Nobody Is In Charge
Nobody Is In Charge March 12, 2026 Let me tell you what the past 48 hours actually sounded like, if you were paying attention. It sounded like a war-risk premium sitting at…
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Move Fast. Break Everything. Repeat.
Move Fast. Break Everything. Repeat. An internal memo to no one in particular TO: The Entire Technology Industry FROM: The Department of Obvious Outcomes RE: We told you so.…
Everything Is Fine
MEMO: Everything Is Fine TO: Anyone still long risk assets FROM: The Market DATE: March 10, 2026 RE: A few updates you may have missed while refreshing oil futures Please be…
The Market
INTERNAL MEMO — FOR DISTRIBUTION TO ANYONE STILL LONG EQUITIES TO: The Market FROM: Reality DATE: Monday, March 9, 2026 RE: Your portfolio. We need to talk. Please find…
No consensus. No comfort. Just the numbers.
THE LEDGER No consensus. No comfort. Just the numbers. MEMO TO EVERY STRATEGIST WHO HAD A 2026 PLAYBOOK Monday, March 9, 2026 TO: The buy-side consensus FROM: Reality RE: Your…
Notes From the Edge of Something
Notes From the Edge of Something March 8, 2026 Sunday. Coffee going cold. WTI at $90. I keep opening my phone expecting the number to have changed, and it doesn't, so I open…
Everything Is Fine. The Doctor Will See You Now.
Everything Is Fine. The Doctor Will See You Now. March 6, 2026 I'm sitting here at 8:29 a.m. ET, watching a blinking cursor on a Bloomberg terminal, and I want you to understand…
The Week That Broke the Model
INTERNAL MEMO: TO ALL SURVIVING ANALYSTS Re: The Week That Broke the Model FROM: The Markets TO: Everyone Who Still Has a Job DATE: March 5, 2026 SUBJECT: Some things we need to…
The System Is Working Exactly As Designed
Internal Memo: The System Is Working Exactly As Designed Wednesday, March 4, 2026 To: Everyone still holding enterprise software From: The Market Re: You were warned Let's…
The Last 48 Hours: Wars, Oil Spikes, and the Dollar's Slow Bleed
The Last 48 Hours: Wars, Oil Spikes, and the Dollar's Slow Bleed Let's cut through the noise—over the weekend, U.S. and Israeli strikes on Iran sent markets into a predictable…