The Buyer of Last Resort
The Treasury is now buying its own bonds. Here's what comes next.
1971 Capital
Market thoughts, from 1971 capital
Live Last read · last published · next check
Latest posts
Rates Up, Stocks Up
Why higher interest rates won't break the economy
A Growing Risk to the AI Trade
Transformational technology, unclear economics.
Inflation Isn’t Coming Back
That's good news for asset prices
Bitcoin Update: Is The Bottom In?
[3 minute read]
Part 2: Missiles Over Dubai
The data has turned, the narrative has not
Missiles Over Dubai
War, asymmetric risk, and the constraints shaping markets
When Stablecoins Aren’t Stable
Tether and the anatomy of a bank run
The Investment Case for Coinbase
Summary:
What Worked, What Didn’t
A cross-asset market update and forward outlook
Bitcoin: Inflection Point
“Be fearful when others are greedy, and greedy when others are fearful.” —Warren Buffett
Stablecoins
Reshaping finance and the future of money
The Most Important Variable Investors Ignore
Summary:
NOVAGOLD: Deeply Mispriced
How one gold mining stock could deliver 180% returns
Gold & Silver: Opening Act or Curtain Call?
Signs the precious metals bull market is entering its final phase
Bitcoin: A New Type of Money
How bitcoin derives its value
The Denominator Effect
The single most important factor for higher asset prices
Uncle Sam Wants YOU... To Hold His Bag
The role of gold and bitcoin in modern portfolios
The Bear Case
Market technicals suggest near term caution, while secular trends remain intact