August 2025
Historically, market trends could take decades to resurface following the realization that they were driven by excessive risk taking, but the world now behaves like a podcast set to 3x speed. Retail activity hasn’t quite returned to where it was in 2021 prior to the collapse in 2022, suggesting there may be some room left to run here.
July 2025
The curve above is rising fast, but we think it could be underestimating the true impact artificial intelligence (AI) is having on productivity. As a reminder, the current AI models are absolutely the worst they will ever be…and they are very good.
March 2025
While we’re sure everyone is sick of talking about tariffs, the magnitude of the event compels us to include this chart. Tariffs have been nowhere near the current levels since war times, and the sheer scope of the economic impact, assuming they stay in place for a reasonable period of time, will have generational impacts.