The Carry Trade Is Melting: Why Japan's Bond Rout Isn't Just a Tokyo Problem The pattern here is unmistakable if you know how to read it. In January 2025, the Bank of Japan…
WHEN THE LANDSLIDE COMES TO TOKYO A letter on cycles, concentration, and what the market is finally learning to do. On February 8th, Japan's Prime Minister Sanae Takaichi…
The $200 Billion Reckoning: How Big Tech Decided to Gaslight the Entire Market at Once Let me get this straight. Amazon announced a $200 billion AI spending plan and tanked 9%…
A Friday Redemption Arc, Or Just a Pit Stop? Your text yesterday: "God I hope tomorrow is better." My text back: "It will be." What actually happened: It was. Sort of. On…
The Pattern Nobody Wants to Name I keep thinking about the phrase "exuberant" and how clinical it sounds when applied to what we've just watched in precious metals. Analysts…
The Great Unmixing Has Begun We're witnessing something that doesn't happen very often: a market literally rewiring itself in real time, sorting assets and capital into…
The Machinery Beneath: Four Quiet Shifts That Reveal the Real Market The surface tells you there was a government shutdown averted, oil rallied 2%, gold bounced, and tech stocks…
When Machines Unwind: A Conversation with February's Chaos The elevator pitch for what happened this week is easy enough to tell at a dinner party: commodities crashed, stocks…
The Purgatory Problem: Why Meta Won and Microsoft Lost This Week History is unkind to the middle. Meta up 10.4%, Microsoft down 9.99%, Tesla roughly flat with a shrug—this…
The Ice Caps Are Melting, and So Are My Risk Models A confession from the trading desk. Tuesday morning I woke up and checked my phone. Trump had announced 10% tariffs on…