The Reservoir Was Never the Problem. The Faucet Was.
Korea’s pension fund “needs” to sell $102 billion in stock. The real number — and the real story — is a rule nobody noticed changing in May.
Markets
Markets
The Fed Survived the Ruling. Did the Risk?
The Supreme Court just protected Fed independence — on a technicality. Here’s why the ruling changed less than the headlines suggest, and what that means for how you should price political risk.
Markets
Your 401(k) Is Doing the Same Thing
Korea’s Black Tuesday selloff and the target-date fund inside your 401(k) run on the same mechanism — institutions trade weight, not price. Here’s how to spot the next mechanical sell-off before it happens.
Markets
Cheap AI Showed Up. The Bragging Rights Moved.
GLM-5.2 just made frontier AI six times cheaper. Here’s why that doesn’t kill the advantage — it just moves it.
Markets
The Payer Changed, So the Market Followed
GLP-1 drugs didn’t get cheaper — Medicare changed who’s paying. Here’s why that distinction matters more than the price tag.
Markets
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
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.