The CapEx wars have started - where is the money flowing?

Some thoughts on Mircosoft and Amazon's earnings, and how to value stocks

There’s a fun index that Citi puts out called the economic surprise index. For those that haven’t heard of it, it captures the actual reported number vs expected number. For example, if the NFP numbers are supposed to come in really strong, and they ‘beat’ (by coming in super duper strong) then the index goes up. But if they NFP is expected to be uber …