Steno Signals #202 – Peak WW3 Fears Return!
Over the weekend, oil traders dusted off their Strait of Hormuz crisis playbooks—and once again, they overplayed their hand. Saturday’s U.S....
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Steno Signals #201 – The Mullahs Are Toast – Re-Inflation Is Back!
Happy Monday from Copenhagen. What a comeback by JJ Spaun at Oakmont yesterday (sorry to the non-golfers), and what a comeback risk is about to...
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The Drill Extra – Israel strikes Iran
Morning. We have another round of Israeli strikes on Iran just as we have seen repeatedly since October 7th and the beginning of the Gaza...
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The Drill: Input prices about to go Nuclear
Happy Wednesday from Copenhagen. Trump now has to deal with a reality where Russia is not going to end this war without being forced to—probably...
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Steno Signals #198 – A 20–25% Weaker USD May Solve All Trump’s Problems
Morning from Europe. Trump’s classical stop-and-go approach to negotiations is starting to get baked into markets, but we’re still surprised by...
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