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View MoreChristopher Altman saw it in the same way that most small business owners do: in the quiet of an inbox that used to fill up on its own, rather than all at once. His Oakland tree-trimming crew scheduled three weeks off for years without his involvement. Then, the reservations simply…
The atmosphere changed somewhere between a half-empty diesel station outside Hamburg and the screens of a London trading floor. Like these things often do, it happened quietly. In January, Brent crude was trading at about sixty dollars. It was close to 120 by the second week of March. Ten weeks.…
Imagine a newly plastered home on the outskirts of Nairobi, a small store in Accra selling cell phone accessories, or a schoolgirl in the Gambia whose tuition was covered last month by a wire transfer from an uncle in Birmingham. A government budget or an aid report from a donor…
The image of a lump of rock and ice that is only a kilometer across tumbling through the inner solar system and then, in defiance of everything that seemed intuitively correct, stopping its own spin and beginning again in the opposite direction is almost disorienting. Not a model for a…
Certain types of power don’t make their presence known. It doesn’t hold a press conference, run for office, or receive Senate confirmation. It just appears—in the appropriate space, at the appropriate moment, and in the appropriate person’s ear. When President Trump announced the most recent version of his President’s Council…
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View MoreThe scene is nearly identical to what it was fifteen years ago when you walk into any Costco warehouse on a Saturday morning. concrete floors. A mid-sized office building’s worth of paper towels, 48-count muffin packs, and industrial-sized containers of olive oil were piled high on towering steel shelves. A…
When a signal that bond traders have spent years explaining away suddenly becomes unexplainable, a certain kind of unease descends upon them. Since mid-March, when the 2-year Treasury yield surpassed the federal funds rate target and the Treasury curve resumed its flattening, that sentiment has been subtly permeating fixed-income desks.…
A collection of Hubble photos sat quietly for years, seemingly unremarkable, in the digital vaults of NASA’s Mikulski Archive, a repository containing decades’ worth of telescope data from over a dozen space missions. While perusing that archive, UCLA planetary scientist David Jewitt discovered observations of 41P/Tuttle-Giacobini-Kresák, a tiny comet shaped…
When a deal-maker exits the room, a certain kind of silence descends upon Washington. The quiet, almost administrative kind, where a desk empties, a calendar runs out, and everyone moves on, essentially pretending nothing changed, rather than the dramatic silence of a resignation or firing. On March 26, David Sacks…
The way QQQ usually acts in a poor market has an almost theatrical quality. When stocks are struggling, it doesn’t steadily decline like a bond fund might or remain stable like consumer staples ETFs occasionally do. It moves in tandem with the drama of its constituent companies, which include Nvidia,…
When the news from the weekend is truly negative on a Sunday evening, a particular type of anxiety descends upon the financial markets. The kind of bad that involves Marines, paratroopers, and reports about potential ground operations in a nation that controls one of the most important oil chokepoints on…
On any given weekday in San Francisco’s financial district, SoFi’s name can be seen on posters in bank branch windows, advertisements for bus shelters, and podcasts that are playing on earbuds while commuting in the morning. With a digital financial platform that has expanded far beyond its initial identity as…
Tokyo still feels like Tokyo when you stand on the edge of Shinjuku Station on a Monday morning in late March 2026. Turnstiles, dark-suited salarymen checking phones, and a woman in gym clothes moving in the opposite direction through the same corridor are all examples of the crowds moving with…
On a Tuesday morning, the Mountain View campus still appears to be a place that thinks it will rule the world in twenty years. The bike racks are packed. During lunch, the volleyball courts are in use. Talking about models, compute, and deployment at a volume that suggests they are…
Watching stock futures trade flat on a Monday morning after the kind of week markets just had is almost unsettling. On Friday alone, the Dow dropped 793 points, falling into correction territory and joining the Nasdaq, which had already surpassed that mark the day before. The S&P 500 locked in…
Imagine John Moretti wearing a wetsuit and goggles as he moves through the chilly, dark water of Bender’s Cave, reaching down through the current to retrieve a bone from the cave floor because there were bones all over the place, not because he just happened to see one. That’s the…
Something strange occurred on the blockchain in the days that followed the initial American-Israeli airstrikes on Tehran on February 28, 2026. In a matter of days, more than $10 million in cryptocurrency departed Iranian exchange platforms. According to Kaitlin Martin of Chainalysis, this unusually large and concentrated outflow was probably…