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A Letter from Paul

Paul Podolsky
Hundreds of paid subscribers

Practical, jargon-free description of what is going on in international affairs and financial markets from the Founder and Chief Investment Officer of a global macro hedge fund, Kate Capital. And the price is right...free.

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Substack
PricingOnly free issuesPublishesWeekly
Issues402Founded5 years agoLast Issue12 days ago
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Latest Issues

Pressure Builds

Not investment advice.


Oil is having an outsized impact on the price of all other assets. Bonds, for instance, are full of oil. Below I show 2-year bond yields (white) in the US versus oil (blue). The recent rise in bond yields is m...

12 days ago
25
3

Galloping Forward

Not investment advice.


The tattered campaigners surged on, some now holding aloft cups that had been pressed upon them, waving to the ladies clustered on the balconies in their putrescent hats and elevating the bobbing heads with th...

17 days ago
23
2

Inflation

Not investment advice.


Last week, for a moment, it appeared the Strait was open.

“In line with the ceasefire in Lebanon, the passage for all commercial vessels through the Strait of Hormuz is declared completely open…,” Foreign Min...

a month ago
23
4

Back To Our Regular Programming

Not investment advice.


The war and the incipient energy shortage are over, just like that. There is a WSJ report the US will allow Iran to “access” $20 billion if they hand over uranium. We came perilously close to the Strait seizin...

a month ago
21

A Trickle and a Squeeze

Not investment advice.


Long week, brief note.

  1. An oil shock is a growth/inflation shock. Money that went to spending now goes to energy. In Los Angeles, where I was traveling this week, gas was well over $5 a gallon. Core infla...
a month ago
25

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