The Madman Who Speaks the Truth
AI is beginning to disrupt the software industry it once powered. This letter examines how AI may be disrupting not just industries, but software itself, raising questions around v
Policy as a Catalyst for Market Divergence
Tariffs, crypto regulation, energy policy, and AI are reshaping which companies win and lose. This letter looks at the growing role of policy and AI in driving market winners and l
The Policy-Driven Market Regime
Government policy is emerging as a primary driver of market outcomes, with deregulation, reshoring, and fiscal shifts shaping sector performance. This letter explores how alignment
Fool in the Shower
Consensus has shifted toward a soft landing, but the full impact of the Fed's rate hikes has yet to be felt. Using Milton Friedman's "fool in the shower" metaphor, this letter exam
Apothenia
Investors often rely on patterns that worked in the past - even when the environment has fundamentally changed. This letter examines the risks of applying a disinflation-era playbo