Substack Library

Glossary

What Changed

Not investment advice.

    Balance of Power

    “US Trade Policy remains unpredictable… a loss of independence of the Fed would affect us all.”

      The Precipice

      “What’s the concern about there being more process?”

        Letter from Sao Paulo

        One morning, while I was strolling in the garden, an idea appeared on the trapeze I have inside my head.

          Opposing Forces

          THIS IS NOT INVESTMENT ADVICE.

            Poking Holes in the Growth Narrative

            Not investment advice.

              The Great Debate

              NOT INVESTMENT ADVICE.

                Slowing Rates of Change

                THIS IS NOT INVESTMENT ADVICE.

                  When Cash Outperforms

                  NOT INVESTMENT ADVICE.

                    The Wind Comes Out of the Sails

                    We understood that life, even the worst parts of it, were a shifting mix of happiness and pain, good luck and bad, and that there was no reason to fear that bad luck was greater than good.