The Rate That Prices Everything The 30-year real Treasury yield is the price of patient money. It’s what you earn, after inflation, for handing capital to Uncle Sam for three decades and asking no favors in return. Nearly every other asset gets...

📈 The Estimates Are Climbing, And That’s The Weird Part The most dangerous words in investing are “this time is different.” This week’s Chart does show us something that looks different. You can decide if it is.Sell-side analysts almost always...

Source: Electricity generation per capita (Ember / Energy Institute, via Our World in Data) and population (UN), 2023; GDP per capita in current US$ (World Bank, 2023; Afghanistan 2022). Bubble area is proportional to population. Both axes are...

Source: Bank of America 👴🏼 The Kids Are De-Risking the Wrong Direction

Does the Bull Market End With the Boomers?

The Quiet in the Index Is the Real Risk

🛰️ The Biggest TAM In History (Maybe)

A Different Story

A Different Type of Supply Side Economics

When the Rocket Launches From the Rooftop