Dear Valued Investors,
I’d like to invite you to a livestream on Wednesday, May 27th, at 18:30 CET, where we’ll take a closer look at a developing theme we’ve recently started positioning around within the portfolio.
The discussion will focus on how AI is beginning to reshape parts of the software... Mehr anzeigen Übersetzen
I wanted to provide a quick ad hoc video update ahead of the next livestream, which is likely to be the following Wednesday rather than this Wednesday. Last week was a busy earnings period, with roughly half the portfolio reporting within 48 hours. May has been volatile so far, with most of the drawdown... Mehr anzeigen Übersetzen
Dear Valued Investors,
I’d like to invite you to a livestream on Wednesday, April 22nd, at 18:30 CET, where we’ll take a clear-eyed look at the current economic landscape and how it’s shaping market behavior and positioning.
𝙒𝙝𝙚𝙣: Wednesday, April 22nd, at 18:30 CET
𝙒𝙝𝙚𝙧𝙚: www.youtube.com/live/8lhB4siStgI?si=Uv5Jd4t9gzf6a_p4
𝙒𝙝𝙖𝙩... Mehr anzeigen Übersetzen
I do 𝙣𝙤𝙩 think the most likely outcome here is classic stagflation. What I think we are looking at instead is a 𝙨𝙪𝙥𝙥𝙡𝙮-𝙨𝙝𝙤𝙘𝙠 𝙨𝙡𝙤𝙬𝙙𝙤𝙬𝙣. Meaning higher headline inflation, weaker hiring, margin pressure, and slower real activity, but with elements that echo both the 1940s and the... Mehr anzeigen Übersetzen
Some thoughts on the two week ceasefire announced, as you know I remain materially exposed to oil and gas, so I am not writing this from the cheap seats.
This is not peace, and it is not normalization. What we have is a Pakistan-brokered, two-week ceasefire between the United States and Iran, tied to... Mehr anzeigen Übersetzen
Dear Valued Investors,
My apologies for the livestream taking place a week later than usual. I was finishing a piece of analysis on current market conditions that I felt was important to share with you, and it took slightly longer than expected to complete.
I’d like to invite you to a livestream on... Mehr anzeigen Übersetzen
$SUBC.OL (Subsea 7) is basically a company that builds and installs the heavy-duty infrastructure needed for offshore energy projects. When oil, gas, or offshore wind companies want to develop fields far out at sea, Subsea 7 helps design, transport, and install the pipelines, cables, and underwater... Mehr anzeigen Übersetzen
Commodity businesses are fundamentally different from most operating companies because they are price takers rather than price setters.
An oil producer does not determine the price of oil. A copper miner does not set the price of copper. Prices are determined by global supply and demand, and every producer... Mehr anzeigen Übersetzen
The Strait of Hormuz clears roughly 20 million b/d of oil and petroleum liquids or about 20% of global consumption and more than a quarter of seaborne oil trade. It also handles a meaningful share of global LNG exports, with Qatar the core exposure.
There is no clean substitute for that corridor.
Saudi... Mehr anzeigen Übersetzen
Dear Valued Investors,
I’d like to invite you to a livestream on Wednesday, February 25th, at 18:30 CET, where we’ll address a critical shift in markets: capital allocation in an era dominated by passive flows—and how we adapt.
𝙒𝙝𝙚𝙣: Wednesday, February 25th, at 18:30 CET
𝙒𝙝𝙚𝙧𝙚: www.youtube.com/live/blANBbkD2Go?si=WF4ZCl_Y0owterDN
𝙒𝙝𝙖𝙩... Mehr anzeigen Übersetzen
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Mon Jun 08 2026 09:38:28 GMT+0000 (Coordinated Universal Time)