The Trillion-Dollar Maybe

Not Forever Friends

The K-Shape Is a Mirror

Same number, opposite bets — even the economist who built it is nervous.

P2P Not Enough

Terms of Enrichment

The gigawatts are the easy number. Who pays for the delay is the real one.

Best Returns Wear No Jersey

Bowie Bonds, Remastered

Lean Times

Talk Is Cheap

What family offices told UBS — and what they actually did with their money.

Money in Space

The biggest part of the space economy is the GPS chip in your pocket.

Solo Chess

The Investment of Passion

A market that quietly beat stocks — and quietly punished most of the people in it.

The Miner's Trap

Gold is up. Your mining stocks may not be. There's a reason - and it's built into the contract.

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.