Brief takes on markets, valuation, and the process behind the work.
After sixteen months of Trump policy shocks, the market has stopped reacting to them, and the risks it stopped pricing, from the Liberation Day tariffs to the closure of the Strait of Hormuz, have not gone anywhere.
$150 billion rebuilt 16 European democracies through the Marshall Plan. $2.3 trillion couldn't save one Afghan state. The uncomfortable answer is structural: a centralized state imposed on a polarized, fractured-land society.
Read →Russia, China, and Wall Street's defense sector each gained substantially from a war they never fought. A look at the economic mechanics behind each party's windfall, including the first serious challenge to the petrodollar in 52 years.
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