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The Art of the Bubble

Sebastian Purcell, PhD, Nicole Zinuhova
Hundreds of paid subscribers

Markets, Mispricing, and Financial Freedom

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Issues115Founded6 years agoLast Issue41 hours ago
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Latest Issues

A Bonfire of the Certainties

Welcome back to The Cypher!

We had nearly finished this week’s edition when Wall Street, never one to suffer a quiet Thursday, decided to set the furniture alight.

The Nasdaq 100 fell roughly 6.3%, its worst day since March of 2020. There...

41 hours ago
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Draconia Malfoy and The Bank Robbers

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On October 29, 2026, Binance suffered the largest cryptocurrency heist in history, with approximately $6.3 billion stolen. Our portfolio management team convened to consider what opportunities might be hiding in the...

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Market Numbers Aren't Lying. The Story Might Be.

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During World War II, military analysts examined the bullet holes in aircraft returning from combat. The obvious temptation was to reinforce the areas that had sustained the most damage.

Statistician Abraham Wal...

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The Vanity Tranche

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During the height of the cryptocurrency frenzy in 2020, I received an investment proposal offering 13% annual interest on a bond financing a Bitcoin-mining operation. It was presented as a “sensible” alternative to...

14 days ago
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The Sky Isn't Falling, But One Floor Just Cracked.

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At 99% battery, your phone is functioning splendidly. At 1%, otherwise sensible adults begin bargaining with the Almighty. Both readings are merely one percentage point below the preceding one. Only one inspires...

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  • Sebastian Purcell, PhD

    Philosopher. Analyst. Logician.

  • Nicole Zinuhova
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