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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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Issues421Founded6 years agoLast Issue8 days ago
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Latest Issues

Exporting A Higher Cost of Capital

Not investment advice.


“The love of money as a possession — as distinguished from the love of money as a means to the enjoyments and realities of life — will be recognized for what it is, a somewhat disgusting morbidity…”. -Keynes,...

8 days ago
15
4

Cracks Form

Not investment advice.


A lot of small things are adding up to a potentially big thing—the mighty, seemingly indestructible US equity market is beginning to show fissures, even while it hit yearly highs early this week.

Here are th...

17 days ago
17

What We Know

Not investment advice.


I am traveling today, so a brief note.

We know oil is not flowing as much as it once was, demand is relatively price-insensitive, and the real price of oil is still low, as you can see below, well below the p...

24 days ago
9

Ebbing Asset Returns

Not investment advice.


The markets did the Fed’s job for them. This week, a spike in oil prices triggered a spike in bond yields, which now means the market is discounting a series of central bank rate hikes. All officials need to d...

a month ago
19

He Doesn’t Have the Votes

Not investment advice.


Warsh is a lawyer and a politician, not an investor or economist, and after a few months it shows. The market is now whipsawing on his pronouncements rather than the solid economic analysis one looks for from...

a month ago
19
5

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