Supply Shock Drives Commodities
Commodities are not the greatest long-term investment. Since 1970, a diversified commodity basket in cumulative terms has done less
Latest
Quality Q2 2026 Results Update
Overall, our companies have reported good results. As a group, they have continued to grow cash flows and sharpen their competitive advantages.
September Precedes Uptober
A break above $80k would bring more confidence, but for the first time in over a year, I can say that things are truly shaping up.
UK Pays 8x More for Natural Gas than the USA
The North Sea Gas price has doubled this year. With gas and electricity at three-year highs, who knows when this will peak?
BOLD
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Debasement Drives BOLD
August was a strong month for the debasement trade as the US Treasury intervened in the bond market.
Venture: USA Software
Software stocks had a shock move last year as the threat from AI grew. While few doubt the potential for disruption, the selloff has been overdone.