Good News. Terrible News. Same News.
Good News. Terrible News. Same News. The jobs report came in at 178,000 on Good Friday, while the stock market sat dark and the bond market traded in a half-coma. Nobody could…
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Q1 POST-MORTEM
Here is what actually happened in Q1. The S&P 500 finished down 4.6% for the quarter, which is the index's worst first quarter since 2020. That would be mildly uncomfortable…
The Plumbers Are Winning
The Plumbers Are Winning There is a version of this story that Bitcoin maximalists will hate, and it goes like this: the most consequential crypto development of the week…
Good Friday. Bad Data. And Bitcoin Is the Only Adult in the Room.
Good Friday. Bad Data. And Bitcoin Is the Only Adult in the Room. Eight-thirty this morning, the Bureau of Labor Statistics dropped March payrolls into a market with no lights…
The Quarter From Hell, Elon's Timing, and Why the Market's War Machine Is Broken
MEMO: RE: The Quarter From Hell, Elon's Timing, and Why the Market's War Machine Is Broken April 2, 2026 — Q2 Opens. Everybody's Still Bleeding. TO: Anyone still checking their…
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…
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.…