The Companies Selling AI Are Paying for It. For Now. (Part 2)

Stray Narratives, Issue 34 - We have an earnings bubble not a valuation bubble, the sequencing when they deflate is very different

Oct 16

4

1

AI Needs Over $3 Trillion a Year in Revenue. It Brings In Less Than $250 Billion. (Part 1)

Stray Narratives, Issue 33 - The story of a bill: who is running it up, how big it gets, and why I think the sequencing leads to a bust

Oct 6

2

1

September 2026

The Price of Willingness (XNET)

Stray Narratives, Issue 32 - The market never priced Insta360. It priced whether Xunlei will sell it, and I'm still betting it does. But betting is not…

Sep 16

2

1

The Crash Hedge That Pays You to Wait

Stray Narratives, Issue 31- The traditional safe haven playbook is going to get people slaughtered in the next drawdown and why I am aggressively buying…

Sep 7

1

The Largest Buyer Just Left

Stray Narratives, Issue 30 - For ten years your monthly contribution competed with the companies to buy a shrinking pool of shares. Now it absorbs a…

Sep 3

1

August 2026

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