Weekly briefs distil the structural macro picture. Deep dives reinterpret notable third-party research. Coverages are single-name investment notes. New issues published periodically.
Short-format readings of structural themes — paraphrased from institutional research, distilled to the pressure points that matter for capital allocation.
Three constraints converging into one trade: governments effectively broke and forced into reflation, the minerals the West needs sitting behind a Chinese export gate, and the data architecture the digital economy runs on turning fragile in a frontier-AI threat world. Scarcity and policy-driven reflation — the book's single conviction — getting louder on every axis.
A shooting war in the Gulf has become the portfolio's organising logic — rewriting oil, the inflation path, fiscal arithmetic, the case for gold, and the strategic value of every critical mineral the West cannot make for itself. Two deep dives inside: why the war strengthens the gold trade, and why critical minerals are now a security emergency the market still misprices.
An independent reading of Westbeck Capital Management's report on the structural bottlenecks in Western rare earth supply. Why dysprosium and terbium — not neodymium — are the real binding constraint, and where the investable pressure points sit across the magnet value chain.
A structural bull market is forming in critical minerals. China's grip on the supply chain is the constraint, Western policy is the catalyst, and the durable opportunities sit where capacity must be rebuilt fastest — midstream refining, magnet manufacturing, and heavy rare earth supply.
Long-form forensic reads. Reinterpreting notable third-party research into the structural argument and the investable implication.
Two commentaries, one conclusion. A founder-investor's note on JEPA and the enterprise data layer, and 13D's Knowledge Monoculture, arrive from opposite directions at the same place: as foundation models commoditize into infrastructure, durable value migrates to what a model cannot copy — proprietary data, tacit and relational knowledge, and expert judgment that carries liability. A lens for the source diet, not an entry screen.
A reading of Michael Burry's SW50 Part 2 on eight software names. The real product is a framework: a five-tier quality classification (Fortress, Castle, Chapel, Stone, Wood), a strict intrinsic-value rule (P/IV15 with a 1.5–2.25x buy zone), and a stock-based-compensation method (Tragic Algebra) that separates who creates value from who rents earnings out to employees.
An independent reading of Michael Burry's 22 May research on the AI capex cycle. Not that AI is fake — but that a large share of today's demand is circular, vendor-financed, and accounting-flattered. Where the bezzle sits in the supply chain, and what it means for the durability of the build-out.
Single-name investment notes. Thesis, key metrics, valuation, and the call.
The Latin American banking machine, on sale after a clean quarter. 29% ROE, 40%+ growth — re-rating setup post-print.
The profitable fintech the market just cut down to size. Bank + fintech stack, embedded finance optionality, mispriced on the pullback.
The rebranded Bitfarms, now an AI power-landlord story. Bitcoin-to-HPC pivot with pre-lease optionality and a real grid-capacity moat.
The pure-play AI cloud, sitting between the models and the silicon. High-beta on the build-out, with the cleanest exposure to GPU economics.
A vertically integrated Western magnet play, from heavy rare earth deposit to sintered NdFeB output. The cleanest small-cap expression of the supply-chain rebuild thesis.
The forgotten European telecom-equipment incumbent quietly re-rating on AI networking and Western supply-chain preference. Optionality at a value multiple.
A US-domiciled solar manufacturer riding the domestic-content tailwind. Execution-heavy story with policy and tariff wind at its back.
These documents are independently prepared summaries based on information obtained from various third-party sources, including investment management firms, equity research providers, and industry publications. Content has been paraphrased, condensed, and reinterpreted solely in the author's own words for informational purposes. Nothing herein constitutes financial advice or an investment recommendation. Confidential — do not share or forward.