“You almost feel numb.”

The low level of nominal bond yields provides an important offset to the richness of earnings multiples.

Should we think of America as a classically troubled emerging market?

The future has been pulled forward creating a decade’s worth of change in just a few months. We gathered this month to identify opportunities and discuss what comes next.

The virus has pulled millions of people back into the homebuying market to look for a home for their families and remote work needs. With inadequate supply, a new construction boom is unfolding.

The insight from financial history is that we’ve endured the “displacement” and are only now entering the “boom.” The “mania” phase lies well ahead.

Even after 50 years, the ICT revolution is far from complete. As we look ahead, a green socially sustainable golden age is technologically possible.

We continue the conversation daily in our members-only Slack group. These are the most helpful insights gained from the community last month.

Under the compulsions of a new cultural milieu, it will take years for the Fed to meet their broad-based and inclusive employment goals.

Macro themes that dominated the market for the last fifteen months—Covid, WFH, then vaccine/reopening—are fading. What comes next?

Once again, we are pushing the boundaries of mesospheric ego and logic. The billionaire space race is more important than you think.

Once again, Wall Street seems poised on the verge of a take-off into new, totally unexpected, and totally uncharted directions.

What can the sixties tell us about how we should be thinking now?

A market can, and typically does, cease being a bull market long before the index starts to fall. Time to get ready.

A 1.5 percent yield on the 10-year Treasury in a time of rapidly accelerating inflation. Is there anything more perplexing?

We continue the conversation daily in our members-only Slack group. Here’s a summary of the most helpful insights gained from the community last month.

Elon Musk embodies the cult of personality that investors are attracted to in the final stages of the bull market.

The cosmic picture is one of unparalleled levels of euphoria in 2022. We remain bullish.

Fed chief Jerome Powell is emulating Alan Greenspan’s activist monetary policy approach from 1994. This holds lessons for all of us.

We continue the conversation daily in our members-only Slack group. Here’s a summary of the most helpful insights gained from the community last month.

“The Nifty Fifty were taken out and shot one by one.”

What if the greatest trick the market ever pulled was convincing investors that we’re still in a bear market?

We continue the conversation daily in our members-only Slack group. Here’s a summary of the most helpful insights gained from the community last month.

A common assertion is that markets won’t bottom out until we see clear signs of a dovish central bank pivot. We disagree with this.

What are genuine signs of reopening and what is noise? Don’t focus on the economy, the covid outbreak, or the protests; listen to the market.

With eyes wide shut, most people don’t expect to see what they’re not looking for. We encourage you to open your eyes.

We continue the conversation daily in our members-only Slack group. These are the most helpful insights gained from the community last month.

What happened to the assured recession which most models, surveys, and leading indicators have been pointing to?

Bringing together the most interesting people in the most interesting locations for the most interesting ideas.

We believe oil is starting to price in a negative demand shock from global EV adoption. The structural shift in energy markets has begun.

Banks are under stress and pockets of the commercial real estate market are showing cracks as well. What’s next?

I didn’t think it was possible, but I returned from my New York trip even more bullish.

AI is shifting from productivity sapping distraction to a secular productivity tailwind. What are the macro and investment implications?

Bringing together the most interesting people in the most interesting locations for the most interesting ideas.

What important charts and levels are you keeping an eye on?

What if the shades of 2018 were present with us in 2022?

The Fed’s institutional memory of fighting inflation may obviate the desire for deep rate cuts.

When the Party broadcasts its intentions, history tells us how reliably they execute them. We’re betting on Xi to rekindle China’s bull market.

Bringing together the most interesting people in the most interesting locations for the most interesting ideas.

Bringing together the most interesting people in the most interesting locations for the most interesting ideas.

Bringing together the most interesting people in the most interesting locations for the most interesting ideas.

This isn’t 1995; we’re now in a post-bubble world.