The Cockroaches are Multiplying
Six weeks ago, I asked whether private credit was the new subprime. Things are only looking worse since.
The Chokepoint Always Wins
The Chokepoint Always Wins
Markets continue to price this as a temporary disruption. But the idea that Iran will simply hand Hormuz back for free looks naïve in the gaze of history.
AI’s Next Bottleneck is Plumbing
AI’s Next Bottleneck is Plumbing
Everyone’s watching chips and power. Almost no one is watching the optical shifts that insiders are scrambling to solve. That’s about to change.
Death of the Petrodollar
Death of the Petrodollar
Iran is offering Hormuz passage in exchange for yuan settlement. This could be the wedge that splits the world’s financial system in two.
An Era of ‘Cheap War’
An Era of ‘Cheap War’
Drones are reshaping warfare. And the economics of shooting them down don’t add up. Here’s one company that could change that.
Our Modern Interregnum (Pt. 4)
Our Modern Interregnum (Pt. 4)
The final part of Charlie Ormond’s meditation on our modern era. Today explores three ways our current crisis could end, and a clear investible solution.
Our Modern Interregnum (Pt. 3)
Our Modern Interregnum (Pt. 3)
Part 3 of Charlie Ormond’s meditation on our modern era. Today explores the hidden mechanism behind today’s supply shock.
Our Modern Interregnum (Pt. 2)
Our Modern Interregnum (Pt. 2)
Part 2, In Charlie Ormond’s meditation on our modern era. Today, we look at the inevitable consequences of a system that spent four decades optimising financial structures while neglecting the material ledger.
Our Modern Interregnum (Pt.1)
Our Modern Interregnum (Pt.1)
Charlie Ormond explains how the physical economy took the reins after the “Great Financialisation” period ended during the GFC.
The World on Acid
The World on Acid
A Hormuz shutdown may not just shock energy markets. It could quietly choke the global supply of sulphuric acid, and with it, copper, uranium and cobalt production.
