The Summit Was Always Going to Be a Photo Deep-Dive · Geopolitics & Energy · Monday, 18 May 2026 Somewhere between the Great Hall of the People and Air Force One, the market realized it had been sold

Notes Toward a Eulogy for the CLARITY Act Rally The Dispatch · No. 215 · May 17, 2026 · Markets / Crypto / Macro BTC ~$77,800 ▼  |  ETH $2,214 ▼3.8%  |  XRP $1.43 ▼  |  SOL $88.87 ▼3.2%  |  Liquidations

TO: Anyone still holding semis at Thursday's close FROM: The part of your brain that reads balance sheets RE: What just happened, and why you knew it would DATE: Saturday, 16 May 2026 Cerebras priced at

The Gospel of the Dinner-Plate Chip Cerebras hit $311 on its first day of trading and nobody asked the only question that matters. We did. The answer is uncomfortable. Thursday, 15 May 2026 · Markets The

The Succession Jerome Powell's last day as Federal Reserve chair is Friday. Eight years. Three presidents, technically, though the third one spent most of his tenure trying to have Powell fired, investigated,

The Last Week of the World Powell Built Friday, May 15. Circle it. Powell's out. Warsh is in. Eight years of one man's hand on the most powerful monetary lever in human history, and it ends not with a

MEMO: Things Nobody Is Watching TO: Anyone paying attention FROM: — RE: Beijing, Wednesday. The clock nobody reset. DATE: 12 May 2026 Trump lands in Beijing in forty-eight hours and the financial press

Two Screens Equities & Energy · Monday, 11 May 2026 · No Attribution Screen one: Micron up 124% year-to-date. SK Hynix at a record in Seoul this morning, +5% before lunch. The Philadelphia Semiconductor

Notes Toward a Theory of Collective Insanity Semiconductors · Geopolitics · Asset Bubbles · The Week That Broke Consensus Sunday, 10 May 2026 · Issue CCXLVIII · Private circulation only Written somewhere

Everyone Is Getting Fired for a Robot That Doesn't Exist Yet Dispatch · Tech · Crypto · Labour Markets — Saturday, 9 May 2026 BTC: ~$80,200 · Gold: $4,730 · COIN: −2.5% on the week · Nasdaq: 26,247 (+1.71%

A Note Left on the Chair's Desk The institution that invented forward guidance is about to lose its voice. Here's what the building is thinking. May 8, 2026 · Monetary Policy Fifty-two years. That's roughly

Seoul Is Eating Your Lunch May 7, 2026 The KOSPI just did 75% year-to-date. Sit with that. Not a small-cap biotech. Not a leveraged crypto ETF. The entire South Korean benchmark index — Samsung, SK Hynix,

The Cartel Is Cracking and Nobody Knows What Comes Next Brent is at $110 and change. WTI just crossed $103. The Strait of Hormuz — the skinny corridor through which roughly a fifth of the world's oil and

DISPATCHES FROM THE OVERLAP May 5, 2026 Somewhere in the gap between the Strait of Hormuz burning and Palantir posting its best quarter in company history, there is a thesis about what America has become.

The Strait Is Still Closed. Nobody on the Equity Desk Seems to Care. There is a war going on. A real one, with naval seizures and gunfire on tankers and cities that source 99% of their drinking water from

Omaha in the Age of Gambling There is something almost deliberately theatrical about the timing. The week oil traders are being investigated for front-running three separate presidential announcements

The Strait of Everything A fictional internal monologue from the desk of no one in particular, somewhere on a trading floor, Friday, May 2 Okay. Iran sent a peace proposal through Pakistan. Oil drops three

MEMORANDUM TO: Anyone Still Treating OPEC as a Functioning Institution FROM: The Obvious RE: The Cartel is Not Fine DATE: May 1, 2026 Effective today, OPEC no longer contains the UAE. Let that sit there

The Last Man in the Room April 30, 2026 There is a specific kind of institutional dread that spreads when everyone can see the succession happening but nobody will say it plainly. Jerome Powell testified

$650,000,000,000 An open letter to the hyperscalers, delivered after the bell Gentlemen, Tonight you report earnings. The four of you — Meta, Microsoft, Alphabet, Amazon — collectively committed somewhere