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Averaging to the Middle
Stray Narratives, Issue 29 - AI doesn't make you smarter. It makes you confidently, fluently, identically average. Which is wonderful news for everyone…
Aug 27
2
1
The Wrong Kind of Bubble
Stray Narratives, Issue 28 - Everyone is hunting for the crash in the data centers, or in the hardware stocks, or even in the debt markets, but they are…
Aug 20
2
1
I Am Buying The Business That Sells Time
Stray Narratives, Issue 27 - Memory did not get cheaper. It got expensive more slowly.
Aug 12
2
1
The 40-Year Tide is Turning (And the First Move Might Fool Most)
Stray Narratives, Issue 26 - The forty-year cycle in the cost of money is turning, sequencing will matter to not get blindsided and run for cover in the…
Aug 7
2
1
July 2026
Magnum Update
Stray Narratives, Issue 25 - My Ice Cream case just got stronger with a few adjustments
Jul 31
1
1
Medtech Basket Update
Stray Narratives, Issue 24 - A very short update where one name leaves the medtech basket, everything else remains the same
Jul 30
2
Right Map, Wrong Vehicle
Stray Narratives, Issue 23 — closing the Wrong Map book: played out partly as we feared, somehow as we hoped. We still see opportunities in the rate…
Jul 23
The Rent Collector
Stray Narratives, Issue 22 - Everyone is fighting over the oil. Almost nobody owns the machine that pumps it — and rents it out until 2050.
Jul 21
4
1
The One Price
Stray Narratives, Issue 21 - Our foundational essay, and the first of a series: what happens when the market pays a software premium for a utility bill?
Jul 17
2
1
The Uranium Paradox
Stray Narratives, Issue 20 - Uranium's contract price just hit its highest since 2008. The easiest way to own the metal is on sale. We are holding …
Jul 10
2
The Discount That Did Not Close
Stray Narratives, Issue 19 - Marking the Xunlei position to market, seven weeks after the four-week catalyst
Jul 5
2
1
June 2026
The Patient Is Not Dying
Stray Narratives, Issue 18 - The medical-device makers are the cheapest they have been in a generation, and the market has the diagnosis backwards.
Jun 29
6
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