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 |  | Pricing | Freemium | Publishes | Daily |
|---|---|---|---|---|---|
| Issues | 142 | Founded | 2 years ago | Last Issue | 10 days ago |
| Active | |||||
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tscsw.substack.comLatest Issues
Silver Bugs Were Right
Silver bugs were right. The basket is dead anyway. Silver -8.48% today. M&A took out four primary names. Hecla, Skeena, PAAS left. Vizsla killed after Panuco.
Silver is $76.44. Down 8.48% on the day as I write. Gold is $4,547. The gold to...
Silver's Quiet Squeeze
Three months after the worst silver crash since 1980, the futures market thinks the story is over.
The lease desks at JPMorgan, HSBC, and ICBC Standard disagree. So does the COMEX delivery floor. So does the Shanghai Gold Exchange. Three o...
Market Is Long Resolution
Brent Dec 2026 at $87 against a $108 structural EV. Two-layer architecture, scoreboard, three-part series.
Brent Dec 2026 settled $87.28 May 8. The structural expected value is $108. The market is implicitly weighting Eventual Resolution m...
Late to Hormuz
TLDR:
1. The Hormuz oil thesis is now consensus. The FT carries the headline. The trade got harder.
2. I’m revising the Dec 2026 Brent structural fair value down 7-12%, from $95-100 to $85-93. About $7-10 of the prior range was war prem...
Sell-Side Has CRWV Wrong
Sell-side raised CoreWeave price targets six times in April. Roth to $135, Wolfe to $150, Cantor to $156, Oppenheimer to $150, Citi to $155, Jefferies to $160. Tyler Radke at Citi wrote that the IG financing could trigger upward EPS revisio...
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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]
Writing for TSCS
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