Why Traveling Back in Time Is Probably Impossible July 20, 2026 Science almost never declares something flat-out impossible. What it does instead is arrive at a point where so many separate lines of evidence keep pointing the same way that betting against them starts to look reckless. Backward time travel sits squarely in that territory. … Read more
The AI Boom and the Dot-Com Bubble: Similar Psychology, Different Balance Sheets July 19, 2026 The easiest comparison between today’s AI boom and the dot-com bubble focuses on valuation, with many concluding that the current cycle is fundamentally safer because leading AI companies trade at far lower earnings multiples than technology stocks did in the … Read more
Why the Best Investments Often Begin Where the Story Ends July 19, 2026 Markets rarely reward investors for discovering what everyone already knows. By the time a compelling narrative dominates headlines, conference presentations and financial television, the market has usually done what markets do best. It has discounted the future, capitalised the excitement and priced … Read more
The Market Never Said That: How Investors Hear What They Want to Hear July 19, 2026 Ever had that moment when you’re half asleep, the fan is humming and you could swear it whispered your name? Or you’re standing in the shower convinced the doorbell just rang, only to discover the house is perfectly quiet? … Read more
Forecasting Is a Career Tool, Not a Market Tool July 18, 2026 Why Most Forecasts Protect Reputation, Not Capital Financial markets are saturated with forecasts, yet their primary function is rarely to improve investment decisions. Instead, they protect reputations. Most forecasts are carefully constructed to appear thoughtful, balanced and adaptable, allowing the forecaster to remain … Read more
July 18, 2026 For years, the semiconductor debate revolved around a single question: could China catch up to the West in advanced lithography? The assumption behind that question was straightforward. Whoever built the smallest transistors would inevitably dominate the future of computing, and for nearly two decades that premise largely held because shrinking process nodes … Read more
Oxford Instruments: The Quiet Enabler of the Next Technological Revolution July 18, 2026 One of the biggest mistakes investors make is assuming that the biggest winners always produce the finished product. History suggests otherwise. During the California Gold Rush, many prospectors returned home broke, while those selling picks, shovels, denim and supplies quietly built fortunes. … Read more
Price Damage Versus Business Damage July 18, 2026 Technically, the chart has suffered meaningful damage, but damaged and structurally broken are very different conditions, and markets routinely confuse the two after expectations unwind. The recent selloff appears far more severe than the deterioration in the underlying business, suggesting the decline has been driven less by … Read more
The AI Gold Rush Is Ending. The Age of Intelligence Engineering Is Beginning. July 18, 2026 If you remember, we have always maintained that trying to pick the exact top is a fool’s game. Markets possess an extraordinary talent for humiliating those who insist on playing hero, so instead of trying to forecast the precise … Read more
Why We Use Options for Structure, Not Speculation Jul 18, 2026 We receive questions about options whenever markets become slower, more volatile or directionless. The assumption is usually the same: if stocks are no longer producing easy gains, perhaps options offer a faster route to higher returns. That assumption explains why so many investors … Read more
