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Gold coins scattered with a stock market graph and a percentage symbol on an orange background.
Analyse de marchéAnalyse de marché MarketsMarkets

Why Gold’s Low Sharpe Ratio Masks Its True Value as a Strategic Tail-Risk Hedge

Gold (Sharpe 0.4-0.7, Volatility 12-15%) acts as a reserve asset, inversely correlated with the DXY. Its low Sharpe ratio is due to no carry yield and custody costs, but it offers absolute decorrelation during systemic geopolitical shocks. Physical gold is now central to monetary influence wars (BIS Basel 2024-2025). Steelldy Engine 3.8 and Planet Labs…
08/16/20260Comments

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Bitcoin coin standing on a chessboard with silver and brass chess pieces. Concept of strategic digital currency investment.
Cryptos Tech

Beyond the Sharpe Ratio: Why Tail-Risk Hedging Is Essential in Bitcoin’s Fat-Tailed Markets

A long-only Bitcoin strategy with a target Sharpe ratio of 0.8–1.2 and 60–70% volatility is an inherently risky proposition. The asset is high-beta with extreme negative skew and fat tails. While the elevated Sharpe suggests a high risk premium, this masks a pathological risk of ruin during retail capitulation events. The market's inefficiency stems…
08/15/20260Comments

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Analyse de marchéAnalyse de marché MarketsMarkets

Profitability and margin structure. Quantified comparison of SpaceX (Q2 2026) vs hyperscaler models (AWS, Azure/Microsoft Cloud, Google Cloud, Meta AI infrastructure).

https://www.steelldy-indices.com SpaceX has a gross margin of 55.3%, but negative operating and net margins (-1.8% and -6.9%). Only Starlink connectivity is profitable (~+$1.66B OI), while Space and AI segments are loss-making. AWS boasts a 39.4% operating margin (+650 bps YoY), generating ~60% of Amazon's consolidated OI from ~21% of revenue. Microsoft Cloud's gross margin is…
08/10/20260Comments

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En chiffresEn chiffres MarketsMarkets

Structured Quantitative Financial Analysis of SpaceX. Consolidated Accounts for Q2 2026 (period ended June 30, 2026)

Revenue decomposition and growth dynamics for Q2 FY26 Consolidated revenue reached 7,814, representing a 91.94% year-over-year increase from 4,071. The total revenue growth of 3,743 is driven by AI compute capacity rental (approx. +1,880, 50.2% of the increase), Starlink Connectivity (approx. +1,700, 45.4%), and Space Launch & other (residual +163). Key margins for Q2 FY26:…
08/06/20260Comments

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Aerial view of a snow-covered quarry in Bewerley, North Yorkshire, England during winter.
Analyse de marchéAnalyse de marché Economie circulaireEconomie circulaire MarketsMarkets

Dr. Copper & Global Recession Risk

Executive Summary Copper ("Dr. Copper") remains a useful leading indicator of global industrial activity due to its ubiquitous use (power grids, construction, automotive, electronics, data centers). Futures are currently trading above $6.50/lb (COMEX), up about 30% year-over-year, and are holding above the 50- and 200-day moving averages. The metal formed a trough before equity markets…
08/04/20260Comments

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