Capital & Cycles
Sandro VergueiroIndependent views on global markets — from macro cycles to micro dislocations. Connecting geopolitics, data and narratives to what really moves prices. By Sandro Vergueiro.
| Platform |  | Pricing | Only free issues | Publishes | Daily |
|---|---|---|---|---|---|
| Issues | 18 | Founded | 2 months ago | Last Issue | 12 days ago |
| Active | |||||
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sandrovergueiro.substack.comLatest Issues
The Fed Throne Is Changing Hands
On May 15, 2026, Jerome Powell hands the keys to the Federal Reserve to Kevin Warsh. The ceremony will be polite. The language will be measured. But make no mistake: what just happened to the Fed is anything but ordinary.
For the first tim...
19 Lessons Howard Marks Taught Me
If you spend long enough around markets, you eventually realize that very few people have anything original to say. Howard Marks is one of the rare exceptions.
A graduate of Wharton (B.S. in Economics, 1967) and the University of Chicago B...
The Capital & Cycles Equities Portfolio — Month Report
Macro recap of the week
A relatively orderly close to a genuinely turbulent month.
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The Middle East drifted further toward de-escalation
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Oil settled comfortably below the wartime peak
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The Fed held in line with expectations...
Brazil Setup II → Small Caps (EWZS) Scenario And Five Brazilian Stocks To Keep An Eye
São Paulo, late April. The Bovespa Small Cap Index trades around 2,350. The Ibovespa is camping near 187,500, ratcheting toward all-time highs as foreign flow keeps piling into the same eight or nine names. The ratio between them sits at a...
We Are NOT In A Bubble.
Every few weeks, another well-regarded investor warns that the AI trade looks like Cisco in 1999. Michael Burry has compared NVIDIA’s purchase commitments to vendor financing at the dotcom top. Torsten Sløk at Apollo argues the top-10 S&P n...
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Authors
The writers behind this newsletter.
Founder, Pegasus Capital — I write about macro cycles, fixed income and global equities. 15+ years of experience in the market.
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