What Happened This Week?
Saturday June 13, 2026
Last week I mentioned that the share buybacks train might have stopped. This week everyone seems to have noticed this. But, the only person you should pay attention is Patrick Boyle. My railroad metaphor makes even more sense today.
Measurement requires a ruler. A mutually agreed upon ruler. Let’s say you want to tell your sister how tall your son has gotten. You can tell her your son is 15 TV remotes tall!
But, this only conveys the information correctly if she has the same TV with the same remote as you do. And she doesn’t think you are retarded.
There is a funny joke about a guy measuring his television with his penis but I won’t repeat it. Unless you are Australian.
If truth and consistency is the goal of society everyone would have to buy the same TV with the same remote to measure children by. But, what if truth and consistency is not the goal but perception is? Then the person who buys a TV with the smallest remote can claim their son is a freaking giant. This is where we are today.
So let’s change the size of the remote and look at the current state of financial affairs. What that means is let’s figure out how much the ruler has to change for any of this to make sense.
SpaceX is basically three imaginary businesses that lose money, GrokAI, Twitter and SpaceX and one real business that makes money - Starlink.
Starlink made $4B dollars last year. At 15x earnings that means SpaceX is worth $60B. The average Starlink subscription is ~$80/month. Around 6B people on Earth make more than $80/month but people do need to eat and buy Pokémon cards.
Around 1.5B people make more than $800/month. Now what percentage of those people live in a place with terrestrial internet that costs $80 or less.
Well, nearly all of them. The addressable market here is close to tapped out.
Starlink is already in 160 countries and has a total subscriber base of 12M. There is nothing in the data here that justifies SpaceX being worth $2T. That is a multiple of 500x.
So instead of trying to understand the valuation let’s print money. Because that’s what we do.
What if we increased the global money supply by 500x? By doing this you will be able to change the ruler and justify the evaluation. See how easy that was?
Since 1850, which is the end of slavery and the beginning really of the industrialization of at least western economics GDP has grown from $2T ( 1 SpaceX) to $180T (90 SpaceX.)
Notice our ruler here is just dollars. Which we control the supply of. Very handy. If SpaceX was IPOing in Bahrain this trick wouldn’t work.
GDP is approximately analogous to total dollars that exist something economics call broad money or M2. You can google this and confirm. So in order to multiple the money supply we will end up multiplying GDP.
So the world GDP would have to get to $90Q (quadrillion) dollars to justify SpaceX’s current evaluation. When John Law became the first millionaire in 1720 no one could have imagined anyone having a billion dollars. When Rockfeller became a billionaire in 1916 no one believed a trillionaire was possible.
Well it’s 2026 and the stock market just minted one. And he is nearly as much a douchebag though not as smart as John Law. So we can assume quadrillions is just around the corner. It took two centuries to go from 6 zeros to 9 zeros and 110 years to go from 9 zeroes to 12 zeroes. So I am guessing it will take 60 years to get to 15 zeroes.
I don’t think governments and central banks around the world are going to devalue our children’s lives by that much that fast. Plus, people aren’t having children at the same rate as the previous centuries which explains why we need robots.
This is obviously a joke don’t pull your pants down and measure your TV. Though someone reading this already has done this before I am sure. The market and economy are going to implode at some point.
I am just explaining an alternative narrative about the powers to be want to make happen. Money is going to be printed.
Data centers are being built everywhere even stupid places like in the ocean and in space. This is going to require massive amounts of money printing. Not just in the US. But, everywhere. How fast it gets printed and whether or not economic activity/productivity follows are the unknowns.
And the people who have non-zero net worth are going to get even richer and people with zero net worth aren’t. Because 500x0 is still zero.
I am currently holding calls because I trust that Trump is not going to do something stupid and risk Iran blowing up a jet or helicopter on his birf-day party tomorrow.
Then I will go back to what I have been doing all year. Buying Puts on any market strength.
Eventually, people are going to realize money is just a ruler and we can change it any time we want to. In the future, a new generation can just zero it out and start over if they want - which I suspect they will want to. For those of you who thought the market would have crashed already go back and re-read this.
I posted a bunch of data and analysis in chat today on returns for various alerts. You should read it.
-AJ