With a h/t to the late historian Barbara Tuchman, from whom I borrowed the central idea in this piece, I'm pleased to share my latest long-form note to Capital Allocation Pro subscribers published initially on 8/6/26.
"Long" in this context is measured by modern (overly hurried?) metrics, with the note's main body comprising ~1,600 words. I'm unsure if it'll win me new friends--it's quite critical of certain players on the world stage--but I stand by what I've written and hope readers find the note useful even if they disagree with some or all (!) of it.
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