This week, we’re tracking folk songs, counting bank tellers, studying astrophysics in a gulag, and taking our eyes off the screen.
MUSIC
Rising sun
Who wrote “House of the Rising Sun”? James Taylor Foreman follows the song from New Orleans through the American South, a region that seems to exist 45 minutes outside every major city.
When I lived in California and I told people I grew up in Louisiana, most of the time they would say, “Oh, like New Orleans!” and then tell me they would love to visit one day.
I smile and nod, happy we have a touchstone, but think, No, not like New Orleans, actually. Los Angeles feels closer to New Orleans than where I grew up. But that would start a conversation that ended with glassy eyes, so I go ahead and let them think I’m a NOLA boy.
When I was growing up, though, New Orleans didn’t feel like it was down the road. It felt like the end of the road; about as far away as you could get. It was both the center of the world, being the biggest city in my state, and also the very edge: a liminal zone full of voodoo dream totems and pushy mediums in layers of purple linen. You went there to get drunker than your parents ever need to know about or hear a fortune about a future wife who lives across a body of water with two sons from a previous marriage.
That slightly hokey and wispy spookiness of the Crescent City solidified into downright dread the day I heard that my brother died in a house in New Orleans. He was working as a line cook someplace and trying to recover from his heroin addiction. So, naturally, the radio hit “House of the Rising Sun,” which is set in a sort of mythical New Orleans, began to stick out of the background chatter of chain restaurants. I am the young brother that the singer warns to not “do what I have done.”
I always assumed The Animals (the version you probably know) wrote the song. But no. Bob Dylan? No. Woody Guthrie? No. How about Lead Belly, plucked out of Louisiana’s Angola prison by a record exec? Still no.
Who wrote The Rising Sun?
I can tell you the short answer is nobody knows. The more entertaining answer, and probably also a true one, is that nobody wrote it. It emerged like a singing ghost from the hills, through the thousands of mouths of Southern and Appalachian folk singers, long before we had radio, recording machines, or even trains started striping the woods.
My first job out of college was a traveling salesman, selling software to hospitals all across the country, mostly in the South and Northeast. I went to Kentucky, Arkansas, and Tennessee, and even so far north as Illinois. Being from a small Southern town, I was surprised to find that the “South” wasn’t just the place below the Mason-Dixon line. You just had to drive about 45 minutes from any major city, and suddenly people were huntin’ and talkin’ with a drawl.
I drove to many places like these, sometimes with “House of the Rising Sun” playing (I especially liked the Alt-J version at the time), thinking about what this country was like before Walmart and a McDonald’s lined every interstate. Because of that universal backlit plastic signage, we can be fooled to think we all live the same sort of lives. But if you do ever drive a little further, which I sometimes did to find a certain rural hospital, a whole different universe opens up. An older one, and one that is probably fading from memory. You can still hear it, if you have the ear for it, through the haunted chords of that song, its first singers’ voices still echoing above the burning pines, the heat beneath its wings.
A few months ago, J. D. Vance, sitting vice president of the United States, gave an interview to Ross Douthat of the New York Times. During that interview, Vance and Douthat had an interesting exchange:
Douthat: How much do you worry about the potential downsides of AI? Not even on the apocalyptic scale, but on the scale of the way human beings respond to a sense of their own obsolescence? These kinds of things.
Vance: So, one, on the obsolescence point, I think the history of tech and innovation is that while it does cause job disruptions, it more often facilitates human productivity as opposed to replacing human workers. And the example I always give is the bank teller in the 1970s. There were very stark predictions of thousands, hundreds of thousands of bank tellers going out of a job. Poverty and commiseration.
What actually happens is we have more bank tellers today than we did when the ATM was created, but they’re doing slightly different work. More productive. They have pretty good wages relative to other folks in the economy.
I tend to think that is how this innovation happens.
There are two interesting things about what Vance said, both relating to the example that he chose about bank tellers and ATMs.
The first thing is what it tells us about who J. D. Vance is. The bank teller story—how ATMs were predicted to increase bank teller unemployment, but in fact did not—isn’t a story you’ll hear from politicians; in fact, for a long time, Barack Obama would claim, incorrectly, that ATMs had decreased the number of bank tellers, in order to suggest that the elevated unemployment rate during his presidency was due to productivity gains from technology. I’ve never heard a politician cite the bank teller story before: but I have seen the bank teller story cited in a lot of blogs. I’ve seen it cited, for example, by Scott Alexander and Matt Yglesias and Freddie deBoer; and I’ve heard it, upstream of the humble bloggers, from such fine economists as Daron Acemoglu and David Autor. The story of how ATMs didn’t automate bank tellers is, indeed, something of a minor parable of the economics profession. You can see it encapsulated in this wonderful graph from the economist James Bessen:
So Vance’s choice of example tells us the same thing that his appearance on the Joe Rogan Experience did, which is that J. D. Vance—however much he might like to hide it—really, really loves reading blogs.
But the other thing about the bank teller story that Vance cites is that it’s wrong. We do not, contrary to what Vance claims, have “more bank tellers today than we did when the ATM was created”: we in fact have far fewer. The story he tells Douthat might have been true in 2000 or 2005, but it hasn’t been true for years. Bank teller employment has fallen off a cliff. Here is a graph of bank teller employment since 2000:
So what happened to bank tellers? Autor, Bessen, Vance, and the like are right to point out that ATMs did not reduce bank teller employment. But they miss the second half of the story, which is that another technology did. And that technology was the iPhone. The huge decline in bank teller employment that we’ve seen over the last 15-odd years is mainly a story about iPhones and what they made possible.
But why? Why did the ATM, literally called the automated teller machine, not automate the teller, while an entirely orthogonal technology—the iPhone—actually did?
A belly button mole named Boris, a college boyfriend killed on the West Side Highway, and an astrophysicist who spent a decade in the gulag convinced that time could power the stars.
My great-grandfather was a Russian Jew named Maurice, and when I was a kid, I really liked that I was a little bit Russian, but I didn’t like the name Maurice, so I named the mole in my belly button “Boris.” I’d show it off to everyone in middle school and tell them “this is the Russian part of me.”
Of course I never met Maurice, and I never had any desire to see Russia, but something in me has always tweaked in a beautiful way when I listen to traditional Russian music, and I like to think it’s Boris in my belly button rearing his head to listen. I miss it I need it I want to be inside it. Right now in my community orchestra we’re playing Rachmaninoff’s “Symphonic Dances.” It’s deeply Russian so therefore I love it to the point of hyperfixation: I’m listening to it all the time, in and out of rehearsal, and even when I’m not, it’s running in the background of my head. A conductor in Florida once called the second movement a “waltz for ghosts” but it may be more true to say all waltzes are for ghosts, simply because they are music and music itself is a ghost. You can’t touch it or see it but you can feel it and you can measure those feelings in vibrations and these vibrations continue after the music stops, echoing and reverberating, reminding you: remember me.
In addition to the ghost that lives in my belly button, there’s another ghost in my life. My college boyfriend would have turned thirty-six today. His death was thirteen years ago, plus twoish weeks. He died the year after college, hit by a car on the West Side Highway. I’ve honored his death every year. For the first five years, on the day of his death, I would go up to New York City to visit the site and see his friends and family. For the next five years, I decided I didn’t need to make that trip anymore—his friends and I had fallen out of touch—so I would take the day off work and walk around the Arlington National Cemetery instead, surrounded by thousands of surrogate graves. Now I live in Wisconsin and neither option is available to me, so I walk in the woods instead. To me this day is sacred; it feels like my duty to honor him once a year, not because I’m hung up on a former lover, but because here I am, living, while someone who once meant the world to me is not. Why should it be me alive and not him? Doesn’t this mean I have no choice but to feel happy and make the most of it? Usually, by thinking of the dead, I end the day feeling lucky and grateful to be alive. But this year was different. The doctors called me on the morning of the deathiversary with some bad news.
For complicated reasons, they told me they were putting me on two aggressive forms of antibiotics simultaneously. These medicines came with a slew of precautions. Don’t run or you’ll snap a tendon. Don’t eat dairy with dinner. Don’t drink alcohol, of course, but also no soda or caffeine either. Beware the sun: You’ll break out in boils!
So I called the day a bust and told myself that was fine. Life gets in the way. I was grumpy about not running and yearned for sunshine, but a multi-day storm moved in, and I couldn’t miss a sun that wasn’t there. It was good weather to stay inside and read Russian literature (which Boris occasionally commands of me). I read The Gulag Archipelago by Aleksandr Solzhenitsyn, a detailed account of the brutality of the Soviet labor camp system. This is a good book to read when you’re sad. Sometimes it helps to read about things that are much sadder. Millions of people died. Millions more suffered intensely and had to live through it. At one point I wondered: what about menstruation? What would women do in those camps when they bled? But they were all so starved, there was no menstruation. Any possible terrible thing you can imagine is in this book, and worse. You put it down and realize life isn’t so bad.
The Gulag Archipelago tells many, many stories. One of these stories is of an astrophysicist named Nikolai Kozyrev. He worked at an observatory with a disgruntled grad student. For reasons unrecorded, this grad student accused everyone at the observatory of counterrevolutionary activities. Most of his colleagues died. But Kozyrev got off easy: he was sent to prison for ten years instead.
Kozyrev tried to continue his astrophysics work in isolation. But he was limited. He had no materials, no books, no ways to make experiments. He had only his thoughts and his memories. This was not enough. He was “blocked by forgotten figures,” Solzhenitsyn writes. So he prayed for help, and by a stroke of luck, he soon received a book called “A Course in Astrophysics.” (He received one book at random every ten days.) He memorized everything he could before the book was taken away, then continued theorizing the universe. Solzhenitsyn writes that he “saved himself only by thinking of the eternal and infinite: of the order of the Universe—and of its Supreme Spirit; of the stars; of their internal state; and what Time and the passing of Time really are.”
Yes, he thought about all these things. And he was wrong.
Kozyrev came up with an idea that time creates energy, a theory he called “causal mechanics.” He believed that time’s energy was so powerful that it created stars. Yet while he was trapped in a prison cell, scientists around the world were discovering nuclear fusion, the true engine of the stars. When he was released, he refused to believe that stars were powered by fusion, and continued promoting his causal mechanics theory instead. Time not only created stars, he believed, it could be manipulated to make matter disappear; a gyroscope, for instance, would be reduced in matter as it rotated because it absorbed energy from the flow of time. He also created a set of spiral mirrors that he said could concentrate time and allow whoever was inside them to access information from the distant past or future.
He also did good work, especially earlier in his career, about the heat balance and atmosphere of nearby planets. And he maybe saw a volcano on the moon. But no one took his causal-mechanics time-as-energy theory seriously. So ultimately he was marginalized.
Yet time does have energy. Ten years in a prison has a clear, degrading power. For many prisoners, ten years could turn into twenty at the drop of a hat, and the threat of such was sufficient to keep the rest in line. There were many atrocities in the camps, interrogations and starvation and hard work and so on, but the biggest foe was time itself. It makes sense one would reach the other side and see this enemy as powerful enough to charge the sun.
Julia Hobbs, the fashion features director at British Vogue, has started The Vault, a Substack where she’ll be sharing “the secrets I would tell you if we sat next to each other in the office.”
British writer, director, and television presenter Dawn O’Porter has started a Substack where she’ll chronicle her love of “cats, cooking, caftans, books,” and more.
Inspired by the writers and creators featured in the Weekender? Starting your own Substack is just a few clicks away:
The Weekender is a weekly roundup of writing, ideas, art, audio, and video from the world of Substack. Posts are recommended by staff and readers, and curated and edited by Alex Posey out of Substack’s headquarters in San Francisco.LIKERESTACK
Sula Sgeir is Scotland’s worst-performing Gannet colony – yet the body responsible for protecting it is still allowing birds to be killed.
Each year a group of men travel to the remote island of Sula Sgeir in northern Scotland to kill young Gannet seabirds – known as “Guga” – as part of a traditional hunt. The defenceless chicks are pulled from their nests and bludgeoned to death with a rod before they can even fly. Their flesh is eaten as a local delicacy.
The activity can only happen if NatureScot, Scotland’s official nature agency, gives out a licence for it.
Last year, they allowed 500 chicks to be killed, saying this number is unlikely to affect the stability of the Gannet population. They continue to insist there are no long-term impacts and no cause for concern.
But their own data says otherwise.
Data doesn’t lie
Via a Freedom of Information request, we obtained documents that show Sula Sgeir is uniquely underperforming compared to every other comparable Gannet colony in Scotland.
In a scientific assessment used to inform the 2025 licence, NatureScot’s advisor warns that Sula Sgeir is the only Special Protection Area (SPA) for Gannets in Scotland whose population has shrunk.
Between 2001, when the island was first designated as an SPA, and 2024, the number of apparently occupied nesting sites at Sula Sgeir fell by almost 2 percent. Meanwhile, all other colonies showed increases between 9 percent and 314 percent.
Bird flu is not the cause of the decline, the hunt is
And this is where it starts to raise serious questions. Highly Pathogenic Avian Influenza (HPAI) outbreaks caused a further 23 percent crash in 2023 – but the decline was already in progress.
Even before HPAI devastated the colony, “the percentage growth at Sula Sgeir…was 18%, which is considerably lower than the population growth recorded at all other SPA colonies, which varied from 44% to 326%,” says the advisor.
They conclude: “This indicates that the population growth rate has been suppressed compared to other gannet populations outwith the influence of HPAI”.
So if bird flu is not to blame for the overall decline on Sula Sgeir, then what is?
Could it be that Sula Sgeir is the only Gannet colony in Scotland where chicks are being killed by humans? Every year, thousands of chicks are slaughtered at their most vulnerable and critical life-stage, sending shockwaves of disturbance throughout the entire colony.
To continue suggesting the Guga hunt is not damaging this population is farcical. It is very, very hard to believe that NatureScot issued last year’s license knowing all of this.
The bottom line
Let’s be very clear about what this means.
This means that NatureScot gave out a licence last year knowing that:
Sula Sgeir was the only Gannet SPA in Scotland to fall below citation level.
Sula Sgeir has, by far, the slowest growth rate of any comparable colony.
The population has been suppressed, and bird flu is not the cause.
NatureScot’s number one duty is supposed to be protecting and conserving nature – not enabling its destruction. We cannot let this go on.
Sign the petition today and demand NatureScot stop licensing the slaughter of Gannet chicks on Sula Sgeir. If we don’t act now, hundreds more chicks will be killed this year. Please add your name before it’s too late for them.
I’ll get straight to the point. This work costs money.
Everything we do comes from years of relentless campaigning across all angles, including undercover investigations, lobbying, animations, online content, and protests across the country. We are proud to be powered solely by our supporters. It means we answer to no one else, and we can say and do what needs to be done to protect British wildlife.
We are working to end hunting with hounds. Taking on the bird shooting industry, with some huge work still to come. Challenging the Guga hunt. Exposing and fighting bird netting. The list goes on.
If you believe in what we stand for, an unapologetic organisation that gets things done and isn’t afraid to take action, please consider chipping in a few pounds a month.
It allows us to keep pushing forward and to be an even stronger force for British wildlife.
Your money is getting tight and prices are going up, which can make figuring out what to cut back on feel completely overwhelming. I promise you’re not necessarily “bad” with money; you likely already eat at home, cancel unused subscriptions, and hunt for deals, yet your cash still seems to disappear.
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Chevron Hits New Highs Due to Oil’s Rally, But Is It Sustainable?
Reported by Sam Quirke. Article Posted: 3/12/2026.
Key Points
Chevron shares have surged to fresh all-time highs as rising oil prices fuel renewed investor interest in energy stocks.
The rally has been driven largely by geopolitical tensions in the Middle East and fears of supply disruptions in key shipping routes such as the Strait of Hormuz.
However, weakening technical momentum and fresh government intervention to contain oil prices raise questions about whether the surge can continue.
Chevron Corporation (NYSE: CVX) has quietly become one of the best-performing mega-cap stocks in recent weeks. Shares hit a fresh all-time high in mid-March, adding to a rally that has lifted the stock nearly 30% in 2026 and returned it to the spotlight for investors.
Much of the surge has been driven by rising oil prices. Escalating geopolitical tensions in the Middle East, including major disruptions to tanker traffic in the Strait of Hormuz, have stoked fears that global crude supplies could tighten significantly if the conflict intensifies.
When Elon’s SpaceX IPO officially hits — which could be just days from now — two things will happen.
Elon’s 40% stake will immediately earn him around $625 billion in new wealth. Then millions of small investors will buy SpaceX’s stock, hoping to strike it rich.
As the oil rally gathered momentum, energy stockssupplanted AI as one of the market’s top talking points for investors. After its biggest run in years, the key question is whether Chevron’s rally still has room to run. Let’s take a closer look.
Oil Prices Have Been the Driving Force
The primary engine behind Chevron’s rally has been the recent surge in global oil prices, driven by heightened geopolitical risk. The Strait of Hormuz—one of the world’s most strategic chokepoints—has been a particular focus, since a large share of seaborne oil exports passes through the narrow waterway and any disruption tends to move energy prices sharply.
As tensions rose, investors repositioned toward companies that benefit directly from higher crude prices. Integrated majors like Chevron typically gain in that environment because stronger crude prices boost upstream profits, which helps explain the stock’s roughly 30% gain in recent months.
Governments Are Trying to Contain the Surge
Rapid oil-price increases raise inflation risks, and governments often act to prevent energy costs from spiraling. One common response is releasing crude from strategic petroleum reserves to stabilize markets.
Reports this week indicate that all 32 member countries of the International Energy Agency have agreed to release hundreds of millions of barrels from their strategic reserves to ease pressure on global oil markets.
If those releases succeed in containing prices, or if tensions in the Middle East begin to ease, crude could retrace some of its recent gains. If that happens, the rally that lifted energy stocks like Chevron could lose momentum and the stock could pull back.
Technical Signals Suggest Momentum May Be Slowing
Certain technical indicators suggest the recent momentum may be weakening. Although Chevron has hit record highs, several momentum measures have shown early signs of peaking.
For example, the moving average convergence divergence (MACD) recently flashed a bearish crossover and has trended downward over the past two weeks. The MACD gauges the relationship between short- and long-term price trends, and a negative turn often signals fading upward momentum.
Chevron’s relative strength index (RSI) has also been drifting lower since the rally began. The RSI tracks the speed and size of price moves, and a decline after a strong advance can indicate buyers are becoming less aggressive.
When these signals occur together they carry more weight than when they appear alone. While technical indicators are often lagging, they can provide an early warning that the balance between buyers and sellers may be shifting.
Analysts Still See Additional Upside
Despite those warning signs, Wall Street analysts remain broadly positive on Chevron. Citigroup recently reiterated a Buy rating and set a price targetof $210. UBS also reiterated a Buy with a $212 target, implying roughly 10% upside. Those projections suggest analysts believe Chevron could continue to climb if the favorable energy backdrop persists.
Part of that optimism reflects Chevron’s financial strength. The company generates substantial cash flow when oil prices are elevated, allowing it to maintain a generous dividend while continuing to invest in future production.
The Next Move Will Depend on Oil Prices
Chevron is well-positioned to benefit as long as oil prices stay elevated, so its share price is likely to remain closely tied to the direction of crude. However, rallies driven by geopolitical shocks can be fragile as the initial catalyst fades.
If tensions ease or further government interventions stabilize oil markets, investors may quickly take profits. Until then, expect Chevron to find support near its newly established highs while the energy rally persists, but be mindful that momentum indicators and policy responses could quickly change the outlook.
Today’s Bonus Article
As Tech Earnings Grow, This ETF Still Hasn’t Caught Up
Author: Jessica Mitacek. Published: 3/26/2026.
Key Points
Despite strong earnings growth and record revenue driven by AI demand, the tech sector is down nearly 5% year-to-date, creating a disconnect between company health and share prices.
The QQQM is trading in a tight range and approaching oversold territory, offering investors an entry point before tech stock prices catch up to their financial performances.
While mega-cap Mag 7 stocks have struggled recently, QQQM’s exposure to steady performers in consumer staples and communication services has helped offset tech-sector volatility.
Despite the tech sector’s struggles this year, the companies that make up that corner of the market continue to demonstrate strong financial health.
Fueled by intensifying demand for artificial intelligence (AI), tech companies—especially those in the Magnificent Seven—have delivered robust earnings growth, record revenue and confident guidance from management teams across cloud computing, cybersecurity, fintech and semiconductors.
When Elon’s SpaceX IPO officially hits — which could be just days from now — two things will happen.
Elon’s 40% stake will immediately earn him around $625 billion in new wealth. Then millions of small investors will buy SpaceX’s stock, hoping to strike it rich.
Although investors have been rotating out of tech since Q4 2025, analysts are still raising earnings forecasts for 2026, and many Q1 results easily beat Wall Street expectations.
Stock prices, however, have not yet caught up to that earnings growth. As a whole, the tech sector is down nearly 5% year-to-date (YTD), making it the fourth-worst performer among the S&P 500’s 11 sectors.
On an individual basis, the picture is worse. Microsoft (NASDAQ: MSFT), for example, has fallen more than 20% YTD—the largest decline among the Magnificent Seven—even though most of those stocks are down in 2026.
Tech is approaching oversold territory, which suggests that once it bottoms and reverses, shares could eventually close the gap with those improved fundamentals.
For investors, that makes exchange-traded funds (ETFs) that track the tech sector—like the Invesco NASDAQ 100 ETF (NASDAQ: QQQM)—an attractive way to position ahead of a potential rebound.
Despite Earnings Growth, QQQM Has Been Mostly Flat
Reflecting the performance of the tech giants in its portfolio, QQQM is down nearly 5% YTD. Even with more than a 19% gain over the past year, the fund has traded in a tight range since early September 2025.
Many of the tech giants in QQQM have reported blowout earnings, yet the market has often reacted negatively—whether due to valuation concerns or fears of an AI bubble.
Those short-term market swings don’t change the fundamentals. Take NVIDIA—the fund’s largest holding, currently weighted at 8.80%—which, despite a YTD loss of more than 7%, continues to show strong growth.
Among the fund’s top five holdings, four companies produced sizable quarterly earnings-per-share (EPS) growth (listed in order of weighting):
It is reasonable to view QQQM as simply biding its time before breaking out of its range. Institutional activity supports that thesis: although institutional selling rose in Q4 2025 by $1.84 billion, it was more than offset by institutional buying of $3.09 billion as the smart money used the sell-off to add exposure.
Outside the Magnificent Seven, QQQM Holds a Mix of Outperformers and Laggards
YTD losses among the mega-cap Magnificent Seven have muted strong performances further down the QQQM roster.
Micron (NASDAQ: MU), the ETF’s 11th-largest holding at a 2.53% weighting, has been one of the fund’s best performers this year after a nearly 217% gain in 2025 and continued upside versus expectations.
Semiconductor equipment maker Applied Materials (NASDAQ: AMAT), with a 1.50% weighting, has also delivered an impressive run following a 54% gain in 2025.
Still, the ETF is dominated by large tech names that have lagged since Q4. In addition to the beaten-up Magnificent Seven, underperformance from Palantir (NASDAQ: PLTR) and Broadcom (NASDAQ: AVGO)has kept returns subdued relative to the S&P 500 this year.
That said, while the fund has a heavy tilt toward tech (nearly 47% of the portfolio), it also includes names from sectors that have performed better this year, which provides some built-in diversification.
Consumer staples account for more than 8% of the fund and are the fifth-best performer among S&P 500 sectors in 2026. Walmart (NYSE: WMT) and Costco (NASDAQ: COST) make up 3.24% and 2.36% of the ETF’s holdings, respectively, and have served as defensive contributors.
Communication services represent about 14.6% of QQQM, while consumer discretionary contributes roughly 13.4%. That diversification offers partial hedges that have helped offset larger YTD losses from the biggest tech positions.
In short, QQQM combines exposure to some of the strongest profit growers in the market with a built-in, if underappreciated, diversification. For investors looking to play a potential tech rebound while keeping exposure to defensive and cyclical names, the ETF may offer a balanced way to participate.
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The March Federal Reserve meeting made clear that the investing backdrop is different than many expected at the start of the year. Heading into 2026, investors had hoped for two, three, or even more interest-rate cuts.
Falling interest rates generally benefit companies that rely on capital, which helps explain why 2025 was a strong year for speculative stocks.
But commonly used inflation measures remain stubbornly above the Fed’s preferred target. That prompted Federal Reserve Chair Jerome Powell not to rule out the possibility that interest rates could go higher.
A further rate increase may be unlikely, but a higher-for-longer environment now looks more probable than many assumed. That shifts the question from “what investments hedge inflation” to “what investments can hedge inflation and still perform if real rates remain elevated.” Potential answers include targeted exchange-traded funds (ETFs) and companies that own physical assets with the ability to raise rates or fees as general prices climb.
Global Real Estate Exposure Helps VNQI Navigate Higher Rates
Real estate investment trusts (REITs) often benefit from falling rates but can underperform when rates are elevated. One way to stay invested in real estate while reducing single-name risk is an ETF. In addition to a dividend with a yield around 4.5%, there are several solid reasons to consider the Vanguard Global ex-U.S. Real Estate ETF (NASDAQ: VNQI).
It carries an ultra-low net expense ratio (0.12%) and roughly $3.5 billion in assets under management, providing ample liquidity for buying and selling. Despite a recent selloff, the VNQI ETF has delivered about a 10% total return over the past 12 months.
Investors should pay particular attention to the fund’s positioning: VNQI offers broader geographic exposure than many U.S.-centric real estate REITs. With capital flowing into emerging markets, that international exposure can help navigate volatility.
MLPX ETF Offers Income and Stability in a Volatile Energy Market
Energy stocks, especially oil and gas names, have benefited from higher crude prices, but volatility can be swift. Investors can reduce sensitivity to price swings by focusing on midstream companies that operate pipelines or on service firms that see steady demand as higher oil prices spur exploration.
The ETF provides exposure to both U.S. and Canadian oil markets, with more than 84% of its holdings in the Oil & Gas Storage & Transportation sector. That gives investors access to pipelines and related infrastructure critical to North American energy supply chains.
Institutional investors increased holdings in Q4 2025, before the conflict with Iran; sustained institutional demand should be supportive for this ETF.
Equinix Stock Delivers Growth Through Pricing Power and Data Demand
For investors seeking single-stock exposure, Equinix Inc. (NASDAQ: EQIX) is an attractive option. The data-center REIT benefits from long-term demand for digital infrastructure and a business model centered on contractual, recurring revenue.
With revenue expected to rise, Equinix should be less sensitive to rate moves—appealing to investors looking for growth that can keep pace with inflation.
As of March 23, EQIX is up just over 2% year-to-date in 2026, which keeps the dividend yield around 2.2%. The payout totals $20.64 per share and has grown at an annual rate of roughly 12% over the past three years.
Despite a high share price (around $955), analysts continue to raise price targets. Institutional buying also outpaces selling by roughly 2.5-to-1, which is a constructive signal for longer-term investors.
Just For You
Tesla’s Big China Sales Spike Didn’t Excite Investors—Here’s Why
Written by Sam Quirke. Published: 3/12/2026.
Key Points
Despite a big jump in Tesla’s Chinese sales numbers, the stock barely reacted and remains close to multi-month lows.
Investors increasingly appear to be valuing Tesla less as an EV manufacturer and more as a long-term AI and robotics story.
A fresh bullish analyst rating highlights why the primary driver for the stock may lean more on execution than vehicle deliveries.
Tesla Inc. (NASDAQ: TSLA) just posted a headline that, in the past, would likely have produced a meaningful rally in the stock. The company’s Chinese sales for February jumped more than 90% year over year — one of its strongest delivery figures in months.
Normally, a surge of that size would be read as clear evidence that demand is rebounding in one of Tesla’s most important markets, particularly after months of broadly declining delivery figures.
Yet the stock barely budged. Shares gained just over 2% on the news and remain near multi-month lows. That muted reaction might seem discouraging for investors hoping an improvement in deliveries would spark a comeback. A closer look suggests, however, the market may be more focused on Tesla’s broader ambitions — from autonomous driving to the potential for a SpaceX IPO — when valuing the company.
Delivery Numbers Are Losing Their Influence
For much of Tesla’s history, vehicle deliveries were the key metric driving the stock. Strong sales reinforced the company’s leadership in electric vehicles (EVs), and investors rewarded the shares accordingly. When deliveries disappointed, the market often reacted sharply in the opposite direction.
That relationship now appears to be evolving. If a dramatic jump like this fails to shift investor sentiment materially, it suggests the market is assigning less weight to monthly delivery reports than it once did.
Part of this shift reflects a broader change in how investors evaluate Tesla. Over the past year, CEO Elon Musk has increasingly positioned the company less as a traditional automaker and more as a technology platform centered on artificial intelligence (AI), full autonomy, and robotics.
As that narrative gains traction, investors are paying less attention to individual delivery figures and more to whether Tesla can execute on those longer-term ambitions. For investors on the sidelines, that creates an interesting setup.
The Narrative Around Tesla Is Changing
Musk has gone all-in on the company’s long-term vision, repeatedly framing Tesla as a tech company that happens to make cars. Ambitions include autonomous driving systems, robotaxi networks and humanoid robotics projects. If Tesla gains traction in any of these areas, future revenue opportunities could eventually dwarf the current vehicle business.
That perspective helps explain why the market is willing to look past large swings in monthly delivery numbers. While EV sales remain important for near-term results, they’re no longer the primary factor driving Tesla’s valuation.
Analysts Are Leaning Back Into the Bull Case
Wall Street behavior also reflects this narrative shift. After several cautious analyst updates this quarter — including Phillip Securities’ Sell rating and $215 price target last month — Bank of America last week initiated coverage with a Buy rating and a $460 price target. With Tesla shares trading around $400, that implies roughly 15% upside.
Notably, the firm’s optimism is driven less by delivery momentum and more by Tesla’s potential leadership in the “consumer autonomy” space.
That distinction matters because it underscores the market’s growing willingness to price Tesla as an AI-first tech company that also builds cars. Those opportunities remain largely unproven at scale, which is the principal risk today.
Autonomous driving still faces regulatory hurdles, and Tesla’s robotics ambitions are in early stages. That uncertainty helps explain why the stock continues to swing with sentiment. Still, if investors shift their focus to execution, Musk’s track record of delivering on bold projects could help lift the shares.
Execution Is Now the Real Catalyst
For the remainder of the year, investors should pay less attention to monthly vehicle delivery totals and more to concrete signs of progress on Tesla’s technology goals.
Updates on autonomous driving capabilities, robotaxi deployments, and robotics development could move the stock more than any single sales report. If Tesla’s bigger ambitions begin to materialize, the market may quickly regain the optimism that has driven the company’s largest rallies in the past.
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“The basic laws of the universe are simple, but because our senses are limited, we can’t grasp them. There is a pattern in creation.”
— Albert Einstein
Ivan Pentchoukov National Editor
Good morning! It’s Friday. Here are today’s top stories.
President Donald Trump has decided to delay potential strikes on Iranian energy sites by 10 more days, citing progress in talks with Tehran.
President Trump said that Iran had given the United States a “present” in the form of 10 tankers carrying oil.
The president plans to sign an order that will pay Transportation Security Administration agents who have not received a check since the Department of Homeland Security entered a partial shutdown in mid-February.
A pamphlet explaining traditional Christian views of sex and marriage is “hate speech,” Finland’s Supreme Court ruled on March 26, fining a member of parliament, a Lutheran bishop, and a church group hundreds of dollars. The verdict, the culmination of years of prosecutions, sends a chilling messageon free speech, advocates warn.
🍵 Health: Neuroscientists have revealed that what you believe can change your body.
A general view of the phase 17-18 of the South Pars gas field facilities in the southern Iranian port town of Assaluyeh on the shore of the Gulf on Nov. 19, 2015. (Atta Kenare/AFP via Getty Images)
President Donald Trump has decided to delay potential strikes on Iranian energy sites by 10 more days, citing progress in talks with Tehran.
“As per Iranian Government request, please let this statement serve to represent that I am pausing the period of Energy Plant destruction by 10 Days to Monday, April 6, 2026, at 8 P.M., Eastern Time,” Trump wrote in a March 26 post on Truth Social.
“Talks are ongoing and, despite erroneous statements to the contrary by the Fake News Media, and others, they are going very well.”
On March 21, Trump issued an initial demand for Iran to reopen access to commercial traffic through the Strait of Hormuz within 48 hours, or face new strikes targeting its energy infrastructure.
After U.S. and Israeli forces launched strikes against Iran on Feb. 28, Iranian forces began harassing commercial traffic in the Strait of Hormuz, a narrow chokepoint in an otherwise major artery for global oil exports.
Following Trump’s initial ultimatum, Iran’s Islamic Revolutionary Guard Corps threatened to completely close down access to the Strait of Hormuz and target energy facilities in Middle Eastern countries that host U.S. forces. They also threatened to attack crucial water desalination facilities operated by those neighboring countries.
Iranian forces similarly threatened to strike energy facilities operated by countries throughout the Persian Gulf after Israeli forces struck the South Pars gas field jointly operated by Iran and Qatar.
In a March 23 update, Trump announced he had delayed his initial deadline regarding potential strikes against Iranian energy facilities, citing productive discussions.
Trump’s March 26 post now marks the second time that he has postponed new strikes on Iranian energy sites. (More)
IRAN WAR
U.S. President Donald Trump on March 26 warned Iran to “get serious” about negotiations to end the war, accusing Iranian officials of falsely downplayingongoing contacts and cautioning that failure to engage could lead to severe consequences.
U.S. forces have struck 10,000 military targets in Iran—and more when combined with Israeli forces.
Israel said it had killed the commander of the naval forces of the Islamic Revolutionary Guard Corps, Commodore Alireza Tangsiri, as the Jewish state, along with the United States, continues to wage war against Iran.
The Iran war has showcased the challenges that can arise in a large-scale conflict, when waves of attack drones are mixed into salvos of ballistic missiles to exhaust defensive networks. These relatively inexpensive weaponsare driving military planners to reevaluate their defensive systems and strategies.
POLITICS
Senate Majority Leader John Thune (R-S.D.) said Republicans have given Democrats their “last and final” offer to end the partial government shutdown. “Enough is enough,” Thune said.
Thousands of Transportation Security Administration agents called out sickon March 25, as long lines persisted at airports across the United States due to the ongoing funding impasse.
President Donald Trump’s signature will appear on future U.S. paper currency in honor of the 250th anniversary of the United States, marking the first time this has happened for a sitting president, according to the U.S. Treasury Department.
President Donald Trump praised the National Guard troops stationed in Washington, saying he doesn’t want them to leave. “I never want to take them out of D.C.,” Trump said.
Biden White House officials edited messaging on the finding that there was a higher-than-expected number of strokes following COVID-19 vaccination, according to newly released documents.
Federal Trade Commission Chairman Andrew Ferguson sent letters to Visa, Mastercard, and other financial infrastructure firms reminding them of their obligation to serve customers regardless of their ideology, political views, or religious affiliation.
When Elsa Johnson left her Minnesota home for Stanford University two years ago, the teenager figured she would be approached by campus clubs or student social organizations, not the Chinese Communist Party. But that’s just what happened.
LATEST NEWS
The number of Americans currently receiving unemployment benefits declined to a two-year low, sending mixed signals about employment conditions across the U.S. economy.
Mining company Energy Fuels announced March 26 it had successfully produced its first kilogram of terbium oxide at its Utah project, becoming the first U.S. company to produce the compound domestically in decades.
Everyone should know about Green Coffee Company, because they’re Colombia’s #1 largest coffee producer. They’ve already grown revenue 37X since 2021 and reached over 1,000 retailers. But here’s why 2026 could be their biggest year yet.
They’ve acquired exclusive rights to distribute Juan Valdez® coffee across North America. Consumers have ranked Juan Valdez® first in quality against the competition. That’s why, as Green Coffee Company brings Juan Valdez® to Raley’s, Target, and other big box stores, investors are paying attention. They’ve already invested $100M so far.
Rising prices of both grain and animal feed triggered by the Iran war have put extra pressure on tens of millions of Chinese pig farmers, while domestic hog prices have hit a 16-year low.
Czech police have detained three people, including U.S. and Czech citizens, following an arson attack at an industrial drone complex.
The Kremlin said that Russia is in contact with the United States about the possibility of more talks on a settlement of the conflict in Ukraine.
British Prime Minister Keir Starmer has given the military permission to board ships that make up Russia’s shadow fleet if they are passing through UK waters, including the English Channel.
Iran Publicly Rejects a Deal While Privately Asking for More Time—by Tamuz Itai (Read)
What 122 Universal Basic Income Experiments Actually Show—by Vance Ginn (Read)
Is Live Symphony Performance Going Away?—by Jeffrey A. Tucker (Read)
Iran Could Reshape the Middle East and the Global Balance of Power—by Fariba Parsa (Read)
He Spent $1.5 Million in Food Stamps—by Terence P. Jeffrey (Read)
Sugar: A Drug We Refuse to Name—by Mollie Engelhart (Read)
Cherry trees bloom near the Washington Monument on the National Mall at sunrise in Washington on March 26, 2026. (Marc-Antoine Baudoux / AFP via Getty Images)
📸 Day in Photos: Swiss Ice Skaters, Protests in South America, and Conflict in the Middle East (Look)
🎤 Interview: How ‘Brain Rot’ and the Escapist Virtual World Is Harming Our Youth—Adnan Alkhalili (Watch)
🎙️ Podcast: AI Models Deployed Nuclear Weapons 95 Percent of Time in Simulated War Games: Study—Facts Matter (Listen)
A group of hotel housekeepers lost weight, lowered their blood pressure, and reduced their body fat—all without hitting the gym or changing their daily routines.
The only difference was in what they believed: that their labor was exercise. Their minds believed it, so their bodies responded accordingly.
The study’s findings were first published in 2007 in Sage Journals. Today, a growing body of research demonstrates this scientific discovery: What our minds believe about our bodies can lead to consequential physical changes.
In other words, when we believe a treatment will work, the brain releases real neurotransmitters that produce real results.
Placebo effects are well-researched examples of mind-body connections. They occur when our expectations of a treatment, improvement, or experience—even if the treatment isn’t “real”—trigger actual biological changes. What drives the change, researchers suggest, is a combination of belief with emotional association, a sense of safety, and expectation.
One landmark double-blind studypublished in 2013 is still referenced across scientific fields today for the surprising nature of its results.
Patients with significant traumatic knee pain, meniscus tears, and knee osteoarthritis resistant to typical treatment were randomly assigned to two groups: one that would receive a meniscus surgery and one that would receive a “fake” placebo surgery, where they would undergo a simulation of the meniscus surgery.
Both groups improved significantly,and the real-surgery group showed no greater improvement than the placebo group.
What patients believed, felt, and expected proved to be the determining factor. (More)
🎲 Games
Spot the Difference is our readers’ favorite. Play it here.
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Investors often live between two extremes. One is to take aggressive swings at growth stocks, some of the more speculative variety. The other is to get out of stocks altogether and wait for brighter days.
There are obvious risks to both approaches. First, being too aggressive can leave investors exposed to massive and unnecessary losses when the market turns against them. On the other hand, sitting out of the market when a bullish reversal occurs precludes investors from pocketing the biggest gains.
That’s a long way of saying that attempting to time the market isn’t an ideal strategy. A better one is to own the kind of stocks that play offense and defense at the same time. That’s precisely the kind of strategy that can serve investors well after a quarter that was rife uncertainty and elevated volatility, in turn leaving many questions unanswered.
Louis Navellier recently visited Mar-a-Lago and says he’s found what could be his biggest winner yet – a single stock tied to President Trump, Elon Musk, and a major shift in the AI revolution.
Navellier is putting his reputation on the line and urging investors to consider this one name above all others in 2026. The company sits at the center of a story involving trillions of dollars and a coming upgrade to artificial intelligence.See the name and ticker symbol of the company Navellier recommends
JNJ: Innovation With a Defensive Core
Since spinning off its consumer products division in 2023, some investors have come to see Johnson & Johnson (NYSE: JNJ) more like a technology stock with its growth anchored in innovation.
Those views have been supported by a company that’s shown solid year-over-year (YOY) revenue growth. Johnson & Johnson has also managed to deliver solid earnings despite ongoing headwinds from litigation and tariffs.
Its Innovative Medicine division has successfully mitigated any impact from the patent cliff on past blockbuster drugs like Stelara. The company’s medtech business is also beginning to deliver the benefits from high-growth, high-margin products, including robotics.
But when it comes to JNJ, getting hung up on what it’s going to do in the next quarter misses the point. Don’t misunderstand; 43% stock price growth over 12 months is exciting. However, it’s the company’s proven financial stability that provides the base for defensive-minded investors.
That’s one reason why Johnson & Johnson is part of the rare stocks to have joined the ranks of Dividend King. It’s increased its dividend for 64 consecutive years, with generations of investors having benefited from the impact of compounding with JNJ stock.
NEE: Powering Growth the Steady Way
NextEra Energy (NYSE: NEE) is the most defensive play in this group. While lacking the flash of a growth stock, it embodies the steady offense-defense blend that long-term investors crave. As North America’s largest generator of wind and solar energy, it is positioned at the forefront of the clean energy transition.
Yet what is often overlooked is how well NextEra balances a growth mindset with predictable, regulated cash flow from its utility business, Florida Power & Light. That dual structure helps stabilize earnings, even in periods of market turbulence or shifting rate expectations.
After a difficult 2023 that saw its valuation compress under higher interest rate pressure, NextEra has steadily rebuilt credibility by reaffirming its earnings growth forecast to 6% to 8% annually through at least 2027. Management’s focus on disciplined capital allocation and funding projects from operations rather than debt is also helping win back investor confidence.
The other constant is dividends. NextEra is a Dividend Aristocrat that has raised its dividend for 31 consecutive years, combining utility reliability with forward-looking innovation. For investors seeking to play the long game in an uncertain macro environment, NEE stock offers a rare mix of defensive income and renewable-driven upside.
For 85 years, the ‘Rally Effect’ held – Americans uniting behind their president in wartime crisis. It happened for JFK, Bush, and Obama. But during the war with Iran, Donald Trump recorded an all-time low approval rating. The Rally Effect has failed to materialize.
Legendary analysts Porter Stansberry and Luke Lango say three converging forces – war, debt, and AI displacement – are speed-running history, threatening to create a massive ‘useless class’ while minting fortunes for those holding the right assets.Read their full investigation and see which assets could benefit
MSFT: A Safe Haven in Smart Tech
Microsoft (NASDAQ: MSFT) may not make many lists of defensive stocks, but 2026 is no ordinary year. So, let’s explain why Microsoft is a good stock for defensive-minded investors.
It starts with Azure, the company’s cloud computing platform that serves as a full-stack platform combining compute, storage, networking, security, data, and artificial intelligence (AI). It’s this mix of hybrid-friendly architecture, enterprise security, and AI integration that makes it the foundation of Microsoft’s competitive moat. To say that Azure drives sticky revenue to Microsoft is an understatement.
That’s the part of the Microsoft story that’s getting lost with the concerns about Copilotand the company’s fracturing partnership with OpenAI. Azure is Microsoft’s growth engine, which is expanding at around 30% YOY.
The company is protecting that growth by making capital expenditures to ensure it owns its own data centers. That’s creating concerns, but those are misdirected. Microsoft is funding those expenditures with cash on hand. Shareholders are in no danger of dilution from this action.
But investors can use the current pullback as a great buying opportunity. At around 23x earnings, MSFT stock is trading at a discount to its historical average and to the NASDAQ 100 index.
RJ Hamster
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