The Madman Who Speaks the Truth
Software Is Eating the World The dominant technology investment thesis of the past fifteen years has been that software companies would disrupt and ultimately dominate nearly every
Policy as a Catalyst for Market Divergence
In our annual letter last December, we introduced the concept of a policy-driven market regime, one in which government action plays a far more significant role in shaping asset pr
The Policy-Driven Market Regime
The policy-driven market regime A dominant market regime always dictates financial asset prices. The regime may be driven by a macroeconomic factor (e.g., inflation), monetary poli
Fool in the Shower
The headlines paint a picture of inflation trending lower, though still well above the Fed’s required range, and an economy that is resilient to interest rate increases. Steady h
Apothenia
Apophenia, a term coined by psychiatrist Klaus Conrad in 1958, describes the human brain’s tendency to perceive patterns and make predictions, even when logic suggests those patt