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The Predictable Yield Engine

The blueprint for predictable income: Systematic strategies built on yield, discipline, and the power of compounding.

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Substack
PricingFreemiumPublishesTwice weekly
Issues69Founded9 months agoLast Issue7 days ago
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Latest Issues

When the Average Economy Stops Being Useful

Beyond the Blended Numbers: Why Market Averages Are Hiding the Risks & Opportunities in a Fractured Economy

I always enjoy David Kelly’s writing because he has one of the better panoramic views on markets. Kelly is Chief Global Strategist...

7 days ago
1
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Standard Life: From Hidden 8% Yield to Validated Retirement Cash Machine

May 2026 Update: The Thesis Has Been Validated

When I first wrote about Phoenix Group in December 2025, the company was still largely viewed as a complicated legacy UK life insurer. That was the opportunity. The public market was focused o...

12 days ago
1
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Cleveland-Cliffs: The Revenge of the Old Economy.

Ugly business, beautiful macro: Sizing a zero-yield satellite to capture the $10 trillion rotation into real assets.

As regular readers will know, I am increasingly leaning into “real assets” as a major investment theme. This includes infr...

20 days ago
1
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PYE Weekend Update: What High Yield Is Telling Us Right Now.

High yield is one of the cleanest places to read market risk appetite. It is not perfect, but it is useful. Equity investors can get carried away by narratives and multiple expansion. Credit investors are typically more clinical: they care...

25 days ago
2
2

The Asymmetry of Regional REIT: Why a 55% Discount Is Hard to Ignore

Analyzing the math behind a rebased 9.1% yield and a survivable balance sheet setup.

Every so often the market throws up an asset that is just too ugly to ignore. This happens not because the business is high quality or because management...

a month ago
5
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