deep dive
▫️ The US Carries Over $1 Trillion of Metal on the Books at $11 Billion.
The gap between what the ledger says and what the vault holds is one of the largest in public finance.
Marcus Grant
deep dive
▫️ Two Nobel Laureates Were Right About the Trade. It Still Ended in Weeks.
A conviction you cannot hold through a drawdown converts into a forced sale at the worst price.
deep dive
▫️ America's Emergency Oil Reserve Just Hit Its Lowest Level Since 1983.
The United States has withdrawn 352 million barrels in four years, and the tanks now sit far from full.
deep dive
▫️ Sixty-Five Firms Stand Behind $846 Trillion in Contracts. Sleep on That.
MF Global's customers held money in legally protected accounts and still became creditors waiting years to be repaid.
weekly review
▪️ Lockheed's Order Book Hit $230 Billion. That Says More Than Any Forecast.
Traffic through the strait has collapsed to a fraction of pre-war levels, and every cargo still has to move somehow.
deep dive
▫️ The Fed Promised $600 Billion. Rates Rose Anyway.
When a catalyst is on every screen, the price has usually already moved to meet it before you.
deep dive
▫️ In 2000 a Giant Financed Its Own Sales. It Ended Badly.
When a seller lends the buyer the money to purchase its product, the sale can be an illusion.
deep dive
▫️ The Only Number That Rises in a Crash Is Correlation. Here's Why.
The S&P 500 fell 38.5% in 2008 while nearly every asset class dropped with it. Gold ended higher.
▫️ This Mine Was Worth Billions. It Sold for $20.5 Million.
Between a discovery and a delivered product sit permits, furnaces, and roughly a decade and a half.
deep dive
▫️ The Biggest Listing Ever Is Coming. Ask How Much Actually Sells.
When only a sliver of a giant company trades, a modest amount of money moves the entire valuation.
weekly review
▪️ Tesla and Alphabet Report This Week. The Chip Market Already Voted.
Nvidia fell 3.86% and Micron 13.31% before a single earnings call. Capital spending guidance lands this week.
deep dive
▫️ Some of the Biggest Companies Are Really Just One Person.
When a company's whole value rides on one founder, you own his vision and his fragility too.