United StatesMacroEquitiesResearch
USA Strategy Report – Mid October 2026
Why This Is a Fragile Top, Not a YellowLight Bull Dear Client, This month's strategy report reassesses where the US market sits in the cycle. The S&P 500 remain…
25 Oct 2026
Markets & News
Newsletter Archive
Rigorous market commentary and macro analysis — free to read, always independent.
MacroUnited States
US Private Credit Under Significant Stress
Redemption Gates and Hidden Data Center Debt Dear Client, The private credit landscape in the U.S. is showing significant stress, with two interwoven fault line…
4 Oct 2026
MacroUnited States
US Market Outlook Report
A Fragile Bull Regime Dear Client, Summary: The S&P 500 closed at 7,719.59 on 20261003, with a forward P/E of 19.4 — its lowest since April 2025 despite the ind…
3 Oct 2026
EquitiesGoldHousing
The Monetary Cycle Turns
What We're Watching and Preparing For The Hidden Story Behind the Headlines If you only read headlines, the world looks confusing. Stocks are near record highs.…
29 Sept 2026
EducationResearch
The Master's Toolkit
The Best Trading Disciplines from Ten Great Books Dear Client, Over the past weeks, we have walked through ten of the most important investment books ever writt…
20 Sept 2026
EquitiesEducation
The Complete Livermore: 100 Quotes from the Greatest Speculator Who Ever Lived
It Never Was My Thinking. It Always Was My Sitting Tight. Dear Client, There have been richer men. There have been longer careers. There have been more respecta…
2 Sept 2026
EquitiesUnited StatesJapanEducation
The Architecture of Cycles Understanding Market Psychology from Peak to Trough
The Wall Street Cheat Sheet has been circulating in trading offices for decades. At first glance, it looks like a cartoon — a wavy line, a collection of emotional labels, a smiley face at the top and a frowning face at the bottom. But beneath ...
20 Aug 2026
EquitiesEducation
The Investor's Treasury: 50 Essential Quotes from Classics: An Investor's Anthology
It Is Not Complicated. It Is Not Easy. But It Works. Dear Client, There are books that teach you how to invest. And then there are books that teach you how to t…
18 Aug 2026
EquitiesEducation
The Lesson of Larry Livingston: What Jesse Livermore Wants You to Know
Let me tell you a story. It is an old story, nearly a hundred years old now. But like all true stories about markets and human nature ...
7 July 2026
MacroChinaJapanUnited States
The Cultural Mood Ring Reading Fashion, Film, and Headlines Through Dow Theory
Charles Dow understood something that most quants still miss. The stock market is not a calculator. It is a mood ring. Price reflects the collective psychology of millions of human beings making decisions under uncertainty. And that psychology ...
7 June 2026
MacroEquitiesUnited States
The Two-Month Report Where We Stand After the Iran Shock
Two months ago, the world changed. American and Israeli forces launched airstrikes against Iran, and the comfortable market narrative of soft landings and immaculate disinflation evaporated overnight. We have now had enough time to see the patterns, measure the damage, and adjust our sails accordingly. This is ...
2 June 2026
MacroUnited StatesChinaJapan
The Three-Year Race: USA, China, or Japan?
Japan Leads, China Waits, America Is Priced for Perfection Dear Client, The question arrives almost as often as the one about AI trading. "Where should I put my…
1 June 2026