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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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Issues410Founded6 years agoLast Issue12 days ago
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Latest Issues

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...

12 days 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...

17 days ago
13
4

The Big Reveal

Not investment advice.


It’s possible Warsh raises rates this summer or in September. This is not expected and not discounted, but if you wanted to make a power move as a new Fed governor—get inflation closer to target and also lean...

a month ago
26
3

Pessimism Priced

Not investment advice.


A brief note from the road, tonight in London.

In meetings with investors, the sense of trepidation—rather than opportunity—regarding AI is palpable.

It is true that if AI is a mirage, the economy will indee...

a month ago
24

Tightening Changes Things

Not investment advice.


This month, the ECB and the Bank of Japan are expected to raise interest rates, but the Fed isn’t. However, the odds (as reflected in bond pricing) of the Fed hiking this year have gone from 0% before the war...

2 months ago
23

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