June 2025 - How the Machine Works, Part II
June 2025 - How the Machine Works, Part II
Dear Investors and Friends, Last month’s letter generated more feedback than anything we’ve written in years. We heard from business owners, retirees, professionals, and policy-min…
June 19, 2025
May 2025 - How the Machine Works: Trade, Dollars, and the Global System
May 2025 - How the Machine Works: Trade, Dollars, and the Global System
Dear Investors and Friends, This month’s letter departs from our ongoing “Why Bonds, What Bonds, and How Bonds” series. After a volatile April, we felt compelled to pause and addre…
May 14, 2025
April 2025 - The Market’s Not-So-Classic Panic
April 2025 - The Market’s Not-So-Classic Panic
Dear Investors and Friends, Given the extraordinary political, economic, and market developments in April—beginning with Trump’s “Liberation Day” and the subsequent tariff announce…
April 22, 2025