Public
Letters
July 15, 2026 · Morning Chronicle·≈ 2 min read
Cool CPI, hot crude, and a hawkish encore
Good morning and welcome to today's market chronicle. It's Wednesday, July 15, 2026. Inflation cooled, and somehow we are still bombing an oil producer, but let us not spoil the…
July 14, 2026 · Morning Chronicle·≈ 2 min read
Uncle Donald opens a toll booth on Hormuz
Good morning and welcome to today's market chronicle. It's Tuesday, July 14, 2026. On Bastille Day the mob storms a fortress, and here the leader of the free world storms a…
July 13, 2026 · Morning Chronicle·≈ 2 min read
The ceasefire that shoots back, and oil yawns
Good morning and welcome to today's market chronicle. It's Monday, July 13th. The ceasefire held all weekend, right up until the moment both sides started shooting again, and…
July 9, 2026 · Morning Chronicle·≈ 2 min read
Gold down, yields up, and no cavalry
Good morning and welcome to today's market chronicle. It's Thursday, July 9, 2026. The ceasefire lasted about as long as one of Uncle Donald's attention spans, and oil noticed…
July 8, 2026 · Morning Chronicle·≈ 2 min read
The Fed flirts with hikes, Wall Street looks away
Good morning and welcome to today's market chronicle. It's Wednesday, July 8th. The Fed is whispering about hikes while Wall Street counts its best quarter since 2020, and…
July 7, 2026 · Morning Chronicle·≈ 2 min read
Records by day, cockroaches by night
Good morning and welcome to today's market chronicle. It's Tuesday, July 7, 2026. Wall Street printed a record yesterday and Asia spent the night trying to give it back, which is…
July 6, 2026 · Morning Chronicle·≈ 2 min read
Gold at a record, Bitcoin still apologizing
Good morning and welcome to today's market chronicle. It's Monday, July 6, 2026. Wall Street comes back from its hot dogs and fireworks to discover that nothing was solved, only…
July 2, 2026 · Morning Chronicle·≈ 2 min read
The havens bleed while Wall Street toasts records
Good morning and welcome to today's market chronicle. It's Wednesday, July 1st, 2026. The best quarter since the pandemic just closed, which means Wall Street is busy celebrating…
June 30, 2026 · Morning Chronicle·≈ 2 min read
The quarter ends on a record nobody believes
Good morning and welcome to today's market chronicle. It's Tuesday, June 30, 2026. The Dow just printed its first close above 52,000 on the last day of the quarter, and nobody in…
June 29, 2026 · Morning Chronicle·≈ 2 min read
The peace rally nobody told Hormuz about
Good morning and welcome to today's market chronicle. It's Monday, June 29, 2026. Peace has broken out over the weekend, allegedly, and le tout-Wall Street has decided to believe…
June 26, 2026 · Morning Chronicle·≈ 2 min read
Micron's miracle is Apple's bill
Good morning and welcome to today's market chronicle. It's Friday, June 26, 2026. The same artificial intelligence boom Wall Street has worshipped for two years finally mailed…
June 25, 2026 · Morning Chronicle·≈ 2 min read
Micron sings while the bond market prices hikes
Good morning and welcome to today's market chronicle. It's Thursday, June 25th, 2026. The market just discovered that "AI demand" and "the Fed might hike" can share the same…
June 24, 2026 · Morning Chronicle·≈ 2 min read
Stress tests for a storm the Fed is brewing
Good morning and welcome to today's market chronicle. It's Wednesday, June 24, 2026. The semis got taken to the woodshed yesterday, and this morning everyone has decided it never…
June 23, 2026 · Morning Chronicle·≈ 2 min read
Peace broke out, the Fed stayed hawkish
Good morning and welcome to today's market chronicle. It's Tuesday, June 23rd. The war is over, oil is cheap, peace is breaking out everywhere, and somehow Wall Street spent…
June 18, 2026 · Morning Chronicle·≈ 2 min read
Celebrating a hawkish Fed into a long weekend
Good morning and welcome to today's market chronicle. It's Thursday, June 18, 2026. The Federal Reserve just told you it might hike, bond yields are climbing the stairs, and yet…
June 17, 2026 · Morning Chronicle·≈ 2 min read
Trump's man at the Fed, independent for one afternoon
Good morning and welcome to today's market chronicle. It's Wednesday, June 17. Today the new man at the Fed finds out whether the job is as much fun as it looked when he lobbied…
June 16, 2026 · Morning Chronicle·≈ 2 min read
Trump got his chairman, not his rate cuts
Good morning and welcome to today's market chronicle. It's Tuesday, June 16, 2026. Peace broke out, oil fell, stocks cheered, and somehow the man who spent a decade selling chaos…
June 15, 2026 · Morning Chronicle·≈ 2 min read
The arsonist shows up with the fire hose
Good morning and welcome to today's market chronicle. It's Monday, June 15th. The war that was never supposed to happen has ended, which apparently means buying everything and…
June 10, 2026 · Morning Chronicle·≈ 2 min read
A frozen Fed and the number it cannot ignore
Good morning and welcome to today's market chronicle. It's Wednesday, June 10, 2026. The market spent yesterday positioning for a number it may not enjoy, and this morning that…
June 5, 2026 · Morning Chronicle·≈ 2 min read
The AI miracle that bored Wall Street anyway
Good morning and welcome to today's market chronicle. It's Thursday, June 4, 2026. Broadcom just told the world that AI chip revenue will triple to sixteen billion next quarter,…
June 3, 2026 · Morning Chronicle·≈ 3 min read
Another record, another missile, another shrug
Good morning and welcome to today's market chronicle. It's Wednesday, June 3, 2026. The S&P 500 shattered 7,600 for the first time in history yesterday while Iran spent the…
June 2, 2026 · Market Thoughts·≈ 6 min read
SpaceX IPO: Paying for the Story
When a company arrives on the public market priced near two trillion dollars, the conversation almost always begins in the wrong place. People want to argue about whether it is a…
June 2, 2026 · Morning Chronicle·≈ 2 min read
All-time highs, ninety-dollar oil, and Iran again
Good morning and welcome to today's market chronicle. It's Tuesday, June 2. Wall Street crossed the finish line at all-time records yesterday, and then, as if on cue, Iran…
June 1, 2026 · Morning Chronicle·≈ 2 min read
The AI rally, Warsh, and the inflation nobody mentions
Good morning and welcome to today's market chronicle. It's Monday, June 1. Nine consecutive weeks of gains, a brand-new Fed chair who owes the president a favor or two, and an…
May 29, 2026 · Morning Chronicle·≈ 2 min read
A three-year inflation high, dressed for a victory lap
Good morning and welcome to today's market chronicle. It's Friday, May 29, 2026. The S&P 500 just printed a record close, the PCE just printed a three-year high, and the Wall…
May 28, 2026 · Morning Chronicle·≈ 2 min read
Everyone pretending the Strait of Hormuz is fine
Good morning and welcome to today's market chronicle. It's Thursday, May 28th. The Dow Jones Industrial Average closed at a fresh all-time high yesterday, which is the kind of…
May 27, 2026 · Morning Chronicle·≈ 2 min read
Morning Chronicle — May 27, 2026
Good morning and welcome to today's market chronicle. It's Tuesday, May 27, 2026. Everyone came back from the long weekend and decided, apparently, that we are at peace. Wall…
May 27, 2026 · Single-Name·≈ 5 min read
Nvidia, between cycles
Where the name sits. The operating story here is a data center infrastructure company running at a pace that has no precedent in the semiconductor industry. $NVDA's Q1 FY2027…
May 26, 2026 · Morning Chronicle·≈ 2 min read
Morning Chronicle — May 26, 2026
Good morning and welcome to today's market chronicle. It's Tuesday, May 26, 2026. Welcome back from your long weekend. The world did not wait. Wall Street returns this morning…
May 22, 2026 · Morning Chronicle·≈ 2 min read
Morning Chronicle — May 22, 2026
Good morning and welcome to today's market chronicle. It's Friday, May 22, 2026. The market closes early today for Memorial Day weekend, which is fitting, because what Wall…