Investing in the Next Area of Scarcity and Opportunity
“Toto, I’ve got a feelingwe’re not in Kansas anymore.─ Dorothy, The Wizard of OzThe investment landscape does feel somewhat surreal these days, like a capital markets version of the Emerald City of Oz. The Strait of Hormuz has been closed for five months,...
War, Inflation and Market Signals
“It is God’s way to bring the lofty low.”─ Herodotus, Histories 7.10eThe ancient Greek historian Herodotus placed that warning in the mouth of Artabanus, as he tried to restrain King Xerxes before the Persian invasion of Greece. The Persian empire Herodotus...
2026 Market Outlook: Deglobalization, Debasement, and De-dollarization
“Paper money always eventually returnsto its intrinsic value – zero.”─ VoltaireVoltaire’s axiom about paper money, while true, is less relevant during periods where government spending is disciplined, government debt levels are reasonable, and a country’s...
Understanding the Forces Behind Gold’s Historic Surge
“[Gold] could easily go to $5,000, $10,000 in environments like this. This is one of the few times in my life where it’s semi-rational to have some in your portfolio.”─ Jamie Dimon, JPMorgan Chase CEO, 10/15/25With the gold price touching $4,250/ounce as we write this...