If the Mayweather vs. McGregor fight proved anything, it’s not that Las Vegas gaming stocks about to pop higher. It only proved that boxing is more of a sport than a UFC submission fight or other martial art. In martial arts you get your opponent on the floor by (almost) any means necessary. Boxing, on the other hand, is a more level test of balance, quickness, strength and endurance. As maddeningly arrogant as Floyd Mayweather is, an arrogance that now will never again be challenged in the boxing ring, at least he proved to the world that boxing is, in truth, a sport.

Floyd Mayweather had said that boxing’s reputation was on the line and he was right. Had he lost, it would have tarnished boxing’s legacy for a long time, perhaps permanently. On the one hand, many of us wanted to see him fall. On the other hand, it was probably best that he won. While Mayweather-Pacquiao was akin to Balboa-Creed, Mayweather-McGregor was more like the Rocky III exhibition stunt between Rocky and Hulk Hogan’s character Thunderlips.

Now, what do the once again record revenues tell us about the Las Vegas economy, the business cycle, and near-term investment options? The same thing that MGM’s latest 10Q tells us. There is a record amount of money available at the consumer level that is being spent more easily, while at the same time we look to be on the verge of a sharp downturn at the capital goods level.

Volumes at MGM have stagnated this last quarter, which is to be expected given that we are at a trough in dollar supply growth. This week will probably end up being the bottom for money supply expansion for the year, which means now is the most dangerous time of year to buy stocks.