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The Trainwrecks
Beneath a calm headline equity index, several corners of the market are quietly breaking down. This letter looks at three underperforming corners of the market - food and beverage, private equity, and AI-displaced software and services - and where the opportunities in them may lie.
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 valuation, competitive advantage, and the durability of long-term cash flows.
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 losers, from tariffs and regulation to the rise of agentic AI and shifting currency dynamics.
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 with policy priorities may matter more than traditional fundamentals, creating clear winners and losers across industries.
Alternative Investments In a Portfolio Context
Alternative investments are increasingly mainstream, but most investors lack a clear framework for using them. This piece outlines Chesapeake's approach: alternatives should serve as either return enhancers or true diversifiers.