Big In Japan
August 2026
The US and Japan intervene to stabilize the yen amid historic currency pressure, Fed-BOJ rate divergence, and Iran War oil shocks.
Soundings
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New (World) Order
July 2026
Andy Burnham becomes the UK's 7th PM in 10 years amid global upheaval. A look at Mark Carney's "rupture" thesis and the new world order taking shape.
Growth
June 2026
Growth stocks are wobbling after years of AI-fueled outperformance. Three charts from Apollo show rising tech volatility, a valuation premium for non-earners, and how narrow this year's rally really is.
The Fed
May 2026
A new Fed Chair takes over. What changes, what doesn't, and why independence still matters most.
Planes, Trains and Automobiles
May 2026
The Iran war exposes a hidden fuel divide — and an airline goes under as a result.
Watching the Lights Turn Red
March 2026
Conflict in the Middle East pushes oil and gas higher — a region-by-region look at who's exposed.
Watching the Lights Turn Green
March 2026
Markets shrug off a shocking escalation in the Middle East, closing higher within hours.
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.
Woe is Me
January 2026
Skipping the annual list of risks for something rarer: real reasons for optimism heading into the new year.
Concentration – Part Deux (et Trois)
October 2025
Index funds now own half the market. A closer look at what that concentration really means.
Calling a Spade a Spade
September 2025
Why Microsoft can borrow more cheaply than the U.S. government — and what that says about credit and trust.