. You mentioned marinas and RV parks and um other things like that. Um uh manufactured homes. How long did it take you before you managed to acquire your first property?

Bob Moser: So, there was a I I acquired my first property shortly after college. And what happened was there was a mobile home park in Streetsboro, Ohio. Uh it was actually called Camelot Village. Again, a guy named Mike Duffy owned it. And I used to call Mr. Duffy probably every 30 days to see if he would sell his asset. And one day, I finally got him to sell. And I made a nice fee on the transaction. But I still needed a little bit more. And the year I graduated, my mom took a home equity loan against the family house.

Barry Ritholtz: Is that how you financed?

Bob Moser: That’s how I financed my first acquisition. So before that, I was facilitating transactions, making fees, almost like a broker, but not a listing broker. And then the first asset I bought was when my my parents took a home equity loan.

Barry Ritholtz: So if in you mentioned you got your real estate license in college, how are you finding buyers for these sort of unconventional properties. Are you going to the big institutions and saying, “Hey, I have a property that fits into your portfolio.”

Bob Moser: No, what I actually did was I had these lists obviously that I got from the foil request and I kept on seeing the same name show up in buyers or that were owners. Okay. So, if I knew they own five assets in that particular region, I thought, hey, if I develop one or I get a relationship with a seller that would sell, I would bring it to that.

Barry Ritholtz: You knew where to bring it.

Bob Moser: 100%.

Barry Ritholtz:  Really, really quite fascinating. And so, when did you found your own real real estate brokerage firm?

Bob Moser: So that was basically in college. So that was in college.

Barry Ritholtz: So how long did you do that as a um as a broker rather than an investor or they kind of ran parallel paths?

Bob Moser: No. So I was basically working exclusively for generating fees from like 97 to 2000ish 20 2001. I started buying my first asset around 99 going into 2000.

Barry Ritholtz: So, you ramp up various assets until 2013 when you start Prime Group. Was that the path?

Bob Moser: So, what I did was I so my mom took the home equity loan, my parents did against their home. Uh the first asset I bought actually I had sold to that gentleman 10 months prior and I called them up and I said, “Hey, uh you know, Wayne, I sold you this property. It was on Cape Cod. Uh would you be interested in selling it? And he I sold it to him for 3 million. He ended up selling it to me for 5 million.

Barry Ritholtz: Wow.

Bob Moser: Uh 10 months earlier. And then I moved up to Cape Cod and I actually ran the asset for the first two years to see how the business worked cuz I didn’t want to be that owner that would tell people what to do without actually being able to do it themselves. And then I bought my second property and then I bought my third. And then by 2005, August 12th, 2005, I had a large liquidity event. I sold the group of assets to Sam Zell.

Barry Ritholtz: So So I want to draw a line. So you’re a college kid randomly calling big real estate investors…

Bob Moser: 100%.

Barry Ritholtz: Including Sam Zell who took your phone call.

Bob Moser: Took my phone call.

Barry Ritholtz: And you had a long conversation with him.

Bob Moser: I did. I did.

Barry Ritholtz: And so how many years later is like, “Hey Sam, do your It’s me, Bob. Do you remember me? I have some assets for you.”

Bob Moser: It was funny when you say that because when I was dealing with the CEO, there’s a CEO at the time. Uh I always wonder because I never really spoke to him then after. So I wonder if he actually put two and two together. I’m sure he did.

Barry Ritholtz: So now you have a liquidity event. You’re tapping into Wall Street securitization or to fund this. How uh at what point do you say, “Oh, there’s a ready source of capital. I could just put a rollup strategy together and run all these properties more more efficiently than mom and pops can do…”

Bob Moser: 100%. The what I so basically from let’s say 2000 through 2005 2006 I was acquiring a lot of mobile home RV parks… And what really transitioned to me to become an asset specialist which we are now was how well self storage was doing during the first financial crisis… I decided at that point to become an asset specialist singularly focus on self storage.

Barry Ritholtz: So I’m curious why would self storage do well during the financial crisis. Was it literally people were losing their homes? They had to figure out where all their stuff had to go or what was happening in that period that made that such a a a standout performer.

Bob Moser: I would say it was more the defensive nature of it where these other assets were decreasing dramatically. Storage was holding its own. And it’s need-based real estate. I do not buy aspirational real estate.

Barry Ritholtz: It seems like you are in a variety of different regions everywhere from Saratoga to Springs to Chelsea here in New York City. Um, how do your uh underwriting assumptions differ relative to is this urban, is this suburban…

Bob Moser: So, we truly obviously real estate and that sound cliche, but it’s location, location, location. So, if you look at our portfolio, it basically you take the United States and it looks like a U. So, we’re up and down the coasts… and the reason why we’re along coastlines and then we’re up picking up in the mountain cities out in like Utah and Colorado is that there’s a barrier that’s natural barrier keeping the population tight to a nucleus.

Now, we have built very sophisticated software that helps us pre-identify these areas that we should be buying, not even the area, the exact asset we should be buying even though it’s not for sale. So, we built out this program where it pre basically I can put in our buy box and it populates out of the 60,000 self-storage facilities in the country the ones we should go after… And then what we have is our deal teams, which are group of roughly three dozen people internally that we allocate the deals that fit our criteria to and then they continue to call and visit those owners until we convert them to sellers.

Barry Ritholtz: Really, really fascinating. Coming up, we continue our conversation with Bob Moser, CEO of Prime Group Holdings, discussing the Prime Storage business. I’m Barry Ritholtz. You’re listening to Masters in Business on Bloomberg Radio.

([Break])

Barry Ritholtz: I’m Barry Ritholtz. You’re listening to Masters in Business on Bloomberg Radio. My extra special guest this week is Bob Moser… So, let’s talk a little bit about the business model of self storage. I see these areas popping up everywhere… How widely used are they? How profitable are they versus, you know, traditional commercial real estate?

Bob Moser: It’s a great question. So self storage has the lowest break even occupancy of any institutional real estate asset class I can think of. So at 40% occupied, you’re breaking even on expenses.

Barry Ritholtz: So, no lobby, no door man, no showers, none of the things that multi family correct makes so expensive.

Bob Moser: Well, you think about a multif family, if you’re going to turn a unit, it’s going to cost you anywhere from, let’s say, 1,500 to 5,000 depending on what you’re doing. Self storage is $5. We’re sweeping it and replacing a light bulb if there is one.

Barry Ritholtz:  Really really quite interesting. What about ancillary revenue streams? We’ve all seen those silly reality shows where they find these, you know, someone abandons a unit and they find some million-dollar painting in there. H how much nonsense is…

Bob Moser: Yeah, I haven’t had that luck. But the uh it’s funny that you bring that up. So, prior to those TV shows, we would have the auctions on site… What happened though, everybody also and started showing up to these had a personality. They thought they were on TV, right? So everything now is virtual. So when we have an auction, it’s all done online. But the and it’s not a revenue source for the business… One of them is a tenant protection program where uh the tenants are able to push the liability of a storm or something happening to their goods onto the landlord for paying a certain price.

Barry Ritholtz: I hadn’t even thought about the idea of a storm. So you live near a coast, there’s a big hurricane coming. Hey, I have a bunch of furniture and I want to get soaked. If we’re if we’re swamped, let’s move it inland to a storage area…

Bob Moser: 100% and and god forbid something happens to their home. You know, obviously a lot of stuff gets moved into the storage facility.

Barry Ritholtz: So, you you guys are the largest privately held self- storage um set of ownership. Uh what’s the competition like? I know I know Blackstone is in here. We see cubes everywhere. We see public storage. Who are your big competitors?

Bob Moser: Correct. So, there’s the group of public companies that you were just mentioning. You have Extra Space, you have public storage, you have CubeSmart, U-Haul, um, and

Barry Ritholtz: U-Haul. I didn’t even think of U-Haul. That’s right.

Bob Moser: Correct. You know, most people think of them just as the moving business, but obviously they own a substantial amount of self storage. Substantial amount. What we do differently is we operate differently… The REITs are highly focused on occupancy. They want to keep their occupancy above 99 92%. Where I’ll trade occupancy for topline revenue.

Barry Ritholtz: And then the related issue I see are the mobile pods people sometimes use is seems sort of adjacent to the space. What what are your thoughts on that?

Bob Moser: So we’re not in that business. Um it’s a lot more labor intensive.

Barry Ritholtz: You got to physically drop the pod off and then come collect it later.

Bob Moser: Correct. So in storage, one of the main benefits is there’s we take no availment risk. So we’re never taking possession of the person’s goods.

Barry Ritholtz: So this really went from kind of a niche to a mainstream investment class over the past couple of years. You were really early in this space. What did you see that others miss…

Bob Moser: It was the fragmentation… highly fragmented when I first entered the asset class uh even back in around 2015 2014 it was roughly 80% still owned by mom and pops.

Barry Ritholtz: Wow. So just the the REITs and the institutionals only own 20% of the the outstanding…

Bob Moser: It’s probably closer to 70 75% so there’s been a lot of validation.

Barry Ritholtz: So a couple of years ago you did a uh a raise, a couple of billion dollars from outside investors… So why go to outside investors rather than go this securitized route?

Bob Moser: It was basically it’s a it’s it’s scale play. So we I knew the asset class was going to consolidate quickly once the other the large institutions understood it better… and the best way to do it was through the co-mingled fund way.

Barry Ritholtz: So, so not hands off REIT like correct uh numbers. So, so let’s you mentioned your investment committee. Walk us through the typical acquisition. How do you source these things? Is it still just calling people up…?

Bob Moser: So, this this is where it takes the correct personality to be this part of the team… So what we use is our proprietary software we have developed inhouse that we load our entire buy box into this software and it projects it’s an AI system every self storage that fits that criteria in the country… then we allocate that deal to the deal team member that covers that area then he or she continues to call that owner every 30 to 45 days until we convert them to a seller.

Barry Ritholtz: What’s the conversation like with a seller? Hey, spoke to you back in uh October. Just checking in, seeing if anything changes. How receptive are people to this?

Bob Moser: So, it’s more than and I get those same email else and it drives me nuts… So when we call, you know, we’re referring to an exact asset… We’ve already been by the asset. We know what the numbers are. But then we visit them on the holiday. We find out when their their birthday is. We send them a card… and then we try to solve that problem. What they do with the money afterwards, how do they maximize their sale proceeds? And we hold their hand through the process.

Barry Ritholtz: That’s amazing. Maximizing returns afterwards. I’m going to assume that’s some combination of it’s it’s obviously capital gains… I would not have thought that a buyer is going to facilitate that process would hold their hand through it…

Bob Moser: Because we want to eliminate any kind of friction. We need to buy assets… If we weren’t buying it this way, we would be buying it like 99% of every other asset where it gets brokered… and at the end you overpaid for the asset.

Barry Ritholtz: The the winner’s curse in a in an auction situation.

Bob Moser: Exactly. The more buyers there are, the more likely it is the winner overpaid. 100%. So we bypass all that and we go directly to the seller…

Barry Ritholtz: That that’s really fascinating… I would not have guessed that degree of complexity, sophistication, and facilitation to the seller.

Bob Moser: Here’s the crazy thing. We’re closing six to seven deals a month.

Barry Ritholtz: So one or two a week.

Bob Moser: On average when you look at it that way.

Barry Ritholtz: So it sounds like just the prep before you make an offer. If it’s a few weeks, it sounds like you’re spending tens of thousands, maybe hundreds of thousands of dollars.

Bob Moser: Easily. But you think about it, if I don’t get that asset today, I might get it in a month… We’re into this for the long run.

Barry Ritholtz: And and when you guys raised fund three, that was the largest dedicated self- storage fund raise at the time. I think that was $2.5 billion or something like that. And and what’s the total um self- storage headcount?

Bob Moser: Uh we have over 300 close to 350 assets. We have around 7 or 800 employees around the country.

Barry Ritholtz: Really really quite fascinating. Coming up, we continue our conversation with Bob Moser… I’m Barry Ritholtz. You’re listening to Masters in Business on Bloomberg Radio.

([Break])

Barry Ritholtz: I’m Barry Ritholtz. You’re listening to Masters in Business on Bloomberg Radio and watching Masters in Business on YouTube. My extra special guest this week is Bob Moser… I want to talk a little bit about the state of commercial real estate today. But I still have a handful of of questions I have to ask you um uh about self storage. You mentioned uh small businesses are are a big customer… What percentage of your units are rented by small businesses and and what do they use this for?

Bob Moser: It’s a great question. It’s probably one of the most overlooked aspects of self- storage… The rest is a 30 to 40% are small businesses, contractors, landscapers, a lot of pharmaceutical reps. So, we are their warehouse. We’re the warehouse for that small business that employs the majority of the US population.

Barry Ritholtz:  Really, really interesting. And we were talking previously about uh self- storage isn’t covered by the traditional landlord tenant law… This is a lean law system. Is that true in all states?

Bob Moser: 100%. And actually it carries to Canada as well uh in parts of Europe that we’re looking at. But yeah, it it and it’s basically very similar to like a bank loaning money… But it provides a way to collect the rent that’s owed unlike a multifamily where it might take you a year if you’re lucky to evict somebody that’s not paying.

Barry Ritholtz: And you mentioned Europe. Uh I don’t think you have a lot of exposure currently in Europe. How big a push are you looking to make on the continent?

Bob Moser: So, we’ve been doing a lot of digging in figuring out what the different aspects and different cities. You know, it’s interesting because some of the owners in Europe, let’s say, let’s look at London, there will be two or three owners that own the majority of that inventory. Our play again is going out and buying from that oneoff owner… In Europe, they’ve been consolidated into groups. So, it really doesn’t provide us that ability to buy assets that we think are highly undermanaged.

Barry Ritholtz: So in the US this laws vary somewhat from state to state but it’s fairly uniform. Um how different is it country to country in in the EU or UK?

Bob Moser: Yeah but even in the states the when it comes to the actual implementation of the lean law it does there’s different timings… So we have a whole legal compliance team that works on this on a daily basis to make sure that each state law is being followed…

Barry Ritholtz: Really Interesting. So, commercial real estates have seeing higher uh rates of of costs, interest rates and inflation have been kind of stubborn and sticky. What sort of refinancing stresses that create or are you sidest stepping that whole interest rate chase these days?

Bob Moser: So, we’re very fortunate being in real estate for as long as we have. We have developed really deep relationships with the large institutional lenders uh from CitiBank, the Goldman, the JP the BMO to uh Northern Trust… But we spend a lot of time making sure that we’re hedging our interest rates.

Barry Ritholtz: We’ve certainly seen shifts in in demographics with everything from migration and remote work and aging populations. How does that affect uh demand for commercial real estate, both self storage and other related real estate?

Bob Moser: It’s a big demand driver for self- storage. So, when you think about it, people now are living in apartments more. I think I just heard the average the firsttime home buyers now until like they’re 40 now. It’s crazy when it used to be like 28 or 26. So obviously they live in smaller apartments, they need place to put their stuff.

Barry Ritholtz: Yeah. Speaking of office, we’ve seen a lot of underutilized um office properties… I just saw a piece in the Wall Street Journal uh this week that there has been a sudden surge of office to residential conversions in lower Manhattan… Do you track that sort of stuff?

Bob Moser: We’re actually working on one of those now, actually.

Barry Ritholtz: Oh, really? So, commercial office to residential real estate.

Bob Moser: So, what it was was we there was a uh a group of assets in West Chelsea… We’re converting one to a high-end storage of the future we’re calling it… And the other part of the project was a nine story building that’s on the Highline that we are going in to have it converted from office to residential.

Barry Ritholtz: On the Highline, all those properties have become incredibly valuable… When you say high tech self storage, I can imagine uh an app… What What is high-tech self- storage look like?

Bob Moser: So, we have actually harnessed the free energy of your cell phone to unlock the lock.

Barry Ritholtz: Mhm.

Bob Moser: So, it’s pretty interesting… So, basically, if you look at the lock is what controls this business, the actual lock that’s put on… So, we’ve devised and have built a lock that your cell phone gets an electronic key sent to it and then you can use that to open up the lock. There’s no batteries needed. There’s no Wi-Fi needed.

Barry Ritholtz: Some of the new EVs are the same way where you show up with a phone and it not only unlocks the car, it lets you start it.

Bob Moser: So, we’re bringing this to the self storage business and And we have our first 5,000 being deployed as we speak right now… The other thing is if they’re late and don’t pay, their electronic key is turned off…

Barry Ritholtz:  That that’s really fascinating. Um, if it’s not Wi-Fi, How does the key operate? Is that Bluetooth or something else?

Bob Moser: It’s purely off. So, your cell phone gives off energy just sitting there. And it was enough to harness to actually flip that solenoid. It’s pretty amazing. So, we’ve been working for a couple years to get this perfected.

Barry Ritholtz: I’m assuming there has to be a battery.

Bob Moser: No battery. Your phone.

Barry Ritholtz: No battery.

Bob Moser: No battery. That’s the key to this. So, and it’s good that you brought that up because everybody else has done it with a battery in the lock and eventually that battery dies.

Barry Ritholtz: This wasn’t supposed to happen.

Bob Moser: Now it is. So, you think about it. One of our facilities in Astoria is 3,300 units… First of the month comes, if people haven’t paid, that manager has to leave the front desk, go around and double lock those units. Right now, the electronic key just magically freezes the unit. So, it reduces our labor. It gives the consumer a better product.

Barry Ritholtz: Quite quite fascinating. So, given your perspective uh and experience in all sorts of commercial real estate, 2026, there’s a lot of questions… What are you seeing in the commercial real real estate space circa 2026.

Bob Moser: It’s a good question… You know, obviously I think SOFR is going to be coming down. You know, obviously rates are being lowered. I’m hoping to see that on the 5-year Treasury as well.

Barry Ritholtz: is that your benchmark for for fees as opposed to, you know, 10 year for mortgages?

Bob Moser: Yeah. So, I look at the five year quite a bit.

Barry Ritholtz: So, uh, we’ve been hearing from various manufacturers. There’s no sort of clarity as to policy. Everybody is kind of frozen… I get the sense that’s not really an issue with your business.

Bob Moser: Going back, it’s need based real estate. People need it to no matter what the life cycle is, whatever the macro economy is, they need space for their products, goods, inventory, their personal items.

Barry Ritholtz: Really, really fascinating. Last question before we get to our favorites. So, so what do you think commercial real estate investors aren’t thinking about or talking about um but perhaps should be…

Bob Moser: I really think it’s about how to really create value in real estate real estate is not a short term investment and a lot of people look and I’m not even talking 3 to 5 years is short in real estate I remember years ago this old-timer told me that you know real estate’s boring for the first 30 years.

Barry Ritholtz: It’s it’s funny the line, real estate is boring for the first 30 years. After Sam Zell passed away, I read a biography of him and one of the things that kind of that stunned me was he owned some of his properties for for half a century 50 years forever. That’s just that’s just a unbelievable number.

Bob Moser: It’s almost like the Warren Buffett way of buying real estate. Long-term is really long term when it comes to real estate.

Barry Ritholtz: So, so let’s jump to our favorite questions that we ask all of our guests. Starting with who who were your mentors who helped shape this obsession with real estate from the earliest days and helped shape your career?

Bob Moser: I’ve had I’ve been very fortunate to have some great partners along the way. Um, from some of my like Ken Langone, founder of Home Depot, was a really close friend and mentor… but I’ve been fortunate to have some of the largest investors in the world like the late Ira Harris who was absolutely amazing and taught me a lot.

Barry Ritholtz: So, let’s talk about books. What What are you reading and what are some of your favorites.

Bob Moser: I think probably one of my favorite was Remnants of a Stock Operator [sic]. It was a great book.

Barry Ritholtz: Uh what about streaming? What are you listening to or watching? Anything keeping you entertained these days?

Bob Moser: Podcast wise, obviously besides yourself, we were all in listening to some of that on the way down. I was just listening to actually your interview with Unlang’s uh CEO, Wilhelm Schmid of A. Lange.

Barry Ritholtz: Yeah. Fascinating guy. I didn’t realize how big into cars he was. So final two questions. What sort of advice would you give to a recent college grad uh interest in the career in commercial real estate investing?

Bob Moser: I think it’s in anything. Don’t count somebody else’s money. I see a lot of younger people wondering what the other person next to them is making and concerned about that. Always do more than what you’re paid for. And you have to be enthusiastic. Enthusiasm is probably the biggest driver of success. I can think of

Barry Ritholtz: enthusiasm. That’s that’s really fascinating. And our final question, what do you know about the world of commercial real estate investing today? Would have been helpful back in the 1990s when you were first starting out.

Bob Moser: I would say it was more about managing people. I It took me a long time to learn how to manage people… and the ability to empower people. It took you know obviously it took me probably a decade and a half before I really felt comfortable doing that. Uh but yeah I think that was probably if I had done that earlier I’d probably be bigger.

Barry Ritholtz: Really really quite fascinating. Thanks Bob for being so generous with your time. We have been speaking to Bob Moser. He is the founder and CEO of Prime Group Holdings. America’s largest privately held self- storage uh investment fund. If you enjoy this conversation, well, be sure and check out any of the 592 that we’ve done over the past 12 years. You can find those at iTunes, Spotify, Bloomberg, YouTube, or wherever you get your favorite podcasts. I would be remiss if I did not thank the Crack team that helps me put these conversations together each and every week. Alexis Noriega is my video producer. Shan Russo is my head of research. Anna Luke is my podcast producer. I’m Barry Ritholtz. You’ve been listening to Masters in Business on Bloomberg Radio.

 

~~~

 

 

 

The post Transcript: Bob Moser, Prime Group Founder and CEO  appeared first on The Big Picture.

Russia Vows 'All Possible Assistance' To Cuba As US 'Strangles' The Population

Russia warned Monday that the United States is "strangling" Cuba through long-running sanctions, as well as the current de facto oil blockade on the Latin American island-nation in full force.

As a result the Kremlin is exploring ways to get urgent assistance to the Cuban people, as the economic situation and national infrastructure worsens after Havana's number one energy source, nearby Venezuela, has cut off supplies in the wake of Maduro's ouster by US military intervention.

File image, Havana 

"The situation in Cuba is indeed critical... We are aware of this, and we maintain close contact with our Cuban friends through diplomatic and other channels," Kremlin spokesman Dmitry Peskov said at a Monday press briefing.

He added that "the stranglehold imposed by the United States is already causing a lot of difficulties for Cuba" and this has resulted in the two allies discussing "possible ways to resolve these problems or at least provide all possible assistance."

Blackouts across various parts of Cuba have persisted and even grown worse in the last weeks, given power plants are struggling to keep the lights on, as The Associated Press recently described:

The smell of sulfur hits hard in this coastal town that produces petroleum and is home to one of Cuba’s largest thermoelectric plants. Yet, even as the plant cranks back to life, residents remain in the dark, surrounded by energy sources they cannot use.

As tensions deepen between Cuba and the U.S. after it attacked Venezuela and disrupted oil shipments, so have the woes of Santa Cruz del Norte.

People in this town east of Havana are plunged into darkness daily and forced to cook with coal and firewood, but not everyone can afford this new reality.

This is after President Trump in mid-January vowed there will be "zero" oil and outside money going to Cuba, and threatened that its leaders must "make a deal, before it is too late." Washington has labeled the island a "national security threat" to the US - a viewpoint hearkening back to the Cold War.

Cuban Foreign Minister Bruno Rodriguez Parrilla has lashed out, saying Cuba faces "a total blockade of energy supplies" by the US, which violates "all principles of international trade," creating "extreme life conditions" for the Cuban population.

The crisis is rapidly impacting various industries, and most recently "Cuba has warned airlines it is suspending jet fuel supplies for a month, an official at a European carrier said Sunday."

BREAKING Cuba has warned airlines it is suspending jet fuel supplies for a month because of an energy crisis, an official at a European carrier says pic.twitter.com/gc7SOVgXVA

— AFP News Agency (@AFP) February 9, 2026

Russia isn't the only one rushing aid to the island. Mexico has been pressured to also cut energy supplies, but at the same time President Claudia Sheinbaum has reportedly ordered two Mexican naval vessels to transport over 800 tons of aid, including food and hygiene items, to Cuba.

Tyler Durden Mon, 02/09/2026 - 15:40

Not Clear Whether Vaccines Cause Autism, Needs More Research; NIH Director Says

Authored by Zachary Stieber via The Epoch Times,

The director of the National Institutes of Health said in a new interview that there’s a dearth of high-quality research into vaccines and autism and that the health agency is funding research that will determine the causes of autism.

Dr. Jay Bhattacharya, the NIH’s director, told EpochTV’s “American Thought Leaders” in an interview released on Feb. 10 that he has read studies that have found no connection between the measles, mumps, and rubella vaccine and autism. Bhattacharya sees the studies as robust.

“For other vaccines, there actually isn’t this kind of rich literature,” he said.

“‘Do vaccines cause autism’ is a poorly formed question,” Bhattacharya added later.

“Do I believe that we know that there are some vaccines that cause autism? The answer—I don’t think that’s true. Do we know for a fact that every single vaccine in the combination it is given doesn’t cause autism? Also, I don’t know that we know that. These are things that are worthy of research.”

A small number of studies have found indications that autism can be caused by vaccines, while others have identified no increased risk in autism following receipt of the measles shot.

Bhattacharya, during a Senate Health Committee hearing on Feb. 3, told Sen. Bernie Sanders (I-Vt.) that he does not believe autism is caused by the measles vaccine. Sanders pressed for a broader answer.

“I have not seen a study that suggests any single vaccine causes autism,” Bhattacharya said.

President Donald Trump has directed health officials to study autism, noting that more kids than ever are being diagnosed with the disorder. One of the efforts, led by the NIH, is called the Autism Data Science Initiative and involves investing more than $50 million in projects aimed at pinpointing autism causes.

Health Secretary Robert F. Kennedy Jr. has also said that the government is looking into potential links between autism and vaccines.

“We’ve invested a tremendous amount of money in trying to understand the etiology of autism, because there’s millions of families around the country that have children that ... they would love to be able to help, but we don’t really have great answers, both for the cause and how to sort of reverse whatever problems there are. And of course, there’s a whole range of phenotypes ... ranging from very, very severe autism to much milder, and so you can have different answers and different biology,” Bhattacharya told The Epoch Times.

“We need to have better science underlying all of these conditions, and that’s something I’m investing in to make sure that the next generation of folks who have these conditions will have better answers provided to them.”

A baby after receiving a vaccine for hepatitis B and other diseases, in an undated illustration photograph. Riccardo Milani/Hans Lucas/AFP via Getty Images

Bhattacharya also said he views the NIH’s role as funding research that will provide answers to key questions.

“Even if some people think that the question is already settled, if there’s a lot of the population that doesn’t agree, then, in my view, the right, respectful thing to do is to—rather than just to censor them or argue with them to marginalize them—is to provide more, better, scientific answers to the questions that they have,” he said.

Some organizations, such as the American Medical Association, say existing literature makes clear that vaccines do not cause autism. Certain groups maintain that all or many autism cases are caused by genetic factors.

The Centers for Disease Control and Prevention, which for years said that vaccines do not cause autism, said in 2025 that the available evidence does not support that stance.

Kennedy has said multiple times that the available studies are poorly designed and do not disprove a vaccine-autism link.

Some parents of children with autism say that their children were harmed by vaccines, and the government vaccine injury program has paid families who suffered problems associated with autism following vaccination. Researchers with Children’s Health Defense, founded by Kennedy, said in a Jan. 31 paper that epidemiological and other evidence demonstrate that aluminum in vaccines can trigger autism in certain people.

“I don’t know the answer,” Bhattacharya said in the new interview.

“I don’t understand how people can so confidently say they know what the answer [is] for a biological condition that is so heterogeneous and [has] so many different hypotheses. That’s the way I’ve been approaching it.”

The CDC recently downgraded recommendations for six vaccines to shared clinical-decision making, or advising parents to consult with doctors before having their children vaccinated, while keeping in place routine recommendations for the measles vaccine and seven other shots. Bhattacharya said that he favors vaccinating children with most of the vaccines recommended by the government, because they protect against infectious diseases.

“Now it may be that for some kids with different kinds of susceptibility in different areas, there’s going to be some risk, and you have to take that into account,” he said. “And so there should be a sort of a shared decision-making kind of thing for vaccinations.”

Tyler Durden Mon, 02/09/2026 - 15:20

Democrat Lawmakers Seek Pentagon Probe Of SpaceX Over Potential China-Linked Investment

Authored by Sean Tsang via The Epoch Times,

Two senators are urging the Pentagon to find out whether investors tied to China hold stakes in SpaceX, one of America’s most important defense contractors and a key provider of military launch services.

In a Feb. 5 letter to Secretary of War Pete Hegseth, Sens. Elizabeth Warren (D-Mass.) and Andy Kim (D-N.J.) said recently unsealed court records and media reports raise concern about whether Chinese money reached SpaceX through intermediaries and offshore entities.

“These [alleged] ties could pose a national security threat, potentially jeopardizing key military, intelligence, and civilian infrastructure,” they wrote.

The senators argue it could trigger U.S. safeguards meant to keep foreign adversaries from gaining leverage over companies that handle sensitive national security work.

Warren and Kim cited media reports describing a market for SpaceX shares that allegedly included Chinese investors, sometimes using middlemen and structures in places such as the Cayman Islands and the British Virgin Islands.

A Delaware court last year backed a fund manager’s decision to remove a Chinese investor from a fund set up to buy SpaceX shares, according to court filings.

Iqbaljit Kahlon, who managed the fund, had admitted Leo Investments, a publicly traded Chinese company, as a limited partner.

SpaceX told Kahlon the fund could not purchase shares if Leo remained involved, prompting him to remove the investor and return its $50 million. The fund was structured as a special-purpose vehicle (SPV), a common way for investors to pool money to buy shares in private companies like SpaceX. SPVs let multiple investors combine capital into a single ownership stake, making it easier to trade smaller slices of stock without the company having to deal with a large number of individual shareholders.

In the letter, the senators said that as SpaceX is privately held, the public can’t see how much of the company is owned by China-linked investors or whether any such holdings are large enough to influence the company.

In April 2025, the U.S. Space Force awarded SpaceX a National Security Space Launch Phase 3 “Lane 2 contract” with an anticipated value of about $5.9 billion, and it projected SpaceX would receive 28 missions—around 60 percent of those Phase 3 Lane 2 missions over fiscal years 2025 through 2029.

Space Force’s “Lane 2” missions are its highest-priority launches, carrying the most demanding, least risk-tolerant national security payloads—often major military and intelligence satellites—into harder-to-reach or higher-energy orbits with complex security and integration requirements.

The senators warned that Chinese investors could “potentially gain access to nonpublic information about the company, including ‘details on its contracts or supply chain,’ giving China access to information and technology that could undermine US national security.”

The Epoch Times reached out to SpaceX and the Department of Defense for comment but did not receive a response by publication time.

Review

The senators said their concerns merit the Pentagon to conduct a Foreign Ownership, Control, or Influence (FOCI) mitigation review.

The Pentagon’s security arm, the Defense Counterintelligence and Security Agency (DCSA), defines a company as operating under FOCI when a foreign interest has the power—directly or indirectly—to shape management or operations in a way that could enable unauthorized access to classified information or harm performance on classified contracts.

SpaceX launches the Falcon 9 Fram2 Mission from Launch Complex 39A of NASAÕs Kennedy Space Center in Cape Canaveral, Fla., on March 31, 2025. Miguel J. Rodriguez Carrillo/Getty Images

The DCSA says it evaluates factors such as the extent of foreign ownership—including “substantial minority” positions—and the foreign government’s record on espionage and technology transfer.

The senators also asked the War Department to coordinate with the Treasury to consider whether any China-linked investments should be reviewed by the Committee on Foreign Investment in the United States (CFIUS), the interagency panel authorized to review certain foreign investment transactions for national security risk.

They requested a response by Feb. 20, and asked the War Department to answer questions such as: how many SpaceX shares are owned by China-linked and other adversary-linked investors, whether any such investors have access to nonpublic information, and whether SpaceX is subject to FOCI mitigation requirements.

Policy Backdrop

The lawmakers framed the request against the Trump administration’s “America First Investment Policy.”

The policy explicitly calls China a foreign adversary and warns that the country can use both visible and concealed investment routes—sometimes via third-country funds—to pursue sensitive technologies and strategic leverage.

The Chinese investment ties are “at odds with the administration’s policies on foreign investment from countries of concern in strategic industries,” the senators wrote.

They also said that the matter became “even more salient” after SpaceX announced it had acquired xAI, expanding the combined company’s footprint across AI, rockets, and satellite connectivity.

Tyler Durden Mon, 02/09/2026 - 14:40

Lavrov's Rare Rebuke Of Trump: In Reality, Relations No Better Than Under Biden

The Kremlin has lashed out at the Trump administration in a rare moment, revealing its impatience and dissatisfaction with the way trilateral talks focused on ending the Ukraine war are going. 

Russian Foreign Minister Sergei Lavrov in a fresh interview also accused Washington of sabotaging efforts to improve bilateral relations while undermining negotiations to end the war in Ukraine. The charge is ironic, given it is typically the West which mounts the same accusation at Moscow.

"Despite all the statements by the Trump administration about the need to end the war… it does not challenge all the laws that Joe Biden passed to punish Russia after the start of the special military operation," Lavrov said in an interview with TV BRICS.

Getty Images

"In practice, the opposite is happening: new sanctions are being imposed, a war is being waged against tankers on the high seas, in violation of the UN Convention on the Law of the Sea," he said in reference to recent actions involving the US seizing shadow fleet tankers.

The Trump administration also slapped sanctions on the two Russian oil giants Lukoil and Rosneft - in a controversial action last fall.

Moscow is also likely disappointed that President Trump hasn't pressured Zelensky into making serious territorial concessions using the significant leverage Washington has over Kiev.

Lavrov asserted that Trump reneged on certain "understandings" reached directly with President Putin at the Anchorage summit in August.

"Beyond what they claimed to offer on Ukraine … we also see no positive outlook on the economic front," Lavrov said in the interview. "Washington, in our view, is seeking control over global energy supply routes serving major economies across multiple continents."

Russia wants to cooperate with the US toward achieving peace, Lavrov continued, but he went on to say that "the Americans themselves are creating artificial obstacles on this path" - or in essence, sabotaging peace.

This kind of criticism by Russia has typically been reserved only for Europe. EU leaders have remained much more out in the open in terms of imposing extra 'obstacles' and conditions on US-proposed peace measures. So this kind of directly taking aim at Trump is a break from past rhetoric. 

On Europe and its newly investing in defense, Lavrov has said, "We have no intention of attacking Europe. There is no reason to do so."

"If Europe acts on its threats to prepare for war against us and initiates an attack on the Russian Federation, it will face a full-fledged military response from our side, with all available military capabilities," the Russian top diplomat added.

Tyler Durden Mon, 02/09/2026 - 14:20

The Inevitable Reversal: When Speculative Narratives Don't Hold

Authored by Lance Roberts via RealInvestmentAdvice.com,

For nearly two years, markets were driven by the same speculative narrative that “this time is different.” Bitcoin, precious metals, and AI-linked equities rose not only because of robust fundamentals, but also because investors clung to powerful narratives about inflation, disruption, and monetary collapse. Those speculative narratives are not only seductive but also contribute to investment behaviors that obscure reality.

Bitcoin was cast as “digital gold,” a hedge against a largely false tale of a weakening dollar and fiscal instability. Gold and silver were likewise falsely elevated as defensive stores of value in a monetary regime supposedly at risk of losing purchasing power. AI stocks became shorthand for a new productivity supercycle where profits would follow indefinitely rising valuations. These speculative narratives are fine and drive bull markets in the near term. As John Maynard Keynes once quipped: “Markets can remain irrational longer than you can remain solvent,” and those narratives are potent as they frame expectations and justify positions.

However, these speculative narratives have little to do with economic or fundamental realities that will ultimately drive outcomes. In markets, stories don’t replace valuation. As I noted previously, when “valuation metrics are excessive… it is a better measure of investor psychology than fundamentals.” That means price becomes more about sentiment than business results, and we see that in the relationship between consumer sentiment about stock prices over the next 12 months and valuations.

“This broad wave of bullish behavior isn’t isolated to sentiment surveys. Positioning data, equity fund inflows, and trading behavior confirm the lack of bears in the market. Markets are rising not because of strong earnings or economic acceleration, but because of optimism about future prices. In this environment, price momentum drives buying, not fundamentals. We see that in the overlay of consumer sentiment about higher prices versus valuations. Simply, investors are willing to overpay on expectations that things will continue to improve.”

This shift from fundamentals to “belief-based investing” creates a market lubricated by emotion, especially in risk assets with no tangible earnings or cash flow drivers. In AI equities, some names traded on lofty price-to-sales ratios divorced from earnings prospects. In crypto, price discovery was often based on sentiment momentum rather than adoption metrics or utility. Even the spike in gold and silver prices did not reflect changes in industrial demand or monetary policy fundamentals, but the false narrative of a coming “currency collapse.”

These speculative narratives are classic hallmarks of a mania: the story, not the data, becomes the primary driver of price.

Leverage: The Hidden Engine of Mania

Of course, it is not just faulty speculative narratives that move markets. The narratives only motivate investor behavior, but for that behavior to have an impact, investors must have the capital to invest. Notably, as the narratives take hold, investors put their capital to work. However, as the narratives gain momentum, leverage accelerates those behaviors into extremes. As we noted recently:

“However, this surge in allocations has also been accompanied by a massive expansion in leverage. Currently, margin debt as a percentage of real DPI has been reported at around 6.23 %, the highest on record. This ratio also suggests that for every $100 of real DPI, roughly $6 of margin debt is outstanding, a substantial amount. But that number doesn’t include the additional leverage taken on by investors through speculative option trading and 2x and 3x leveraged ETFs, which are also being bought on margin.”

However, it is crucial to remember that “margin debt is not a technical indicator… it represents the amount of speculation in the market.” When speculative narratives take hold, margin buying gives investors more purchasing power, driving prices higher, amplifying gains, and leading to further leverage. Unfortunately, the eventual and inevitable unwind also works in reverse, amplifying losses when prices decline.

But leverage did not stop at margin balances. Investors embraced:

• Ultra‑short dated options strategies that carry outsized leverage.

• Leveraged ETFs offering 2x or 3x exposure to narrow segments of the market.

• Futures and crypto margin accounts that magnified directional bets.

All these instruments enabled investors, particularly vastly inexperienced and unwitting retail traders, to assume exposures far beyond what cash capital would normally permit. The result was, and is always, an increasingly unstable structure in which valuations rose not because of business performance, but because leverage and sentiment chased headlines higher.

Unfortunately, in the end, fundamental and economic realities take hold, and speculative narratives fail to hold.

The Inevitable Reversal: When Narratives Don’t Hold

There is an old saying that “Markets don’t die of old age—they die of excess.” That statement doesn’t only apply to the stock market; it applies to every market, asset class, and investment. For example, over the last few years, there has been a mad rush by high-net-worth investors to enter private credit markets. As the assets under management for these funds rose, the managers increasingly invested in weaker deals, pushed credit risk limits, and overlooked fundamentals. As we warned last year, the redemptions of private credit are now accelerating as concerns over stability and illiquidity rise.

What triggered the reversal last week was not some dramatic policy shift, economic upheaval, or credit-related event, but a gradual shift in conditions that exposed the overextension. Softening economic signals, slowing earnings growth in tech sectors, and fading headline narratives removed the justification for trend extrapolation.

As we often discuss with our readers, when speculation is the driver, these reversals are a feature, not a bug, of the system.

What we saw last week started in Bitcoin, spread to precious metals, and then jumped into the equities market. As prices fall, margin calls force deleveraging, requiring liquidations to cover positions. Crucially, margin calls force the liquidation of positions regardless of investors’ desire to hold. That’s why downturns in highly leveraged markets tend to be sharp and fast.

“When lenders fear they may not recoup their credit lines, they force the borrower to sell assets to cover the debt … margin calls generally happen simultaneously, as falling asset prices impact all lenders at once.”

This sequence flips the entire narrative-driven rally. What was once perceived as a hedge or growth trend becomes a crowded trade that unwinds in chaos. Prices can and often do detach from valuation pressures as forced selling begets further selling.

The investor lesson is that speculative behavior always rewards the buyer on the way up, but punishes brutally on the way down.

The Real Lessons for Investors—Especially Younger Ones

What happened should wake up investors, but especially younger ones who have known only bull markets or narrative-driven rallies.

• Narratives are not strategies.

• Leverage is not risk management.

• Volatility is not optional.

Valuation matters. Yes, markets move on liquidity and leverage in the short term, but in the long term, prices must align with earnings, cash flows, and economic reality. Investing based on stories of doom, disruption, or currency collapse, without a grounding in fundamentals, eventually leads to capital destruction.

Speculation disguised as investing is a losing proposition. Excessive trading, especially in leveraged instruments, turns portfolio management into a directional bet rather than a systematic allocation. When speculative bets in the markets via options, leveraged assets, and margin surge, that is a warning, not a reassurance.

For younger investors watching this unfold, there are several enduring principles:

• Don’t confuse confidence with experience. High conviction during a rally is a natural byproduct. But that conviction often precedes drawdowns, particularly when leverage and risk tolerance are high.

• Diversification is real only when exposures are uncorrelated. Owning Bitcoin, gold, and AI stocks doesn’t diversify if they all behave like leveraged growth bets driven by the same sentiment.

• Manage risk first. Heavy allocation to speculative positions without defensive hedges is not investing—it’s gambling.

• Leverage amplifies outcomes in both directions. You may win big for a time, but the downside can be catastrophic.

• Accept corrections as necessary. Pullbacks purify excesses and restore market health. Markets that seem like they will never correct often suffer the worst crashes later, think dot‑com and housing bubbles.

The lure of quick gains is powerful. However, real wealth accumulates through disciplined risk management, valuation awareness, and systematic portfolio construction. If you are a younger investor, market speculation is a powerful drug when you are successful. However, if you can limit your urges and transition from short‑term performance chasing to a long‑term mindset that prioritizes capital preservation, your ability to accumulate and maintain vast wealth expands.

This isn’t bearishness for its own sake. It’s an empirical recognition that markets are cyclical and leverage is structural.

The most successful investors are those who prepare for both runs and reversals, not just the runs. Therefore, the next time you scoff at those not “chasing the latest speculative fad,” maybe ask yourself, “Why aren’t they chasing it?”

It might just save you from heartache.

Tyler Durden Mon, 02/09/2026 - 14:00