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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
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Issues418Founded6 years agoLast Issue11 days ago
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Latest Issues

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...

11 days ago
17

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...

17 days ago
19
5

Notes from the Road

Not investment advice.


I am traveling and keeping an eye on things. Here is what I see.

  1. The most likely scenario is that AI works and we are in a productivity boom. Nvidia just reminded us of that. That is generally bullish f...
25 days ago
27
4

A Conversation with James Wang on AI

Not investment advice.


James is the author of What You Need to Know About AI: A Primer on Being Human in an Artificially Intelligent World, as well as a venture capitalist and technologist.

I found our conversation incredibly helpf...

a month ago
8
3

Deceleration

Not investment advice.


In the next few weeks, it all comes down to inflation.

There are two types of productivity booms—inflationary ones and non-inflationary or deflationary ones. The 1996–2001 boom was non-inflationary. The 1970...

a month ago
12
1

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