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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
Issues413Founded6 years agoLast Issue11 days ago
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Latest Issues

The Flow of Money

Not investment advice.


Here is the flow.

  1. The big-name companies—Google, Amazon, and others—spend their profits to build large structures that the rest of us use to do our work, like spell-checking this post. Until Amazon repo...
11 days ago
25
2

Supply, Policy and Opportunity

Not investment advice.


For the last few months, cash has outperformed due to simultaneous supply shocks to stocks, bonds and commodities. To be sure, supply isn’ t the only driver of markets but it is a significant one. This fall in...

18 days ago
15
3

Wars, Tightening, AI

Not investment advice.


Now, it’s clear that you in the West, living hypocritically, think that power, vigor, force, are a bit archaic. You believe in rules, with your lawyers communicating by certified mail and earning million-dolla...

25 days ago
23

The Next Shift

Not investment advice.


Each year can be divided into a few regimes or shifts. The first two months of the year were marked by concern the Fed would lose independence and the AI trade was dead. US stocks ground lower, while foreign s...

a month ago
23
5

Letter from Estonia

Not investment advice.


Today I want to talk about the economy, tail-risk protection, and Estonia. The connection is simple: Estonia, where I am right now, sits on the front line of where another hot war could erupt. Even if the prob...

a month ago
13
4

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    I write. I invest. More about me on paulpodolsky.com.

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