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Artwork for TSCS

TSCS

Strategist, Les Barclays, Architect

Equity analysts with London hedge fund experience delivering institutional-grade research on mispriced opportunities across global markets. Global equity research. Deep fundamentals, clear investment cases, no BS.

Platform
Substack
PricingFreemiumPublishesDaily
Issues130SubscribersRead tscsw.substack.com

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#96
Substack
/Finance(Free)
#68
Substack
/Finance(Paid)

Latest Issues

Recent posts by this newsletter. Browse the email archive.

Cash, Not Bonds

$82 billion in foreign central bank selling. A $1.5 trillion basis trade at 20x leverage. A Fed that can't cut and can't intervene. The Hormuz crisis broke the most reliable trade in macro.

4 days ago
37
0
Paid

Nobody Can Leave

Three monitoring signals broke simultaneously. The framework says stop buying. The fundamentals say back up the truck. The composition of the redemption wave tells you which instruction to follow, and when.

7 days ago
65
8

Buy The Miners

The gold mining industry has never generated margins like this. The stocks trade at 6x to 15x. Six names across the full spectrum, from producers printing cash to developers trading at half their asse

10 days ago
93
6
Paid

Already Inside, Not Yet Priced

Yesterday the IRGC published a kill list. Not of people. Of companies. Apple, Google, Microsoft, Nvidia, Tesla, Boeing, JPMorgan, fourteen others. “For every assassination, an American company will be destroyed.” Employees told to evacuate ...

13 days ago
105
11

Authors

The writers behind this newsletter.

  • Strategist

    Independent research. Commodities, macro, credit, forensic deep dives. First-principles analysis for investors who'd rather be early than comfortable. 2-3x weekly. Read at 400+ firms. [email protected]

  • Les Barclays

    First-principles thinking on finance + macro. I offer no investment advice. Gen Z, all opinions are my own.

  • Architect

    Writing for TSCS

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