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TSCS

Equity analysts with London hedge fund experience delivering institutional-grade research on mispriced opportunities across global markets. Global equity research. Deep fundamentals, clear investment cases, no BS.

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Uranium Didn't Crash

You watched the wrong price. Equities lost 25 to 90%. The metal fell 8%. The price utilities actually pay just printed an all-time high, and contracting season opens in four weeks.

It's Not The Poor. It's You.

So it’s Friday.

"When Can I Get Out of This Hell?"

Korean margin debt fell 25% in 37 days, faster than everything but Covid. Relative to the market, it hasn't moved at all. Week 1 of the tracker.

Two Margin Calls

Korean margin debt hit a record ₩38.6 trillion in June. On the Bank of Korea's own heat gauge, that was the 27.6th percentile. Seoul broke anyway.

There Is No Oil Price

The Oil Primer, Midstream. Everything between the wellhead and the engine, who owns it, and where the war's money really landed.

Seoul Was First

OpenAI is 45% of Microsoft's backlog, Chinese models cost a tenth of the frontier, and nobody on the cost curve defends the price.

Peak Silver Demand

Copper substitution, a 19% demand cut, and a deficit rotting from the inside. The bull case for silver might have a problem.

Underwater at 1%

Japan was the cheapest money on earth for 25 years.

Nobody Has Seen The Supreme Leader

I spent a good part of this spring in the Gulf, close to this, and I came home ready to be wrong.

Where the Cost Went

What an invoice reveals about a Gulf crisis that the oil price could not