The Accordion Effect: When a Big IPO Compresses Smaller Stocks
When a large company goes public, smaller names in the same sector often pull back — not because their fundamentals changed, but because capital moved.
Markets
Markets
Why Profitable Growth Is the Real Test for AI Companies
OpenAI earns $13B and loses $20.9B. Before asking where a company is going, the first question is what’s funding the trip.
Markets
Trimmed Mean PCE and the Moving Goalpost Problem
The Fed didn’t change the number. It changed the ruler. Here’s why trimmed mean PCE matters for how you build your thesis.
Frames
Pulp Fiction and the Only Thing That Makes a Movie an A
A movie earns its place when you never once feel the urge to check your phone. Pulp Fiction runs 154 minutes. Not once does it feel like it.
Markets
The End of Finlandization — Why Neutral Is No Longer a Position
Finland survived the Cold War by staying neutral. That strategy is no longer available — in geopolitics or in portfolios.
Markets
When Software Became a Controlled Substance
Software just joined semiconductors on the export control list. Here’s what that means for the layer that sits above any model.
Markets
ADR Stocks: Why SK Hynix Just Listed on the World’s Deepest Market
SK Hynix just announced a $29.4 billion Nasdaq ADR — the largest US listing ever by a Korean company. Here’s what an ADR actually is and why it matters.
Markets
Beat and Raise: Why Micron’s Earnings Silenced the Selloff
Micron just delivered a beat-and-raise quarter — beating both current results and forward guidance. Here’s what that signal means and why the market rewarded it.
Markets
KOSPI Dropped 10% in a Day. Your Portfolio Might Have the Same Problem.
KOSPI fell 10% in a day because two stocks control 56% of its weight. Concentration risk doesn’t care how many positions you hold — only whether they can all fall for the same reason.
Markets
What Micron’s Earnings Will Actually Tell You About AI Stocks
When 56 Nasdaq 100 stocks rise and the index still falls, something has shifted. AI stocks have entered the phase where numbers have to justify the story — and Micron’s earnings are the first test.