David Doney

So adding off-balance sheet debt and a corresponding asset using the asset credit % on slide #4, you get the following d-e ratios. AMZN appears as the safest choice for an investor, as it has a big diversified asset base & relatively smaller commitments. 5/END

You have to make an assumption of how much assets will be added based on the off-balance sheet debt. Copilot AI estimated these for me; they range from 70% to 90% based on the different nature of these businesses and the type and amount of off-bs items. 4/

The debt to equity (d-e) ratio is a common way of evaluating leverage or debt burden. Based on the latest financial reports, here are the ratios, excluding the off-balance sheet assets and liabilities. 3/

🧵When considering how indebted the big AI/tech companies are or are planning to be, remember that off-balance sheet liabilities also represent off-balance sheet assets; e.g., AMZN purchase commitments are mostly for assets they will put on their balance sheet at purchase. 1/

Bottom 40% struggle. We should be taking healthcare or education or both off their back. The rich have so much money they could do it and barely notice while they keep getting richer. Far too many Republican voters put their bigotry ahead of their own economic interests.

Yes, if we assume the higher imports cancel much of the investment, the tale of the quarter was robust consumer spending. This is likely boosted by rich people fueled by stock market wealth, much of it AI-related.

Personal savings rate has fallen from 5.7% when Trump started in Jan '25 to 3.8% in Sept '26. Households were saving $10,200 (annualized & real) in Jan '25; this has fallen $2,800 or 28% to $7,400 in Sept '26. About half is inflation, the other half is buying more stuff.

The answer is simple. The top 10% have 70% of the net worth. Let’s tax that down to 50%.