Europe Has Been Here Before. That's the Problem.
Europe Has Been Here Before. That's the Problem. March 20, 2026 The last time European gas storage sat at 29%, it was the autumn of 2021, and the continent was about to spend…
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Notes Toward a Theory of Why Everything Fell Today
Notes Toward a Theory of Why Everything Fell Today Stream of consciousness recorded somewhere between the PPI print and the close 8:31 a.m. The BLS drops the February PPI and…
The Weekend That Ate the Playbook
The Weekend That Ate the Playbook February 28, 2026. A Saturday. US and Israeli jets are over Iran. Supreme Leader Khamenei is dead within hours. Over $128 billion in crypto…
The $1 Trillion Party Happening Downstairs
Internal Memo: Re: The $1 Trillion Party Happening Downstairs TO: Anyone still looking at both screens at once FROM: The part of your brain that notices things RE: The most…
Stream of consciousness, Monday morning, coffee still hot, markets already broken
NOTES FROM INSIDE THE NOISE Stream of consciousness, Monday morning, coffee still hot, markets already broken. Open the terminal. Futures down. Again. Dollar up. Again. Oil —…
The Week The Market Has To Hold Two Thoughts At Once
The Week The Market Has To Hold Two Thoughts At Once March 15, 2026 San Jose on Monday. Washington on Wednesday. Jensen Huang and Jerome Powell, back to back, in the same…
Dispatches From the Room Where Nobody Knows Anything
Dispatches From the Room Where Nobody Knows Anything Saturday, March 14, 2026 Okay. Let me just describe my week, and you tell me if this sounds normal. Monday: oil gaps up on…
THINGS THAT ARE FINE
MEMO: THINGS THAT ARE FINE TO: Everyone who said private credit was mature, resilient, and built for volatility FROM: Reality DATE: March 13, 2026 RE: It is not fine Let's…
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…
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.…