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
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