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Updated Monday, September 21 2026 · 06:21 AM CDT · 71 posts across last 2 days

★ Priority · 10

How to Fake Climate Science. Plus. . .

PRIORITY
The Free Press
  • World Weather Attribution's decade-long pattern of attributing extreme weather events to climate change relies on flawed methodology that produces predetermined conclusions.
  • WWA's report linking Himalayan flooding to human-caused warming is now basis for Nepal's $20 million UN compensation claim despite methodological concerns.
  • Researcher Roger Pielke Jr. questions the soundness of WWA's scientific approach, challenging media's uncritical acceptance of their conclusions as gospel.
Sep 21, 05:00 AMRead on Substack →

LNG/Coal Recap

PRIORITY
Ferg from Trader Ferg
  • EU energy market experiencing extreme volatility with Germany's wholesale electricity prices spiking to €936/MWh during peak hours in December 2024.
  • Germany's role as largest EU gas storage hub and 25% of EU consumption means its energy crisis cascades across interconnected European markets.
  • Previous analysis covered EU's erosion of resilience through efficiency optimization and upcoming LNG bidding war dynamics.
Sep 20, 08:26 PMRead on Substack →

The Market Has a Rule of Its Own

PRIORITY
Michael W. Green from Yes, I give a fig... thoughts on markets from Michael Green
  • Market prices reflect institutional rules (accounting, tax, capital requirements, fiduciary standards) as much as private opinions about value.
  • Market-weighted bond indices reverse traditional portfolio construction logic by letting issuers dictate debt supply instead of investor demand driving allocations.
  • Understanding how regulatory and institutional design shapes market behavior is essential to interpreting Fed decisions and bond market dynamics.
Sep 20, 07:21 AMRead on Substack →

blindsided

PRIORITY
Kris Abdelmessih from moontower: a stoner dad explains options trading to his kids
  • Author reflects on what blindsided him most about becoming a parent—the unexpected awesomeness and transcendent joy of hearing his child's voice.
  • Discusses how parenthood revealed a previously unrecognized sense of purpose and clarity that came with intense emotional immediacy.
  • Invites readers to share their own experiences of being blindsided by parenthood, emphasizing the positive upside often overlooked in modern discourse about having children.
Sep 20, 06:43 AMRead on Substack →

WHERE THE STORM BREAKS.

PRIORITY
Macro Charts
  • Stock market breadth is heavily oversold, approaching March 2026 lows and setting the table for a potential Q4 rally if key catalysts emerge.
  • Identifies a minefield of crowded trades and consensus positioning, warning investors that diverging signals create both opportunity and risk.
  • Outlines a plan for Q4 investing with both long and short opportunities, focusing on why certain setups matter now and tracking signals for market navigation.
Sep 20, 05:28 AMRead on Substack →

Tough Love: My Friend Thinks Jews Worship Satan

PRIORITY
The Free Press
  • Reader seeks advice on whether to end a friendship with someone whose social media posts have increasingly shifted toward anti-Zionist and antisemitic conspiracy theories.
  • Friend shared religious quotes conflating Zionism with Satan worship, escalating beyond disagreement on Israel-Palestine to alleged antisemitism.
  • Explores the tension between maintaining friendships across political divides and drawing a line when beliefs appear to cross into religious or ethnic prejudice.
Sep 20, 05:02 AMRead on Substack →

Who Verified Gaza?

PRIORITY
Eve Barlow from Blacklisted
  • Western media heavily relied on Motaz Azaiza as a primary source for Gaza reporting without independent verification of his work or potential biases.
  • Azaiza's photos and reporting were platformed by major outlets (CNN, BBC, NYT, Guardian) and he was added to TIME's 100 most influential list despite questions about journalistic independence.
  • The article questions whether free speech exists in Gaza and whether media sources were truly independent or subject to pressure from Hamas and other actors.
Sep 20, 12:18 AMRead on Substack →

Positioning in Oil and Nasdaq Is All Wrong

PRIORITY
PauloMacro’s Substack
  • Oil positioning data suggests many investors have cut or faded the recent rally from $85 to $105, indicating potential overextension.
  • Physical oil markets remain tight with Dubai swaps and Dated Brent premiums still elevated compared to 2022 Russia-Ukraine crisis levels.
  • Shanghai oil futures showed speculative excess that has since corrected, signaling potential home-team intervention and shifting market dynamics.
Sep 19, 10:54 PMRead on Substack →

💬 New thread from PauloMacro

PRIORITY
PauloMacro’s Substack
  • Multiple geopolitical flashpoints are simultaneously active: Iran peace negotiations, fuel shortages in France and US, and NATO Article 5 testing via Russian military activity.
  • Author notes unusual disconnect between rising geopolitical tensions and historically low cross-asset volatility, suggesting potential vol repricing ahead.
  • Pattern suggests imminent market-moving event or policy shift across energy, FX, and equity markets with multiple triggers in play.
Sep 19, 01:07 PMRead on Substack →

BoJ; hawkish enough

PRIORITY
Mark Farrington from BoJ Watchtower
  • Bank of Japan successfully hiked rates in September (unprecedented) and signaled continued tightening with December and January meetings both priced for hikes.
  • Governor Ueda adopted 'new phase' terminology from Finance Minister Takata, establishing political cover for continued monetary policy normalization.
  • Market expectations now price in serious BoJ rate hike cycle with all future meetings considered live, marking shift from prior six-monthly mechanical hiking pattern.
Sep 19, 12:31 PMRead on Substack →

Macro · 13

What’s Driving Growth

Andrew Sarna
  • AI-driven non-residential investment (14% of GDP) accounts for roughly 70% of recent economic growth, with computer/equipment investment alone contributing 27%.
  • Economic growth drivers differ from employment growth, which remains concentrated in service sectors like healthcare with no evidence of cyclical overheating.
  • Housing market remains under severe pressure with pending home sales below Global Financial Crisis levels as sellers cling to peak prices.
Sep 21, 05:47 AMRead on Substack →

We’re Living in Xi’s World Now

Jeremy McKeown from Hypernormal Times
  • Tanker earnings have nearly doubled in a week due to drone strikes forcing crude rerouting through Strait of Hormuz, with daily supertanker costs now exceeding $1 million.
  • German Chancellor Merz faces lowest approval rating of any postwar chancellor after CDU missed 5% threshold in state elections, with rivals calling for resignation.
  • US-China preparatory talks reported as successful ahead of Trump-Xi summit, supporting positive market sentiment despite geopolitical tensions.
Sep 21, 02:12 AMRead on Substack →

Weekly Macro Note: Minding the Gap, What the Truckers & Builders are Telling Us, Crude and NatGas to Start the Week

MacroEdge Research
  • Author traveling to Midland, TX to cover oil and gas sector on the ground with forthcoming 'On the Ground Notes' series.
  • Oil and Gas Strategy Notes resuming next week; expecting oil inventories pressure from potential G7 SPR and EU diesel actions.
  • 'Patience through October' theme remains in force for oil and gas trades despite near-term volatility.
Sep 21, 01:37 AMRead on Substack →

Nigeria’s Painful Experiment With Structural Adjustment

Yaw from Yaw's Brief: Guns, Trade, Cobalt & Africa Beyond Colonialism
  • Nigeria implemented structural adjustment reforms (devaluation, subsidy cuts, trade liberalization) in 1980s despite public rejection of IMF loan.
  • Reforms addressed real problems like corrupt licensing and agricultural stagnation, increasing farmer productivity and removing intermediaries.
  • Trade-offs between efficiency gains and social costs highlight the tension between economic restructuring and civilian welfare.
Sep 21, 12:21 AMRead on Substack →

Postcards: The Next Chokepoint... and Murphy’s Law (The Correct Email...)

Postcards From the Edge of the World
  • Author experienced multiple equipment failures (camera, iMac, recording device) and internet outage disrupting content schedule in September.
  • Narrative shift planned for Q4 focusing on growth themes aligned with personal values of responsibility in markets, moving beyond extraction/chokepoint analysis.
  • Overdue analysis and strategic recommendation on major chokepoint (Strait of Hormuz) to be provided in forthcoming detailed piece.
Sep 20, 08:00 PMRead on Substack →

Mrs Watanabe No More

Japan Macro Advisors
  • Mrs Watanabe archetype (yield-chasing Japanese housewife in FX) is obsolete; only ¥1.9 trillion in retail FX margin accounts versus ¥189 trillion foreign assets.
  • Japanese retail investors shift from real estate (54% of assets in 1990) to financial assets now matching US household allocation ratios.
  • Introduction of NISA tax framework and rising bond yields driving young Japanese toward buy-and-hold equity strategies and fixed income allocations.
Sep 20, 07:28 PMRead on Substack →

The Next Chokepoint... and Murphy’s Law

Postcards From the Edge of the World
  • Strait of Hormuz identified as world's most critical chokepoint; Iran regime has proven risks of economies dependent on narrow passages.
  • Author experienced September disruptions but returning to full speed with strategic Q4 pivot toward growth themes and personal responsibility in markets.
  • Overdue analysis and strategic recommendation on major chokepoint to be published following technical difficulties.
Sep 20, 07:15 PMRead on Substack →

Credit-Fueled Growth Is Moving the Cycle Forward

Capital Flows
  • Recent S&P 500 pullback driven by bear flattening of the yield curve, with the short end repricing more than the long end as the Fed catches up on inflation and growth.
  • The premium between short-end and long-end rates reflects how much Fed policy drives long-term rates versus nominal GDP expectations; residual movements can be predicted.
  • Credit-fueled growth is moving the economic cycle forward, with implications for Fed policy path and equity valuations.
Sep 20, 02:32 PMRead on Substack →

Weekend thoughts

Gold and geopolitics
  • Silver exhibits a 45-year cup-and-handle pattern with a $370 price target, while China's actual gold purchases far exceed reported figures at 35 tons in July.
  • Central banks have shifted allocations with gold now exceeding foreign Treasury holdings in reserves, reflecting diversification away from US dollar assets.
  • US dollar share of global FX reserves declined from 63% to 40%, with widest US-China yield gap ever at 3.17 percentage points creating macro stress.
Sep 20, 11:41 AMRead on Substack →

Macro Pilgrim's Ledger | September 20, 2026

Santiago Capital Research
  • Federal Reserve hiked rates for the first time in three years and signaled more increases; Bank of Japan raised policy rate to 1995 highs.
  • S&P 500 closed nearly flat despite rate shock, while small caps (Russell 2000) fell 1.5% due to front-end rate sensitivity.
  • Oil prices retreated to $99.56/barrel from midweek peaks above $105 after Saudi Arabia demonstrated crude mobility post-pipeline strike; 10-year Treasury yield held at 5.00%.
Sep 20, 08:07 AMRead on Substack →

The Week That Was and The Week That Is: The Fed Hiked. Now Comes the Hard Part.

Global Macro Method
  • Fed raised rates by 0.25% to 3.75–4.00%, but the critical question is whether the economy can sustain an extended tightening cycle, not just absorb one more hike.
  • August retail sales rose 1.2% and jobless claims fell to 196,000, showing resilience, but manufacturing output declined 0.3% suggesting uneven economic strength.
  • Distinguishes between one-off spending rebounds and sustained demand, warning against assuming current resilience will persist indefinitely under higher borrowing costs.
Sep 20, 05:57 AMRead on Substack →

Six-Chart Sunday – That Escalated Quickly

Bruce Mehlman - Age of Disruption
  • 2026 forecasts have been wildly inaccurate: diesel prices jumped from $3.41 to $6.39, and Democratic Senate odds swung from 18% to 60% since January.
  • Real economic tailwinds including AI hyperscaling and strong corporate profits have been offset by consumer sentiment collapse driven by tariff inflation and geopolitical risk.
  • Fed policy shifted from expected rate cuts in February to hikes in September, with markets now pricing 87% probability of another hike before year-end.
Sep 20, 05:01 AMRead on Substack →

The Ratio That Drives Everything: Debt, Liquidity and the Financial Cycle

Michael Howell from Capital Wars
  • Global debt continues to expand exponentially while liquidity remains cyclical, creating structural stress when refinancing needs exceed available liquidity.
  • Approximately 70–80% of primary capital-market transactions involve debt rollovers rather than new capital formation, turning markets into debt refinancing machines.
  • Unproductive debt compounds relentlessly as politicians fail to impose fiscal restraint, particularly amid geopolitical pressures and state spending acceleration.
Sep 20, 04:09 AMRead on Substack →

Markets · 12

US Markets - First Look

Derek Wallis
  • US markets higher as oil prices fall and yields decline, with S&P 500 up 64bp and 10-year yield at 4.96%.
  • China's economy showing weakness with mixed Asian performance, while US-China talks reported as positive ahead of upcoming summit.
  • Tech sector dominates with focus on Anthropic IPO challenges and talent migration from traditional consulting to AI startups.
Sep 21, 05:09 AMRead on Substack →

When Hawks Fly, Doves Cry

AP Research
  • 10-year Treasury yield breached 5% for first time since 2007 following first rate hike in three years, with large straddle positioning signaling elevated long-volatility demand.
  • USD showed muted reaction to hawkish Fed decision, suggesting September rate hike had already been absorbed by markets post-Jackson Hole.
  • Energy volatility remains critical input for inflation and equities, with Saudi production constraints offsetting temporary relief from crude shipment reports.
Sep 21, 03:01 AMRead on Substack →

[Chart] Capex and Bonds

Callum Thomas from Topdown Charts Professional
  • Strong historical correlation exists between global capex growth and 10-year bond yields, driven by funding demand for investment.
  • 2007-2011 disconnect explained by commodity-sector-driven capex surge coinciding with monetary tightening and financial crisis.
  • Current capex boom is pushing bond yields higher; understanding this relationship provides clues for predicting future yield moves.
Sep 20, 08:43 PMRead on Substack →

You Were Taught... The Wave Speech...

Garrett Baldwin
  • Traditional investing advice teaches passive stock ownership via 401(k)s, but this system primarily funnels regular paychecks into market purchases rather than building true investor ownership.
  • Account statements are merely historical records showing past positions; the actual value and control of money is subject to continuous change in market conditions.
  • The distinction between price (what you pay) and value (what investors assess) is critical—most retail participants lack the analytical framework of true investors who evaluate assets and liabilities.
Sep 20, 07:03 PMRead on Substack →

💬 New thread from Nico

Nico from AiQ
  • Early calls point to a firmer open following weekend geopolitical escalation with over 1,000 drones and missiles launched against Russian refineries during elections.
  • No clear path to de-escalation visible until a ceasefire agreement is reached between Russia and Ukraine.
  • Confirmation of Chinese purchase readouts is critical for market direction and investor positioning.
Sep 20, 06:50 PMRead on Substack →

Circular Financing, and One Company in the Middle of It

Cape Fear Advisors
  • CoreWeave raised $20 billion in 2026 but billed only $5 billion, raising concerns about circular financing with no external price discovery mechanism.
  • The newest borrowed capital costs 9.12% annually while deployed machines generate only 8.968% returns, creating a structural cash-flow deficit when principal repayment is included.
  • Circular financing occurs when borrowers and investors set prices within the circle with no third-party validation, potentially indicating a bubble formation.
Sep 20, 10:52 AMRead on Substack →

Deep Dive: Brookfield Corporation

Capitalist-Letters
  • Buffett evolved from Graham's bargain-hunting approach to accepting fair prices for exceptional companies, but still seeks discounts when possible.
  • Well-known large companies trade at discounts primarily during market crashes, industry recessions, or firm-specific headwinds.
  • Investing in companies facing headwinds can yield exceptional returns (Apple 2016) but sometimes produces significant losses (Tesco 2006), requiring careful differentiation.
Sep 20, 08:31 AMRead on Substack →

Weekly S&P500 ChartStorm - 20 September 2026

Callum Thomas (Weekly S&P500 #ChartStorm)
  • Tech ETF flows and foreign inflows into U.S. stocks have reached record highs, signaling strong capital commitment despite macro headwinds.
  • CEO confidence, ISM PMIs, and freight data are trending upward, suggesting a cyclical upturn is underway in the earnings and economic cycle.
  • Margin debt indicators flash warning signals while many index components face buyback blackout windows, creating risk despite positive fundamentals and potential for renewed upward momentum.
Sep 20, 01:13 AMRead on Substack →

Brookfield of Dreams

Marc Rubinstein from Net Interest
  • Brookfield joined Jensen Huang's $500 billion AI infrastructure mobilization deal alongside KKR and BlackRock, leveraging its existing backbone in power, data centers, and compute.
  • Brookfield manages $1.3 trillion in capital across 50 countries and has diversified interests spanning private equity, renewable energy, and infrastructure assets.
  • The company's involvement signals how traditional infrastructure giants are repositioning to capitalize on AI's massive capital requirements and data center buildout.
Sep 19, 10:05 AMRead on Substack →

💬 New thread from Michael Burry

Michael Burry
  • Michael Burry's 'Heretic's Guide' Part IV analyzes the Big 5 hyperscalers and identifies over $3 trillion in concentrated risk sources based on SEC filings.
  • The thread invites subscribers to discuss intense sources of risk emerging from major cloud and AI infrastructure providers.
  • The post calls attention to underappreciated vulnerabilities in the companies driving the current AI and infrastructure boom.
Sep 19, 09:52 AMRead on Substack →

The Wrap – Spy Vs. Spy, Bot Vs. Bot – Oh My!

Herb Greenberg's Red Flag Alerts
  • Meta's Muse AI agent topped app download charts similar to ChatGPT's May 2023 surge, signaling another wave of bot-driven consumer adoption.
  • The week brought continued developments in GFL Environmental and reality checks for Oklo, both red-flagged companies showing market stress.
  • Herb Greenberg identifies potential losers in the emerging bot-vs-bot economy and raises red flags about the sustainability of AI app adoption cycles.
Sep 19, 09:31 AMRead on Substack →

Frontier Justice

The Blind Squirrel
  • The author increased ASEAN exposure by shifting into Indonesian equities after two years of relative underperformance versus other emerging markets.
  • Indonesia presents a compelling investment case as a BRICS member and OECD aspirant positioned as a mediator between the Global South and developed nations with no dependency on single major powers.
  • Catalysts for the thesis include nickel sector opportunity (Indonesia as 'Saudi Arabia of Nickel') and a potential turnaround in Indonesian banking equities.
Sep 19, 06:31 AMRead on Substack →

Culture · 9

10 min after dinner does more for your blood sugar than an hour at the gym tomorrow. 8 walking rules, in the order…

Parent Fit Club
  • Post-meal walking effectively blunts blood sugar spikes during the 30-60 minute peak glucose window without requiring insulin, outperforming delayed exercise.
  • The popular 10,000-step target originated from 1965 Japanese marketing for a pedometer, not scientific evidence.
  • Walking timing and frequency matter more than total daily step count for managing metabolic health and afternoon energy levels.
Sep 21, 04:11 AMRead on Substack →

Making Money, Memories and Multi-bagger Magic in Nigerian Stocks

Matein Khalid from Matein’s Substack
  • Author's literary fascination with Nigeria through Achebe, Soyinka, and Okri shaped his investment interest in Nigerian stocks.
  • Personal journey to Lagos reveals deep engagement with Nigerian history, politics, and poolside intelligence gathering.
  • Article positions Nigerian market opportunity within broader narrative of personal discovery and cultural connection.
Sep 21, 12:51 AMRead on Substack →

Now They Are Denying That The Israeli-Palestinian Conflict Is A Conflict

John Aziz
  • Ed Sheeran's cautious, centrist statement on Gaza and the Israeli-Palestinian conflict satisfied few critics despite condemning both Hamas attacks and Israeli military actions.
  • Political pressure on musicians to take explicit stances on complex geopolitical issues raises questions about whether entertainers should be forced into foreign policy expertise.
  • Language choices—use of 'genocide,' specific political slogans, and apologies—matter significantly in polarized discourse around the conflict.
Sep 20, 01:43 PMRead on Substack →

For The Sins We Have Committed By Shaming Another

Shana Meyerson from Unapologetically Jewish
  • Personal essay of apology for shaming a peer 44 years ago during the Refusenik era, published on Erev Yom Kippur.
  • Author reflects on childhood understanding of Refuseniks as abstract historical facts rather than real human experiences.
  • Explores Jewish theological concept that only other people can forgive interpersonal sins, not God.
Sep 20, 12:10 PMRead on Substack →

Nobody’s Partying at the London Central Mosque

Restoring the West by Ayaan Hirsi Ali
  • St. Paul's Cathedral partnering with Fabric nightclub to host concerts treats the sacred space primarily as a historic venue rather than a place of worship.
  • Christian institutions across the West are making 'Faustian bargains' with secular culture, softening spiritual commitments to stay relevant and fill empty pews.
  • Modernization strategy of accommodating secular interests risks losing the distinctly Christian identity and moral authority of these institutions.
Sep 20, 12:00 PMRead on Substack →

Grilled Rosemary Garlic Lamb Chops with Ladolemono and Roasted Lemon Potatoes

Primal Gourmet
  • Grilled rosemary garlic lamb chops paired with Greek-style roasted lemon potatoes create a Mediterranean-inspired dish with minimal complexity.
  • Ladolemono—an olive oil and lemon emulsion—serves as a versatile finishing sauce that enhances grilled meats and other dishes.
  • Recipe emphasizes fresh, simple ingredients executed with proper technique for maximum flavor without sacrifice.
Sep 20, 10:00 AMRead on Substack →

Eat Like It’s 1899: Cream of broccoli soup with a crunch

Paul from AGING with STRENGTH
  • The episode features a quick cream of broccoli and pea soup topped with crispy tofu, ready in 20 minutes with minimal ingredients.
  • Each bowl delivers approximately 335 calories, 18g protein, and 10g fiber, plus nearly double the daily vitamin K requirement.
  • The recipe is adaptable with substitutions for broth, tofu type, and dairy, allowing viewers to customize based on available ingredients.
Sep 19, 10:08 AMRead on Substack →

“I liked imagining us listening to the same song at the same time. It was the only piece of connection I had left.”

The Substack Post
  • Chloé Caldwell shares how Spotify DM playlists became a lifeline after an abrupt divorce separated her from her stepdaughter.
  • Music became the only remaining connection when all other contact was forbidden, turning shared streaming into an act of emotional presence.
  • The essay explores how digital platforms can preserve relationships in unexpected ways and the vulnerability of those connections to family upheaval.
Sep 19, 08:03 AMRead on Substack →

Soupe au Pistou

Chris Kimball's Substack
  • Soupe au Pistou is a flexible French formula soup built around late summer vegetables like tomatoes, zucchini, beans, and potatoes rather than a rigid recipe.
  • The dish is traditionally made with water rather than stock to preserve the delicate vegetable flavors, with a pesto-like pistou sauce added at the end for depth.
  • Preparation is straightforward: sauté sofrito, add vegetables and water, and cook for about 15 minutes total, with the pistou topping providing the key flavor component.
Sep 19, 07:04 AMRead on Substack →

Politics · 8

My Response to Rishi Sunak

PAID
Konstantin Kisin
  • Kisin responds to Rishi Sunak's Sunday Times article about identity and integration, addressing his own unattributed quote.
  • Clarifies that calling Sunak a 'brown Hindu' was poor phrasing for a nuanced argument about British identity, acknowledging it obscured rather than sharpened his point.
  • Discusses broader debate about what makes someone English and the difference between shorthand descriptors and meaningful identity arguments.
Sep 20, 12:06 PMRead on Substack →

TDS/BDS

Roy Ben-Tzvi
  • Derangement syndrome (TDS/BDS) distorts objective reality processing by making hatred of a political figure the organizing principle of worldview.
  • When hatred becomes identity-central, any bad outcome is attributed to the target while good outcomes are minimized, ignored, or credited elsewhere.
  • Author argues people should be able to acknowledge faults in disliked figures and positive actions by those they support without cognitive dissonance.
Sep 20, 10:42 AMRead on Substack →

Ed Sheeran Borrowed Macklemore's Anti-Zionist Voice

Built in Israel. For everyone. from Mitch's Substack
  • Ed Sheeran adopted Macklemore's anti-Israel framing at his 2026 concert, using identical rhetoric about 'listening and learning' without sufficient knowledge.
  • The author criticizes Sheeran for parroting political positions from another artist rather than developing independent conviction or understanding.
  • Post argues that celebrity political statements lack authenticity when celebrities claim ignorance while taking definitive moral stances on complex geopolitical issues.
Sep 20, 09:43 AMRead on Substack →

158 Chicago schools have more empty desks than students

Austin Berg | The Last Ward
  • Chicago Public Schools operates 158 schools at least half empty, with 43,700 students (14% of CPS enrollment) in severely underutilized facilities.
  • Many half-empty schools have dismal academic outcomes (13% median math proficiency, 24% reading) and inefficient staffing ratios of one full-time employee per five students.
  • The issue becomes critical as Chicago holds its first fully elected school board election, with Frederick Douglass High School serving as a high-profile example of capacity and performance challenges.
Sep 20, 09:30 AMRead on Substack →

Caracas, Havana, & Grand Lake Stream, Maine

David R. Kotok from The Kotok Report
  • Ukrainian drone units easily defeated U.S. troops and armored vehicles in a training exercise, spotlighting a critical gap in Pentagon drone and counter-drone capabilities despite billions in spending.
  • Discusses whether low-cost weapons like drones can change the probability of war, citing analysis from Capital Alpha Partners on the deterrence debate.
  • Contextualizes geopolitical tensions and defense spending with on-record conversations from a fishing lodge, connecting drone effectiveness to real-world military implications.
Sep 20, 06:04 AMRead on Substack →

Motaz Azaiza Talks About How Hamas Manipulated Journalists In Gaza

John Aziz
  • Motaz Azaiza made admissions about how Hamas manipulated journalists in Gaza, raising concerns about editorial independence of widely-cited Gaza reporting.
  • His elevated status in international media (TIME 100, featured by children's content creators) contrasts sharply with revelations about potential propaganda influence.
  • Article calls for clarification on extent and mechanisms of Hamas influence over Azaiza's reporting and downstream media coverage.
Sep 19, 12:48 PMRead on Substack →

Where Are the Women?

Restoring the West by Ayaan Hirsi Ali
  • A Labour MP who campaigned to open a gentlemen's club to women simultaneously supported gender-segregated religious processions, exposing a double standard.
  • Western laws protect gender equality, but deference to multicultural norms increasingly erodes the social conventions that enforce these protections.
  • Elite liberals apply different standards to male-only spaces depending on whether they are Western or non-Western institutions.
Sep 19, 11:59 AMRead on Substack →

THE NEW FACE OF POLITICAL VIOLENCE—AND WHY IT’S CLOSER THAN YOU THINK

PAID
Prof Robert Pape
  • America is experiencing a surge of political violence not seen since the 1960s, with incidents spanning mass protests, attacks on leaders, and assassination attempts.
  • The deeper danger lies in the normalization process where violence shifts from condemned to excused to accepted as a legitimate political weapon.
  • The post introduces mechanisms driving this transformation with a 20-minute presentation followed by live Q&A, and references a new book exploring violent populism.
Sep 19, 10:46 AMRead on Substack →

AI · 6

The Industrialisation of Cognition

Stephen Elgie from EM FX Macro
  • Recent AI upgrades (beyond ChatGPT's early iterations) enable substantial rethinking of how analytical work is conducted, from model building to data analysis.
  • AI is transitioning from a useful tool for specific tasks to a core infrastructure that redefines work processes themselves.
  • The industrialization of cognition—automating thought work—raises questions about insight generation and the machinery behind professional intelligence.
Sep 20, 05:23 PMRead on Substack →

Executive Briefing: Where Your AI Money Actually Goes (+ the Token Saver Guide and the 15 Changes I Use)

Nate from Nate’s Substack
  • AI economics are changing fundamental business decisions about which customers receive human attention versus automated responses based on serving cost.
  • Companies must ask whether AI announcements lead to meaningfully different products at new price points, or merely add features to existing offerings.
  • The technology's real impact emerges when customers can obtain previously unaffordable results or receive attention that old business models couldn't justify economically.
Sep 20, 10:02 AMRead on Substack →

The Psychology of the Human Edge in the AI Era

Sara
  • AI enables output production faster than personal development, creating a psychological gap between external sophistication and internal judgment.
  • Traditional productivity-driven career models are obsolete when AI can generate expert-level work; value is shifting from output quantity to decision-making quality.
  • The human edge in the AI era lies not in producing more but in understanding judgment, discretion, and where authentic competitive advantage now resides.
Sep 20, 10:01 AMRead on Substack →

Nobody Will Slow Down on AI (A Game Theory View)

🗒️ Polymath Investor
  • Game theory analysis shows AI companies face a prisoner's dilemma where individual incentives to pursue development override collective benefits of restraint.
  • Nash equilibrium logic suggests no single company can unilaterally slow AI development without losing competitive advantage, creating a coordination problem.
  • The framework explains why industry self-regulation and voluntary slowdowns are unlikely without external constraints or enforcement mechanisms.
Sep 19, 05:01 PMRead on Substack →

AI-Generated Movie Star Has a Total Meltdown on TV

Ted Gioia
  • Tilly Norwood, the first AI-generated movie star introduced in July 2025, had a poor performance on live television that contradicted early Hollywood excitement.
  • Despite initial industry enthusiasm with 60+ NDAs signed for $10-50M projects, the AI actress's public meltdown raises questions about viability of AI talent.
  • The incident demonstrates practical limitations of AI-generated celebrities despite technological advancement and industry interest in cost-reduction alternatives.
Sep 19, 02:32 PMRead on Substack →

Top three ways Dario Amodei has blown his credibility in seven days

Gary Marcus from Marcus on AI
  • Dario Amodei's call for the AI industry to 'pace the frontier' is undermined by his selection of independent monitors (METR and Accenture) that are deeply embedded with Anthropic.
  • Anthropic is building a wet biology lab reportedly without standard institutional review board oversight, representing both a tone-deaf move and a high-risk venture.
  • Gary Marcus compares Anthropic's reckless approach to Jurassic Park, arguing that unreliable AI combined with minimal oversight creates systemic dangers.
Sep 19, 09:59 AMRead on Substack →

Trading · 5

September 21st Flip Date

Izzy from Ms Izzy Trades
  • New ES contract opened and closed at core areas (7727/7677), creating high odds for core-to-core directional moves and potential retest of support levels.
  • The 18th is a critical structural timeframe ahead of the 21st flip date, with retracing back to prior Friday's close being optimal for resetting odds.
  • Major flip dates (15th and 21st) frame the week's structural importance; nesting in support zones overnight improves odds for directional moves heading into week's end.
Sep 20, 03:55 PMRead on Substack →

Market Analysis and Trades for 9/21

PharmD_KS from PharmD Capital Trading with PharmD_KS
  • Daily market analysis and trade setup post for SPY, QQQ, and GLD with paid content housed in Discord.
  • References prior weekly market analysis as prerequisite reading for understanding daily positions.
  • Content gated across multiple platforms (Substack, Discord) with different access levels for subscribers.
Sep 20, 12:15 PMRead on Substack →

Here We Go Again

Nico from AiQ
  • Rate hiking cycles historically do not end commodity booms; data and uncertainty should guide trading decisions rather than social media narratives.
  • China meetings likely bullish but not for conventional reasons; Putin and IRGC show no signs of de-escalation, making White House headlines unreliable trading signals.
  • Admission of uncertainty (as JP Morgan commodities team did) is more valuable than false conviction in volatile macro environments.
Sep 20, 10:14 AMRead on Substack →

Market Analysis for the Week of 9/20

PharmD_KS from PharmD Capital Trading with PharmD_KS
  • Weekly market analysis post includes Discord access and daily trading plans for subscribers alongside Substack content.
  • Author provides bonus non-paywalled post with charts to help traders assess whether to press longs or adopt reserved positioning.
  • Content bridges multiple platforms (Substack, Discord, YouTube) for comprehensive trading education and real-time commentary.
Sep 19, 09:32 PMRead on Substack →

YWR: Asset Management as a Service (the YWR MCP)

PAID
Erik@YWR
  • Robinhood and IBKR have launched Model Context Protocol (MCP) tools allowing LLMs like Claude and ChatGPT direct access to brokerage accounts for trading operations.
  • Agentic trading enables AI to execute complex tasks autonomously, from portfolio rebalancing to news-triggered trades, fundamentally changing the asset management business model.
  • The emergence of 'Asset Management as a Service' via subscription-based AI agents could disrupt traditional fee structures and democratize algorithmic trading.
Sep 19, 08:46 AMRead on Substack →

Energy · 4

Nuclear/Uranium: Westinghouse Is Targeting $50bn. Here's What We'd Do Now

Asymmetric Research
  • Westinghouse's $50bn IPO target exceeds prior base case valuation of $43bn and sits toward bull case of $85bn.
  • Valuation represents more than six-fold increase from the ~$8bn acquisition price paid by Brookfield and Cameco in 2023.
  • Analysis validates prior research and provides concrete pricing framework for upcoming US IPO filing expected in October.
Sep 21, 06:01 AMRead on Substack →

Oil to $240!

Capital Misallocation
  • Rob Connors argues crude oil could reach $240 based on rising marginal production costs and well productivity slowdown rather than geopolitical factors.
  • Big tech's trillion-dollar capex spending mirrors big oil's 2013 investment cycle, signaling potential market parallels.
  • Energy equity cycle appears to be in innings four or five with parabolic euphoria still ahead, and refining secondary-unit squeeze creating tailwinds.
Sep 20, 12:53 PMRead on Substack →

TACO Insurance

Bison Insights
  • Oil producers at $100/barrel prices are generating strong cash flow for debt paydown and share buybacks, creating upside for energy stocks.
  • Political risks like TACO (Trump administration) ceasefire announcements or fuel export restrictions pose left-tail downside risks that are difficult to time but historically impactful.
  • Author uses a small asymmetric insurance position to hedge downside risk while maintaining conviction in higher oil price thesis.
Sep 20, 09:04 AMRead on Substack →

Open Letter to Martin Lewis

David Turver from Eigen Values
  • Net Zero policies and intermittent renewables are playing a significant but underanalyzed role in rising UK electricity bills, beyond just gas price increases.
  • The letter challenges Martin Lewis's previous framing of energy cost drivers and calls for more comprehensive analysis of renewable energy's impact on pricing.
  • Author argues that Net Zero policy analysis has been missing from mainstream consumer finance commentary.
Sep 19, 11:58 PMRead on Substack →

Tech · 3

Revolut confirms dual IPO on Nasdaq and LSE, and it’s London’s best available deal 🇺🇸🇬🇧; Meta Muse Connectors …

Linas from Linas's Newsletter
  • Revolut confirms dual IPO on Nasdaq and LSE, representing London's best available deal rather than a vote of confidence in the exchange.
  • Meta launches Muse Connectors, positioning itself as an App Store for agentic commerce by providing agents on both sides of every transaction.
  • Gap between Meta's ambition and actual developer platform capabilities remains the critical unknown in evaluating the strategy's success.
Sep 21, 04:45 AMRead on Substack →

Nubank launched in 35 countries without a single banking license 🏦; Claude for Financial Advisors is Anthropic’s …

Linas from Linas's Newsletter
  • Nubank expanded to 35 countries without obtaining a single banking license, demonstrating alternative fintech operational models.
  • Anthropic launched Claude for Financial Advisors, extending AI capabilities into wealth management and financial advisory roles.
  • AI and agentic software transitions represent major shifts in how financial services and technology intersect.
Sep 20, 02:29 PMRead on Substack →

🐍 Where 458 milliseconds actually go

Jason from PyQuant News
  • Polars library reads a 3.8 million row CSV file in single-digit milliseconds, vastly outperforming pandas' 458 milliseconds for the same task.
  • The tutorial demonstrates that data loading performance often dominates execution time, making library choice critical in algorithmic trading workflows.
  • The post benchmarks eight different tasks comparing pandas and Polars to show practical performance gains for quant finance applications.
Sep 19, 07:31 AMRead on Substack →

Other · 1

What’s A Chart Party? (Podcast Tomorrow)

Garrett Baldwin
  • Author experienced technical setbacks with recording equipment and computer hardware that delayed podcast production and required equipment upgrades.
  • New workstation and Rodecaster recording equipment have been installed to improve audio quality and production capacity going forward.
  • Opening anecdote about youth soccer team name selection illustrates democratic decision-making challenges and bureaucratic constraints.
Sep 19, 01:15 PMRead on Substack →