ALB: The Dark Horse Nobody Is Watching July 15, 2026 Every commodity cycle leaves behind casualties. Some disappear because the underlying economics were broken from the beginning. Others survive, rebuild, and eventually emerge stronger, but by then investors have stopped paying attention. The difficulty is telling the difference between the two. Albemarle may be approaching … Read more
The AI Irony: America May Be Building the Rival It Hoped to Contain July 14, 2026 Every technological race reaches a point where the battle changes. At first, success depends on building the best product. Eventually, it becomes about controlling access to that product. The United States appears to have entered that second phase of … Read more
High-Density Intelligence: Why the Future of AI Isn’t More Data. It’s Better Knowledge July 13, 2026 For years the artificial intelligence industry has operated under a remarkably simple assumption: if intelligence emerges from data, then the obvious solution is more data. More books, more websites, more code, more videos, more conversations, more parameters, more GPUs, … Read more
Intelligence Density: Why the Next AI Breakthrough Will Come From Relationships, Not Bigger Models July 12, 2026 For most of the past decade, artificial intelligence has been measured the way children measure strength. Bigger must be better. More parameters. More GPUs. Larger context windows. More data centres consuming enough electricity to power small cities. The … Read more
Why Bayesian Investors Keep Beating Everyone Else July 11, 2026 One of the biggest mistakes investors make is believing that markets reward certainty. They do not. Markets reward investors who assign better probabilities than everyone else and, more importantly, who are willing to update those probabilities as new evidence emerges. That distinction may appear subtle, … Read more
Why Three Unrelated Events May Be Reshaping the Global Order July 10, 2026 Most events, when viewed in isolation, carry very little significance. Markets have a habit of overreacting to individual headlines before quietly moving on to the next crisis, scandal or political drama. We generally ignore these episodes because they rarely alter the long-term … Read more
The Snake Oil Phase of Artificial Intelligence July 10, 2026 Every technological revolution passes through a period where reality and marketing drift so far apart that investors begin confusing promises with products. Railroads had it. The dot-com boom perfected it. Cryptocurrency experienced it. Artificial intelligence has now entered its own version, where almost every company … Read more
The Tactical Investor TICAF REIT Rankings 2026 July 11, 2026 The Best North American REITs Through the Tactical Investor Capital Allocation Framework (TICAF) Every year investors ask essentially the same question: Which REITs should I own? It sounds sensible enough, but it is also the wrong question because the highest-yielding REIT is rarely the best … Read more
Cognitive Density: Why the Next AI Revolution Won’t Come From Bigger Models July 9, 2026 The first generation of artificial intelligence was built on a remarkably simple assumption. If intelligence emerged from scale, then the obvious solution was to scale everything: more parameters, more GPUs, more electricity, more data centres and more internet data. For … Read more
An Industrial-Scale Narrative Wrapped in Horse ST July 8, 2026 Long story short, as we noted in the last Market Update, several members of our team and I spent the better part of a year dissecting the AI story, separating genuine technological progress from the marketing narrative that has engulfed it. The conclusion we reached … Read more
