I came across another excellent piece from Howard Marks, one of my favorite financial commentators and, as always, I learned something new from it. In his latest memo, he explores how investors should think about value, price, and the interplay between them. He then applies this lens to today’s markets, weighing whether valuations look stretched…

We have an allocation to crypto, not just as an asset class but as a lens into shifting belief. Bitcoin has never been just a ledger, it is a mirror of collective belief. Each cycle, conviction migrates from those who surrender it to those who embrace it. A partner recently shared this view with me…

Everyone supposedly dumping greenbacks for euros, gold, or crypto. This year’s headlines have hammered home the idea that foreign investors, spooked by President Trump’s unorthodox, populist streak were heading for the exits and redeploying capital elsewhere. However, the numbers did not get the memo. According to a report, Treasury International Capital (TIC) data released showed…

I’m back from my short break and ready to blog again. The markets did not crash while I was away (a small “miracle”), and portfolios have been performing within expectations. In the weeks ahead, I will be unloading more positions to lock in gains, as I expect a correction on the horizon. Nothing dramatic, just…

This blog is temporarily out of service while the author is off collecting life experiences. I will be back in a week or so. A special word of thanks to my long-time partners for their continued trust and support. It is because of relationships like these that I can step away briefly, knowing that the…