Last Tuesday we argued that the investment playbook for 2026 demands three filters: the ability to compound earnings amid structurally...

Dear readers, On Saturday we closed with an observation about physical constraints—blocked shipping lanes, sold-out memory chips, smuggled semiconductors—that no...

Dear readers, On Friday we wrote that the Fed had effectively admitted it cannot narrow the range of plausible outcomes—that...

Dear readers, On Wednesday we wrote that Jerome Powell's press conference was not about the rate decision—it was about whether...

Dear readers, Yesterday we told you the equity market's composure rested on a bet that demanded near-perfect execution from policymakers,...

Dear readers, On Saturday we closed with a stark observation: Jerome Powell walks into this week's FOMC meeting with no...

Dear readers, On Thursday we wrote that the S&P 500's composure rested on a foundation of macroeconomic data that was...

Dear readers, Yesterday we wrote that clean February inflation data cannot insulate a central bank from a March energy crisis...

Dear readers, Yesterday we wrote that the late-session rally bought American markets a reprieve but not clarity—and that clarity would...

Dear readers, On Saturday, we closed with a blunt forecast: when futures opened Sunday evening, crude was the only chart...