Planes, Trains and Automobiles
May 2026
The Iran war exposes a hidden fuel divide — and an airline goes under as a result.
Soundings
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Commodities & Real Assets
Liquidity
April 2026
Gold's sharp sell-off reveals an underappreciated truth: liquidity is only valued once it's scarce.
Gold Math
February 2026
Gold's best month in 40 years ends in a sharp reversal. What investors do next depends on why they bought it.
Uncorrelated
January 2026
Gold's best month in 40 years ends in a sharp reversal. What investors do next depends on why they bought it.
Woe is Me
January 2026
Skipping the annual list of risks for something rarer: real reasons for optimism heading into the new year.
What happens after a national mid-life crisis?
September 2025
If the U.S. matures like Europe or Japan, here's what a 50-year portfolio might hold.