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Power in the United States is consolidating faster than its institutions can convert it, and conversion decides the year.
ReportCapital Markets
Rare-earth access turns ore into strategic leverage.
Read reportMemoCities and Infrastructure
A city moving more, growing safer, and becoming more expensive at the same time.
Read memoEssayStrategic Competition
Six exhibits trace the tariff unwind through federal revenue, China’s surplus, trade flows, consumer prices, and capital goods imports.
Read essayMemo
Inside Anthropic's Blockbuster S-1.
3 exhibitsSource notes
Memo
European Union tries to decouple the global EV supply chain.
Source notes
Report
Winning, Losing, and Competing in the 21st Century.
5 exhibitsSource notes
Report
China is setting the clean-power cost curve. America is setting the hydrocarbon supply curve.
6 exhibitsSource notes
Report
Passive funds hold $19 trillion and 53 percent of all US long-term fund assets.
7 exhibitsSource notes
Report
Depth, speed and duration are three different damages that need three different toolkits.
8 exhibitsSource notes
Memo
A merger of SpaceX and Tesla would be a capital raise conducted in stock.
1 exhibitSource notes
Report
Climate risk reaches balance sheets through insurance before it arrives as a disaster.
4 exhibitsSource notes
Memo
Hall and Woodford made a central bank's words into one of its instruments.
Source notes
Memo
OpenAI and Anthropic now charge the same list prices and very different amounts per task.
Source notes
Memo
Maryland's jobless rate fell to 4.1 percent while its labor force shrank by 32,093 and participation reached a 151-month low.
2 exhibitsSource notes
Essay
What risk looks like from the perspective of someone who knows.