Archive

Preferred, Not Trusted

NPS measures satisfaction. It has never had to measure fear.

License To Spend And To Defend

The defence boom has two halves. The market has only priced one.

The Reward Drug

The Strait Of Hormuz Will Not Reopen When The War Ends

Three conditions must be met before the Strait reopens. None has started yet.

13% a year. But not for you.

Sports franchise values have compounded faster than the S&P 500 for sixty years.

The Engine Before the Car

Gold Is Not a Safe Haven

Gold stopped being a fear trade. The price tells a different story.