May 28, 2026

A client emails me: stock XYZ has declined 25%, is the thesis broken? It's a fair question, and the honest answer is one I want to walk through carefully, because the same client letter brought a second question wearing different clothes: how do you tell the difference between patience and stubbornness when a position...

May 21, 2026

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Adam Anderson's interview - AI-generated summary: https://x.com/vitaliyk/status/2056704702323229068

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May 14, 2026

The US dollar accounts for 58% of foreign currency reserves today, down from 70% two decades ago. The US government's freezing of roughly $300 billion of Russian central bank reserves turned the dollar into a political weapon and undermined the comfort countries (even adversaries) had in it. Central banks are now...