While the world's putative Illuminati gather in Davos, the S&P fails once more to escape its bear market structure. This in spite of some frisson over Netflix earnings and yet more bloodletting across Big Tech. 

Meanwhile Finance Twitter has begun to coalesce around a familiar narrative: over the next several years Emerging Market Equities will outperform the U.S. Thus we revisit one of our favorite topics. Will the emerging markets ever emerge? But this time, we turn to ChapGPT for help.

And finally woebegone Bitcoin and Ethereum bounce back-ish. We discuss why, according to Alex Gurevich, if Bitcoin is Digital Gold then Ethereum is Digital Copper.