Letters

May 27, 2026 · Morning Chronicle·≈ 2 min read

Morning Chronicle — May 27, 2026

Good morning and welcome to today's market chronicle. It's Tuesday, May 27, 2026. Everyone came back from the long weekend and decided, apparently, that we are at peace. Wall…

May 27, 2026 · Single-Name·≈ 5 min read

Nvidia, between cycles

Where the name sits. The operating story here is a data center infrastructure company running at a pace that has no precedent in the semiconductor industry. $NVDA's Q1 FY2027…

May 26, 2026 · Morning Chronicle·≈ 2 min read

Morning Chronicle — May 26, 2026

Good morning and welcome to today's market chronicle. It's Tuesday, May 26, 2026. Welcome back from your long weekend. The world did not wait. Wall Street returns this morning…

May 22, 2026 · Morning Chronicle·≈ 2 min read

Morning Chronicle — May 22, 2026

Good morning and welcome to today's market chronicle. It's Friday, May 22, 2026. The market closes early today for Memorial Day weekend, which is fitting, because what Wall…

May 21, 2026 · Morning Chronicle·≈ 2 min read

Morning Chronicle — May 21, 2026

Good morning and welcome to today's market chronicle. It's Thursday, May 21, 2026. Nvidia just reported the most astonishing quarter in the history of American capitalism, and…

May 20, 2026 · Morning Chronicle·≈ 2 min read

Morning Chronicle — May 20, 2026

Good morning and welcome to today's market chronicle. It's Wednesday, May 20, 2026. The bond market has apparently decided that it is done being polite about any of this. Three…

May 19, 2026 · Morning Chronicle·≈ 2 min read

Morning Chronicle — May 19, 2026

Good morning and welcome to today's market chronicle. It's Tuesday, May 19, 2026. Once again, the leader of the free world has saved the world from himself, and markets are…