Bessent’s Yen Balancing Act
While the Treasury Secretary Can Intervene in FX Markets, Kevin Warsh may ultimately drive USD/JPY
Beyond The Cycle
The economic regime has changed. Most portfolios haven't. Macro, asset allocation and long-term investing for a new era.
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The Missing Reaction Function
Markets no longer know where rates are going. More importantly, they no longer know how the Fed thinks.
Gold’s Reality Check
What five decades of boom and bust tell us about the current correction
The Hardware of Capitalism Still Runs. The Software is Broken.
AI Has Rescued Equities. But It Hasn't Rewritten the New Economic Reality.
AI, War, Debt and Disorder
Why the collision of an oil shock and an AI boom will push the US further along the road to fiscal dominance
Rethinking Bonds in a Changing Macro Regime
It’s not just whether to own bonds, it’s how to own them
Echoes of the 1990s, Fragilities of the 2020s
Why High Debt and Weaker Policy Credibility Undermine the 1990s Parallel
The Three Fractures in the Macro Regime
And Why They Call for a Regime-Adaptive Approach
Gold’s Place in an All-Weather Portfolio
The Case, the Context, and the Call
Solving The Investor’s Dilemma
How to build a portfolio to capture equity gains but manage the downside
Fiscal Dominance and the New Era of Macro Volatility
Why adaptive strategies may be key to navigating an era of turbulence
The Fed at a Crossroads
How the Next Fed Chair Could Redefine U.S. Monetary Policy — and Its Independence
Forget The Cycle. It’s the Regime That Matters
And When Sentiment Peaks, the Regime Is Already Shifting
Looks Diversified. Acts Like Beta.
The Hidden Fragility in Many Asset Allocation Plans
All Roads Lead to Higher Yields
From Carville to Crisis: Why 1993’s Fiscal Lessons Are Being Ignored
Asset Allocation in the New Macro Regime
From safe havens to growth bets — why investors are rethinking everything
From Privilege to Pressure
Rethinking the U.S. Dollar's Structural Outlook
The Next Battle: Trump vs. the Fed
Why stagflationary pressures could see the central bank's independence under fire