The Lesson Scott Bessent Forgot
Governments defending prices against fundamentals always lose
Hypernormal Times
Investing in a changing world requires maverick thinking. When old worlds break, mavericks forge new paths. This Substack chronicles our HyperNormality with posts and podcast interviews with Maverick entrepreneurs, investors and thinkers.
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Waiting for Warsh
Hypernormal Report on the real play taking shape in AI & oil
Nvidia Answers the Wrong Question
Hypernormal Report on the rising price of time and those pesky kids.
Warsh's Money Gauge is Flashing
Hypernormal Report on M2 which just posted its fastest growth since 2022
Poacher Turned Not-Very-Good Gamekeeper
Hypernormal Report on why at least Scott isn’t trying to blow up the financial system
Where are John Galt, Boxer, Napoleon & Wesley Mouch?
How Ayn Rand & George Orwell help us understand hypernormality
The Weapon & The Wound
Hypernormal Report on Iran Sanctions, Weaponised Dollar, Gold’s Promotion & Nvidia’s ROI Test
Bessent Declares War on the Thermometer
Unable to fix the fever the Treasury just tried to rig the gauge. Next comes, the printer or the chainsaw. Gold & Bitcoin know which it is likely to be.
A Put Without a Press
Hypernormal Report on how the Treasury can out shout the Fed, but it can’t out borrow the math(s).
The Squirrel Who Thinks China Controls the Oil Market
He cares not that Micron is on three times cash flow, loves the UK, but bonds not so much. Oh, and he likes acorns too.
The Borrower's Bid is a Bluff & the Fed Knows it.
Hypernormal Report
Gravity is Patient
Hypernormal Report on the long bond gravity behind the AI multiple
The Bond Snake Has Found its Tail
Hypernormal Report on reflexivity and AI financing.
Anthropic Eclipses Earth
Hypernormal Report
The Hypernormal Life of Jason Arday
Education should not be intended to make people comfortable; it is meant to make them think.
Securitising Subprime Silicon & a Sizzling Summer Silly Season
Plus funding the $2 trillion deficit and the indefinite Hormuz oil siege
Don't Mention the Wealth Tax
Hypernormal Report on why the UK cannot be taken seriously
Every Company Trends to Zero - Keep to Higher Ground
Edgar Allen has built a $3bn fund on a simple question: how long has this business got left?
Inflation Takes a Summertime Break
Hypernormal Report why the doves maybe wrong
Big Short II & Market Melt Up
Hypernormal Report on a new old cure for circular financing
The Gulf Producers Move On & China Captures the AI Bubble
Hypernormal Report