The Great Moat Erosion and the Death of Defensive Investing
The castle walls are melting. Warren Buffett’s favorite investment metaphor is failing in real time. For decades, the concept of…
Category: Finance
The Fifty Billion Dollar Shadow State and the Liquidation of the Jalisco Empire
The King is deadNemesio Oseguera Cervantes, the man known globally as El Mencho, fell in a hail of gunfire five…
The Software Valuation Trap Snaps Shut
The Market Reckoning for SaaS MultiplesThe tape does not lie. Software is broken. Multiples are compressing faster than a hydraulic…
The Sovereign Ledger Replaces the Wallet
The end of monetary anonymity is here.Cash is dying. The state is the new ledger. In May 2020, analysts at…
Broadcom Faces the Reckoning of a Skittish Market
The tape is bleeding. Investors are fleeing the very names that built the current rally. Broadcom stands at the center…
The Liquidity Trap Inside ERShares XOVR
The Morningstar WarningMorningstar just sounded the alarm. The ERShares Private-Public Crossover ETF is failing. It is a liquidity mismatch disguised…
The Predatory Math of Equity Sharing and the Death of the Traditional Mortgage
The House as an Unsecured ATMLiquidity is the new leverage. Homeowners are currently sitting on an estimated $32 trillion in…
The Innovation Mirage and the High Cost of Youthful Hubris
The Cult of the Under 30 InnovatorForbes just crowned its latest batch of ‘Greatest Living Innovators’ this morning. The list…
Private Equity Cannibalizes the Frontier
The Great Delisting of InnovationPublic markets are becoming a graveyard for legacy assets. The real growth has moved behind the…
Software Valuations Face a Brutal Reckoning
The Growth at Any Cost Era EndsThe software dream is dying. At least the expensive version of it is. Goldman…