Institutional macro research delivered free, on the first of every month. No daily emails. No stock tips. No noise. Just the research that matters for investors who think in decades.
A clear reading on where we are in the cycle and what the leading indicators say about the next 6–12 months.
Central bank analysis, real yield dynamics, and what the bond market is pricing.
The five risks we are watching most closely, ranked by probability and portfolio impact.
One deep-dive framework — allocation, rebalancing, hedging, or drawdown management — built for implementation.
Brief, time-sensitive signals when our risk framework flags a material change between dispatches.
A preview of what subscribers received in recent months.
Late-cycle indicators confirm what the yield curve was already signaling — and what the framework demands at this stage…
Read → Strategy NoteTime-based vs threshold-based rebalancing across 40 years of volatility regimes — and the rule that resolves the paradox…
Read → Risk FrameworkBank lending standards, CRE refinancing, and HY issuance patterns are diverging from spreads in a familiar pattern…
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