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 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 Saturday, March 14, 2026 Okay. Let me just describe my week, and you tell me if this sounds normal. Monday: oil gaps up on…
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 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. An internal memo to no one in particular TO: The Entire Technology Industry FROM: The Department of Obvious Outcomes RE: We told you so.…
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…
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…
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 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…