Deep Dive · Rates & FX · China · 17 Jun 2026
Structural forces behind the renminbi's controlled appreciation — China's $1.189 trillion surplus anchor, regime-sensitive volatility, and the corporate hedging reckoning now forcing a decade of complacency into reverse.
Deep Dive · Macro · Global · 16 Jun 2026
Kevin Warsh's case for lower rates rests on a productivity story that hasn't materialized — and new evidence suggests the AI buildout is already pushing prices higher.
Deep Dive · Ideas · Global · 14 Jun 2026
Enterprises spent record sums on AI in 2025. Most have little to show for it. The bottleneck is not the technology — it is whether employees feel safe enough to actually use it.
Deep Dive · Rates & FX · Japan · 11 Jun 2026
The Ministry of Finance spent a record ¥11.7 trillion buying yen in April and May. The Bank of Japan couldn't raise rates fast enough to matter. So the MoF bought time.
Deep Dive · Rates & FX · Japan · 10 Jun 2026
Why the Bank of Japan's next rate move matters more for global portfolios than anything the Fed, ECB, or PBoC will do in 2026 — and how to position before it lands.
Deep Dive · Markets · Global · 9 Jun 2026
The Shiller CAPE and Buffett Indicator sit at or near all-time highs simultaneously. The market can stay expensive for a while. The margin for error says it can't stay wrong for long.
Deep Dive · Markets · US · 8 Jun 2026
A sum-of-the-parts valuation of SpaceX ahead of its expected IPO, testing whether a $1.75 trillion price tag can survive contact with financial gravity.
Deep Dive · Markets · Global · 4 Jun 2026
Short sellers make markets more honest. A fraud conviction, a decade of relentless equity gains, and an army of Reddit traders are pushing them out of the business — and the costs are going to be felt by investors who never once thought about short selling.
Deep Dive · Markets · Global · 20 May 2026
U.S. stock–bond correlations have shifted toward negative territory in May 2026 amid renewed inflation pressures and a paused Fed easing cycle — a meaningful risk-state signal that warrants measured portfolio adjustment, not a wholesale risk-off pivot.
