Between corporate & sovereign credit bubbles, cryptocurrencies, and overextended P/E ratios, we’re in strange times.

I’m going to use this letter to catalogue my observations on markets: how I’m thinking about them and how I’m trading them.

I’m basically dumb money and have no advantage beyond a relatively novel way of synthesizing freshman-level econ, podcasts, political rhetoric, Twitter feeds, and my own skeptical worldview. I have no credentialing other than a pretty killer career PNL (yes, even ex-Bitcoin).

Nothing in here is advice and you will probably lose money following me.

Why subscribe?

Subscribe to get full access to the newsletter and website. Never miss an update.

Stay up-to-date

You won’t have to worry about missing anything. Every new edition of the newsletter goes directly to your inbox.

Join the crew

Be part of a community of people who share your interests.

To find out more about the company that provides the tech for this newsletter, visit

Subscribe to bearhaus

Dumb retail gauges systemic risk