Past letters on money, markets, and sovereignty.
Feb 11, 2026
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5 min read
The market spent this week debating whether the Fed is done tightening. The Fed's own balance sheet says it never really started.
Feb 8, 2026
8 min read
When the plumbing fails, nobody asks who controls the pipes.
Feb 4, 2026
6 min read
$2.9 billion. Forty-five percent of every tokenized Treasury on every public blockchain. One fund. One manager. One counterparty.BlackRock's BUIDL isn't a crypto product. It's the plumbing.
Feb 1, 2026
9 min read
How JPMorgan and BlackRock are executing a hostile takeover of blockchain infrastructure while crypto celebrates their arrival.
