Comprehensive macro and geopolitical analysis for sophisticated investors. We connect dots across markets, policy, and global risk.
Renewable energy alone cannot handle AI's requirement for 24/7 uninterrupted power ("firm capacity"). Wind and solar are simply too intermittent. Consequently, natural gas is the inevitable bridddddes
China's credit impulse leads global manufacturing PMIs by nine months. Here is what the latest turn higher means for commodities, EM, and global trade.
The US dollar has run in extended secular cycles for half a century. Multiple structural signals now suggest the bull cycle that began in 2011 is ending. Here is the multi-asset implication.
AI capital expenditure has crossed $1T per year and is accelerating. The constraint is no longer chips — it is power. Here is what that means across utilities, commodities, and equities.