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The Marginal Buyer

Markets are set at the margin. Each issue follows the one buyer who actually moves the price, gold, Treasuries, equities, Bitcoin, and what changes when they do. Mechanism over noise. Free, every couple of weeks.

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Substack
PricingOnly free issuesPublishesWeekly
Issues8Founded2 months agoLast Issue7 days ago
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Latest Issues

Who Is Buying the Power?

I have been circling this one for about a month, and I kept not writing it because it felt too small.

Electricity. Utility bills. The least glamorous line item in your life.

Then I pulled the data and it stopped being small.

Since Januar...

7 days ago
2

The Buyer Who Promised to Never Leave

There is a company built on one promise.

It would buy Bitcoin and never sell. Not on a dip, not in a crash, not ever. That was the whole identity. Buy, hold, repeat, forever.

On July 6, that company authorized itself to sell.

Strategy, t...

14 days ago
3

The Buyer Who Didn't Flinch

A lot of people saw gold crash this year and just moved on.

And I get it. Gold hit almost $5,600 an ounce in January, then fell below $4,000 by the summer. That is a 27 percent drop. Big number, bad chart, next story.

But I could not let...

22 days ago
3
2

Who Is Funding This?

Four companies are going to spend about 725 billion dollars this year building AI.

That is not a typo. Seven hundred and twenty five billion, in a single year, up roughly 77 percent from last year.

Here is the part nobody wants to sit wit...

a month ago
5

What Are You Actually Buying When You Buy the S&P 500?

Everyone gets told the same thing when they start investing.

Buy the index. Buy the S&P 500. It is diversified, it is cheap, it is 500 of the biggest companies in America.

That advice is mostly right.

But the thing you are buying has qui...

a month ago
5

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  • The Marginal Buyer

    Following the buyer nobody puts on the call. Finance student, CFA candidate, macro through one lens.

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