Credit Bubble Stocks

The trillion-dollar cluster—+4 OOMs from the GPT-4 cluster, the ~2030 training cluster on the current trend—will be a truly extraordinary ef...

Imagine if you had most of your net worth in Bitcoin. How might this have happened? Maybe you are a Bitcoin enthusiast who has been stacking...

It’s official: the world stock market is now as wild as it was during the tech-stock bubble. Since April 2026, we’ve had epic levels of retu...

It is not good news, then, that over the past 10 years, private equity has focused on taking companies private that are both more levered an...

Realistically, frontier LLMs are already strongly superhuman at basically all tasks requiring crystallized knowledge and pattern-matching re...

We started the year bullish . It seemed to us that it would be difficult to have a recession with wholesale gasoline below $2 per gallon and...

A cyclical business that produces average returns over a full cycle will give investors worse total returns, because at the peak it won'...