Archive - Thematic Markets

Observations: Have you understood nothing?

Markets struggle to differentiate setbacks from reversals

May 30 •

Observations: Damn the torpedoes!

“Admiral Farragut” Trump orders full speed ahead

May 23 •

Observations: Navigating the consensus

Insights gleaned from business and central bank economists

May 14 •

Reflections on Trump's revolution

Grant Williams' Gold Tier conversation with me on the new world order

May 10 •

Observations: 100 days of turmoil, unknown unknowns

Preparing for the unknown is hard if you don’t know what it is

May 7 •

Observations: 100 days of turmoil, known unknowns

Markets know what they don’t know, but are all unknowns the same?

May 4 •

Observations: 100 days of turmoil, the knowns

Assessing the known knowns of the revolution, 100 days in

May 2 •

April 2025

Exceptional, elastic, or just erratic?

Markets pushed beyond their comfort zone

Apr 13 •

March 2025

Observations: Ball’s in your court, Jay

Tariffs are a cost shock; inflation is up to the Fed

Mar 12 •

La Cosa Nostra Americana

Europe & markets struggle with the loss of the global policeman

Mar 3 •

January 2025

Leitmotif 10: Party like it's 1938

The uncanny parallels to a World War and their implications

Jan 27 •

Leitmotif 9: It’s not the economy, stupid!

Chinese economic policy hasn’t been about economics; now America’s isn’t either

Jan 24 •

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