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Capital Notes

Brant Hammer

Trading, global macro, and other random thoughts.

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Substack
PricingOnly free issuesPublishesTwice weekly
Issues86Founded4 years agoLast Issue2 months ago
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Latest Issues

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What Actually Moves Stock Prices?

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I’ve spent years building and refining the analytical framework...

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The Perfect Storm: War, Oil, Tariffs, and What the Data Actually Says

Ten days ago, the consensus was that 2026 would be a repeat of 2024: a slow grind higher powered by AI earnings, moderate growth, and a cooperative Fed. The soft landing was in. Recession risk was out. Investors were positioned accordingly....

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Goldilocks Meets Geopolitics

Volatility has returned. The macro backdrop was healthy. Credit is whispering a warning. This is how to think about it.


This weekend I was building my weekly chart pack when the world changed. On February 28th, U.S. and Israeli forc...

3 months ago
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🚨UPDATE: Capital Flows from US to International

On February 2nd I published “The Great Rebalancing: Why a Tired Dollar Might Finally Wake Up the World”. You can find the link to this article below.

In this piece I put forward the idea that Emerging Markets and International Developed Ma...

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The Great Rebalancing: Why a Tired Dollar Might Finally Wake Up the World

Exhaustion at the Top

The “US exceptionalism” trade is running on fumes. While the consensus continues to chase large-cap tech, the technical structure of the broader S&P 500 is flashing warnings that are difficult to ignore. We are s...

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  • Brant Hammer

    Professor. Speculator. Investor. Former Banker. Opinions are my own. Infected with the global macro virus.

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