The Memory Hole
The Memory Hole April 1, 2026 Somewhere in Mountain View, a team of Google researchers published a paper about memory compression, and in the eight trading days since, Micron…
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All Portfolio Managers, Risk Desks, Macro Strategy
INTERNAL MEMO TO: All Portfolio Managers, Risk Desks, Macro Strategy FROM: The Situation Room (you know which one) DATE: March 31, 2026 RE: Week Five. Still Going. Please…
between the pump and the portfolio
Dear Powell: A Letter From the Corner of Sentiment and Reality An open correspondence to the Chair of the Federal Reserve, written from somewhere between the pump and the…
Notes from the Last Bull Standing
Notes from the Last Bull Standing Okay. Deep breath. The Strait of Hormuz is functionally closed. Brent crude touched $113 intraday on Friday before "jawboning" from the…
Nobody Is Watching the Money Move
Nobody Is Watching the Money Move March 28, 2026 BTC is at $70,692. Down 44% from its October peak. Everyone is talking about it. The price. The chart. The distance from $126K.…
Anyone Still Pretending Private Credit Is Fine
INTERNAL MEMO TO: Anyone Still Pretending Private Credit Is Fine FROM: The Market, Apparently RE: The Flywheel Has Stopped DATE: March 27, 2026 CLASSIFICATION: You Should Have…
Whoever is still long UK duration
INTERNAL MEMO — STRICTLY NOT FOR DISTRIBUTION TO: Whoever is still long UK duration FROM: The Gilt Market DATE: March 26, 2026 RE: We need to talk about what I've become…
YOUR HEDGE DIDN'T HEDGE
INTERNAL MEMO: RE: YOUR HEDGE DIDN'T HEDGE TO: Everyone who bought gold as an insurance policy FROM: The market DATE: March 25, 2026 RE: A clarification on what you…
Remarks Delivered to No One in Particular
Remarks Delivered to No One in Particular, Somewhere Between the Third Coffee and the Fourth Refresh of the Deribit Options Board Here is the thing about a good story. You…
Notes from the Desk of Someone Who Has Not Slept Since February 28th
Notes from the Desk of Someone Who Has Not Slept Since February 28th Confidential · Issue #48 · Monday, 23 March 2026 Situation Board · Bitcoin: ~$70K, down 3 straight days ·…