Impactfull Weekly #39 - Japan’s in trouble, or is it?
Yen hit a 40Y low, Tokyo spent a record $54bn (¥8.45tn) in a single day, USA joined in for the first time in 15 years. The same week, Japan’s megabanks printed record profits. What does it mean?
Keith’s Substack
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Impactfull Weekly #38 - Is it time to buy Korea?
KOSPI fell 38.6% from June peak. Samsung & SK Hynix are half the index. We saw more circuit breakers than 2008. Meanwhile, Korean cosmetics, defence, nuclear, gas turbine makers never had it better.
Impactfull Weekly #37 - Refining is worth more than crude
Refining has been the best performing corner of the energy complex this year. Valero and Marathon have nearly doubled since January. The S&P 500 Energy sector has managed a fraction of that.
Impactfull Weekly #36 - Behind the meter: AI late cycle names to own
A gas turbine ordered from GE Vernova today arrives in 2029, & if you want it connected to the regional grid, you’ll have to wait even longer. But AI buildout can’t wait 3-4 mos.
June 2026 — The disinflation coming
Why peak oil-driven inflation marks the beginning of a new, equity-friendly disinflation regime.
Impactfull Weekly #35 - What energy exposure should you own if Hormuz reopens?
Last week the United States and Iran announced a framework deal to reopen the Strait of Hormuz, the vital shipping chokepoint handling 20% of global seaborne oil.
May 2026 — Navigating the coming oil influx
Why the gradual reopening of Hormuz might be the biggest deflationary event of 2026.
Impactfull Weekly #34 — Do you own enough agricultural commodities?
Most investors are actively debating whether inflation is temporary or structural.
April 2026 - A golden decade for hard assets?
AI cycle matures, and why Latin America is the ultimate hedge
Impactfull Weekly #33 - The great energy reshuffle
Hormuz still carries 20% of the world’s oil & gas, and April’s disruption opened an 11.1 mbpd supply gap. US major services & specialised players sit at the center of energy pricing…who wins?