𝚊 𝚑𝚊𝚛𝚍 𝚊𝚜𝚜𝚎𝚝 𝚜𝚕𝚊𝚖𝚖𝚎𝚍 𝚒𝚗𝚝𝚘 𝚊𝚗 𝚎𝚕𝚊𝚜𝚝𝚒𝚌 𝚠𝚘𝚛𝚕𝚍. 𝚠𝚑𝚊𝚝 𝚝𝚑𝚎 𝚑𝚎𝚕𝚕 𝚑𝚊𝚙𝚙𝚎𝚗𝚜 𝚗𝚎𝚡𝚝? 𝚒 𝚍𝚛𝚊𝚐 𝚢𝚘𝚞 𝚏𝚛𝚘𝚖 𝚛𝚊𝚒𝚗-𝚜𝚘𝚊𝚔𝚎𝚍 𝚋𝚛𝚒𝚝𝚒𝚜𝚑 𝚙𝚘𝚞𝚗𝚍 𝚗𝚘𝚝𝚎𝚜 𝚝𝚘 𝚊 𝚏𝚞𝚕𝚕-𝚝𝚑𝚛𝚘𝚝𝚝𝚕𝚎 𝚊𝚞𝚍𝚒𝚝 𝚘𝚏 𝚋𝚒𝚝𝚌𝚘𝚒𝚗'𝚜 𝚒𝚛𝚘𝚗𝚌𝚕𝚊𝚍 𝚜𝚝𝚛𝚞𝚌𝚝𝚞𝚛𝚎, 𝚐𝚘𝚕𝚍'𝚜 𝚝𝚒𝚖𝚎𝚕𝚎𝚜𝚜 𝚋𝚎𝚗𝚌𝚑𝚖𝚊𝚛𝚔, 𝚊𝚗𝚍 𝚝𝚑𝚎 𝚝𝚠𝚒𝚜𝚝𝚎𝚍 𝚎𝚌𝚘𝚗𝚘𝚖𝚒𝚌𝚜 𝚘𝚏 𝚜𝚌𝚊𝚛𝚌𝚒𝚝𝚢 𝚒...

A market story is only as good as the portfolio that can survive it. Hugh Hendry sat down in London to explore risk from first principles. Why playful, curious, even mischievous thinking can beat credentialed certainty, and how to build an allo...

A faster lap by going blind sounds reckless until you hear Lando Norris say he drives better with the delta display switched off. That’s the spark for a bigger idea we explore: acid capitalism, where imagination and shared beliefs move markets ...

Markets have a habit of choosing the path that hurts the most people, and this week they proved it. We open with a jolt: CarMax plunges 24%, the CEO is shown the door, and used‑car demand looks like a classic pull‑forward that left a hole in to...

What if the cleanest read on market risk isn’t a sentiment index but the dollar itself? We connect the dots from DXY’s slide and rebound to the invisible gears of Eurodollar credit, showing how collateral breathes through trade invoices, repos,...