Welcome to Markets Desk, your midday read on what's moving the needle.
Berkshire Hathaway is in transition, and Greg Abel is already leaving his mark. The incoming chief executive has signaled continuity in his shareholder letter, pledging to uphold the values Warren Buffett built over decades, but early signs suggest Abel is quietly reshaping the conglomerate's capital allocation approach and operational priorities.
Shifting from Omaha to the macro picture, one research firm is pumping the brakes on U.S. equities. MacroResearchBoard is warning investors of a looming AI disappointment cycle, arguing that earnings expectations tied to artificial intelligence buildout are running well ahead of monetization reality. Combine that with rising treasury yields pressuring valuations, and the firm sees meaningful downside risk for tech-heavy portfolios over the next twelve months. That is a signal worth watching when rate sensitivity and growth premiums are already stretched thin.
And in crypto markets, Bitcoin ETFs just posted their worst monthly outflow on record, with investors pulling more than four billion dollars out of those vehicles in June alone. The pullback reflects broader risk-off sentiment and profit-taking after a strong run, though longer-term holders argue the structural demand case through institutional adoption remains intact.
That's the tape. Markets Desk, signing off the floor.
