01/17/2026
Preferred Stock vs. Livestock đź“Š
https://open.substack.com/pub/coastaljournal/p/preferred-stock-vs-livestock-in-26?r=18thb9&utm_medium=ios&shareImageVariant=overlay
📉 Shiller P/E (40): it’s an INSULT
đź“Š Buffett Indicator: 200%+
🥇 Gold: Up ~67% YoY, acting as an AI narrative risk hedge
⛏️ Gold Miners: Up over 100%, reflecting operating leverage to higher gold prices
AI Stocks $MAGS : Momentum fading as valuations meet earnings reality
Bottom line đź’ˇ
High prices mean lower forward returns and higher repricing risk. Knowing the difference between preferred stock and livestock is really about knowing whether the books are real—or cooked.
