September 2025 - When Politics Pressures Money: What History Says About Inflation, Long Rates, and Stocks
September 2025 - When Politics Pressures Money: What History Says About Inflation, Long Rates, and Stocks
Dear Investors and Friends, Last month, we explored the paradox of rising equity markets in a world where purchasing power is declining. Our point was simple: nominal gains are not…
September 04, 2025
August 2025 - When Up Isn’t Really Up
August 2025 - When Up Isn’t Really Up
Dear Investors and Friends, Last month, we discussed the United States' growing debt burden and the limited levers available to policymakers. When governments can’t, or won’t, rais…
August 20, 2025
July 2025 - What If Nothing Changes?
July 2025 - What If Nothing Changes?
Dear Investors and Friends, Last month’s letter explored why India’s trade deficits have helped fuel growth, while America’s have often hollowed out key industries. But one reader …
July 22, 2025