Letters · Memos · Substack
Letters, memos, interviews, and curated posts from Wall Street gurus and crypto whales. Updated daily.
Debt is the Bet
Debt is the Bet What happens when debt gets more expensive? 29 Jul 2026 Newsletter I’m the king of debt. I’m great with debt. Nobody knows debt better than me. -Donald Trump 1 A few weeks ago, we discussed the ongoing “rates debate” in terms of whether the new Federal Reserve cha…
Schrödinger’s Market
Schrödinger’s Market Energy scarcity, tech euphoria, and opportunity amid the market’s contradictions 22 Jul 2026 CIO Perspectives “If a man never contradicts himself, the reason must be that he virtually never says anything at all.” -Erwin Schrödinger Key Takeaways M…
Refinery Crack Spreads Hit New Highs
Refinery Crack Spreads Hit New Highs Are energy profits heating up? 22 Jul 2026 Newsletter Watch Josh Snyder, CFA, Global Investment Strategist, as he explains how crack spreads measure the profitability of turning crude oil into gasoline and diesel. He explores why record-high s…
Smokin’ Crack…Spreads!
Smokin’ Crack…Spreads! Are energy profits heating up? 22 Jul 2026 Newsletter Watch Josh Snyder, CFA, Global Investment Strategist, as he explains how crack spreads measure the profitability of turning crude oil into gasoline and diesel. He explores why record-high spreads could s…
The Great Rates Debate
The Great Rates Debate Could the market be calling the Fed’s next move? 15 Jul 2026 Newsletter Since becoming a central banker, I have learned to mumble with great incoherence. If I seem unduly clear to you, you must have misunderstood what I said. -Alan Greenspan 1 Alan Greenspa…
Wegovy, Wings, and Wishful Thinking
Wegovy, Wings, and Wishful Thinking What if the better signal is in the stands, not the forecast? 08 Jul 2026 Newsletter The reports of my death were an exaggeration. -Mark Twain 1 Few subjects over the last few years—other than AI—have made headlines and captured hearts and wais…
2Q 2026 GQG Investor Update
2Q 2026 GQG Investor Update 21 Jul 2026 Webcasts Views and opinions are expressed as of 21 July 2026. There may be additional risks associated with international and emerging markets investing involving foreign, economic, political, monetary, and/or legal factors. International i…
Punching Above Your Weight
Punching Above Your Weight When should markets fear what sports celebrate? 02 Jul 2026 Newsletter FIFA’s World Cup does strange things to people. It turns otherwise rational adults into patriotic statisticians, armed with selective arithmetic and a deep belief that one good resul…
When Sticky Gets Tricky
When Sticky Gets Tricky The inflation situation 30 Jun 2026 Webcasts Register to watch Renée Kaesler, Chief of Staff, International, and Kevin Osten, CFA, Client Portfolio Manager, as they discuss persistent inflation, rate dynamics, and the Federal Reserve’s evolving policy chal…
You Are What You Deplete
You Are What You Deplete Are oil reserves covering up a bigger problem? 26 Jun 2026 Newsletter Ignoring the diagnosis doesn’t change the diagnosis. -Common Sense Low on energy? It’s not just you, it’s the global economy too! Well, sort of. You can still fill up your car, and gaso…
The Cyclical Overearning Trap
The Cyclical Overearning Trap The hidden risk of buying cyclical stocks at peak earnings June 25, 2026 GQG Research Key Takeaways Investors have tended to repeatedly mistake cyclical peak earnings for durable earning power, especially in industries like semiconductors, and in doi…
Where Does the Market Turn Next?
Where Does the Market Turn Next? Market concentration, AI enthusiasm, and the case for defensives 23 Jun 2026 Webcasts What could the market be missing right now? Watch GQG Partners’ Sid Jain, Deputy Portfolio Manager, and Ash Naidu, Head of Wholesale Australia, as they discuss t…
Where Could Market Leadership Come From Next?
Where Could Market Leadership Come From Next? 23 Jun 2026 In the News Views and opinions are expressed as of 23 June 2026. There may be additional risks associated with international and emerging markets investing involving foreign, economic, political, monetary, and/or legal fac…
The One Stock Reshaping Emerging Markets
The One Stock Reshaping Emerging Markets Has AI changed EM investing? 17 Jun 2026 Newsletter Watch Josh Snyder, CFA, Global Investment Strategist, as he unpacks the rise of Taiwan Semiconductor Manufacturing Company (TSMC) in the MSCI Emerging Markets Index and why its weight now…
No Country for Old Buffets
No Country for Old Buffets What happens when AI charges by the bite? 10 Jun 2026 Newsletter Go to any local buffet and you’re almost certain to find at least one guy who is trying to get his entire quota in during that one meal. -Google Search If you lived in the US during …
Capital Allocators: Contrarian Quality
Capital Allocators: Contrarian Quality Chairman and CIO Rajiv Jain shares how he is defining forward-looking quality in a crowded AI trade 09 Jun 2026 In the News CIO Rajiv Jain joins the Capital Allocators podcast to unpack the principles behind his investment approach, from def…
Podcast: Capital Allocators – Contrarian Quality
Podcast: Capital Allocators – Contrarian Quality Chairman and CIO Rajiv Jain shares how he is defining forward-looking quality in a crowded AI trade 09 Jun 2026 In the News CIO Rajiv Jain joins the Capital Allocators podcast to unpack the principles behind his investment approach…
What in the World?!
What in the World?! Weekly takes on macro stories and market trends shaping the investment world 28 May 2026 Newsletter 28 May 2026 The Market’s Turkey Problem Is this market more fragile than it appears? A turkey is fed for a thousand days by a butcher; every day confirms to its…
Prof G Markets: The One-Way Bet on CapEx
Prof G Markets: The One-Way Bet on CapEx Why we believe stronger fundamentals and CapEx are reshaping the investment case for emerging markets 20 May 2026 In the News Sid Jain, Deputy Portfolio Manager, provides an update on emerging markets and explains why we believe the CapEx …
AI, Space, and the IPO Boom
AI, Space, and the IPO Boom A look at three potential market-defining public debuts 21 May 2026 Webcasts Can these IPOs live up to the hype? Register to watch Ben Larsen, CFA, Client Portfolio Manager, and Geoff Doyle, Senior Director, Business Development, as they examine the po…
Bloomberg’s Insight: Mispriced Risks and Hidden Opportunities
Bloomberg’s Insight: Mispriced Risks and Hidden Opportunities Lessons from the Iran Conflict 30 Apr 2026 In the News From disruptions in energy logistics to ripple effects on technology and capital markets, markets may be underestimating the broader implications of the Iran confl…
Dire Straits
Dire Straits Navigating 2026: A turbulent echo of 2022 17 Apr 2026 CIO Perspectives PDF “Those who cannot remember the past are condemned to repeat it.” -George Santayana 1 Key Takeaways The closure of the Strait of Hormuz underscores the fragility of global energy markets, drivi…
Dotcom on Steroids: Part V
Dotcom on Steroids: Part V Too big to permit 15 Apr 2026 GQG Research PDF Key Takeaways The rapid expansion of AI-focused mega data centers is fueling community backlash over resource consumption, leading to delays, regulatory challenges, and escalating costs that threaten AIR…
It Takes Two to TACO
It Takes Two to TACO The Middle East conflict and global supply disruptions 02 Apr 2026 Webcasts Register to watch Alex Hoy, CFA, Senior Director and Client Portfolio Manager, and Josh Snyder, CFA, Global Investment Strategist, as they examine the evolving impact of the war in th…
Not Much Alpha Left in This Bet
Not Much Alpha Left in This Bet Google’s growth dilemma 23 Mar 2026 GQG Research PDF Key Takeaways Google redefined advertising with its innovative business model, but its dominance is now under siege from AI competitors and shifting market dynamics Rising costs and capital-inten…
Ausbiz: Turning to Defensives in Uncertain Times
Ausbiz: Turning to Defensives in Uncertain Times We see the market set up right now as being very compelling towards traditional defensives 10 Mar 2026 In the News David Jenkins delves into the heightened uncertainty in global markets, highlighting the renewed appeal of defensive…
The Coiled Spring
The Coiled Spring The quiet power of defensive sectors in 2026 05 Mar 2026 Webcasts Register to watch Todd Harlicka, Managing Director of Institutional Sales and Service, and Jonathan Miller, Client Portfolio Manager, as they highlight overlooked opportunities in defensive sector…
Dotcom on Steroids: Part IV
Dotcom on Steroids: Part IV Data center buildout: Data is cracking 02 Mar 2026 GQG Research PDF Key Takeaways CoreWeave’s debt-fueled growth highlights a broader trend in the AI infrastructure boom, where heavy leverage, hardware-collateralized lending, and risky financing struct…
Is Defensive the New Offensive?
Is Defensive the New Offensive? Durable growth and a coiled spring of potential returns 06 Feb 2026 GQG Research PDF Key Takeaways Defensive stocks have quietly outperformed over time, meeting key metrics like consistent earnings and dividend growth, low valuation multiples, and …