Locator: 49541INVESTING.
Note: Kelly Evans returns to CNBC's "Power Lunch," as of December 1, 2025 -- that's next week.
Updates
Later, 12: p.m. CT: the housing market -- in the past month, maybe a couple of months, we've just seen a massive switch from a seller's market to a buyer's market; the switch was so massive we haven't seen such a switch in at least a decade.
Sellers are taking their houses off the market -- story reported in The WSJ in the last day or so. Now a stand-alone story on CNBC. Market in limbo. Hard to say what the market will be in spring of 2026, but much will depend on the Fed rate. Where folks are in the biggest jam are in Florida and Texas, and, of course, Washington, DC, but for different reasons in DC than in the deep south. Where houses are plentiful on the market: from Pennsylvania to Chicago, but buyers still can't afford new homes in many cases. So, it's not so much a matter where housing market is "good," but rather where it's "less bad."
On another note, the story on the housing market helps me understand the term "midwest" better. "Midwest" began as a geographic term but has morphed into a "cultural" term. The "midwest starts as far east as upstate New York, through Pennsylvania and ends in Chicago, maybe to some extent, Minneapolis.
Then there's the west, everything west of the Mississippi but not including the far west. The northeast, midwest, and west are north of the Mason-Dixon Line make up the "cultural west."
The south is below the Mason-Dixon Line and the Deep South is a handful of states even farther south of the "southern states" and squeezed in between Florida and Texas. The southwest is maybe two or three states, and the Far West is composed of three states.
This is important to me: not so much geographically, but "culturally."
AI prompt: if the west is defined as cattle-raising states with working horses which states would be considered "the West"?
Answer: north to south -- Montana, North Dakota, South Dakota, Wyoming, Colorado, Nebraska, Kansas, Oklahoma, Texas. The southwest, where the vacquero tradition began, New Mexico and Arizona. Idaho seems to be the caught in between the west and the far west.
What an incredibly great country.
Later, 10:45 a.m. CT:
Original Post
Market: it looks like today could be the day that
sorts out the AI investing story that has been incredibly volatile for
the past ten days or so. Some tickers have dropped way too much; others
have risen way too much. Today, it looks like there's some rotation
among the AI tickers: some taking profits; some buying the dips.
Deere: a nice quarter; guidance a disappointment but Deere has a history of guiding conservatively. DE is down almost 4% pre-market; down $18/share. A lot of folks, no doubt, think there is a huge investment opportunity in light of Trump accepting an invite from Xi in a couple of months. Mentioned by CNBC in passing earlier this morning:
Reading: this might be a great time for folks to read the history of agriculture in California as told by Malcolm Harris, link here. Interesting link here, from 2023. From that link:
The sense that Iowa's agricultural land is both scarce and gaining in
value drove the average price to a record-setting $11,400 per acre last
year (2022). Now Iowa farmers are bidding, not only against neighbors but
against out-of-state investors, including professional athletes,
well-known billionaires and the Mormon Church.
More recent data, 2024 - 2025: $11,500.
CAT: off it's all-time highs, but up over 60% in last six months. And that doesn't include the April 7th sell-off earlier this year (2025).
Pre-market, link here:
**********************************DisclaimerBrief Reminder Briefly:
- I
am inappropriately exuberant about the Bakken and I am often well out
front of my headlights. I am often appropriately accused of hyperbole
when it comes to the Bakken.
- I am inappropriately exuberant about the US economy and the US market.
- I am also inappropriately exuberant about all things Apple.
- See disclaimer. This is not an investment site.
- Disclaimer:
this is not an investment site. Do not make any investment, financial,
job, career, travel, or relationship decisions based on what you read
here or think you may have read here.
- All
my posts are done quickly: there will be content and typographical
errors. If something appears wrong, it probably is. Feel free to fact
check everything.
- If
anything on any of my posts is important to you, go to the source.
If/when I find typographical / content errors, I will correct them.
- Many posts are not proofread for several days after they've been posted.
- Reminder: I am inappropriately exuberant about the Bakken, US economy, and the US market.
- I am also inappropriately exuberant about all things Apple.
- And
now, Nvidia, also. I am also inappropriately exuberant about all things
Nvidia. Nvidia is a metonym for AI and/or the sixth industrial
revolution.
- I've now added Broadcom to the disclaimer. I am also inappropriately exuberant about all things Broadcom.
- And Oracle.
- Longer version here.
******************************
Oracle
From today, link here. For the date/time stamp, this was posted at 8:18 a.m. before the market opened, November 26, 2025.
