Author name: Dune Research Team

On Stoicism: Seneca advised to regularly set aside days without comforts, “during which you shall be content with the scantiest and cheapest fare, with coarse and rough dress, saying to yourself the while: ‘Is this the condition that I feared?’” Idiosyncracies In Duration (LatAm Tech) There is no hiding my excitement about the prospects of […]

“Man is a short-sighted creature, sees but a very little way before him, and as his passions are none of his best friends, so his particular affections are generally his worst counsellors.” ― Daniel Defoe, The Life and Adventures of Robinson Crusoe Asymmetry and Convexity are synonymous with Patience and Volatility. The catalysts of asymmetry

I read Kevin Muir’s latest musings over the weekend, and that tipped me over from a hunch I’ve been having about Gold and Silver. Muir’s post was originally inspired by a recent podcast interview that another modern-day value legend, David Einhorn, gave [THE LONG AND SHORT OF INVESTING with David Einhorn], and now we are doing

Work From Home Is The New ESG. ESG woke culture is experiencing some cathartic outflows as governments and institutions realise that in the era of great power competition, politics have no room for virtue signalling. Great power competition is always a matter of industry and resources, and the bedrock of these pillars is energy. In

This week’s thoughts are still very much predicated on the principle of 無為 that we lay out in our latest musings. Much has occurred since our last dispatch, Silicon Valley Bank imploded, Signature Bank was taken to the backyard to be shot (shutting down the last institutional Fiat<>Crypto on-ramp, off-ramp), Credit Suisse nearly imploded, and

“Because of the quirks of our human eagerness for the immediate reward, we are forewarned that what seems easy and straightforward is deceptively so; the roundabout is in practice a counterintuitive path—of acquiring later stage advantage through an earlier stage disadvantage—nearly impossible to follow.” ― Spitznagel, Mark, The Dao of Capital: Austrian Investing in a

Draper, Ulysses and the Sirens (It depicts the scene from Homer’s Odyssey in which Ulysses (Odysseus) resists the bewitching song of the sirens by having his ship’s crew tie him up, while they are ordered to block their own ears to prevent themselves from hearing the song.) Siren’s Call: “Odysseus, bravest of heroes, Draw near

“The solidarity of the classical vision of the world is nothing other than our own myopia. The certainties of classical physics are just probabilities. The well-defined and solid picutre of the world given by the old physics is an illusion.” – Carlo Rovelli, Heldoland: The World of Quantum Theory. The fading ability for Logical &

Probably the most important chart of the decade. This chart by STIFEL is the graphical manifestation of what we are trying to elucidate with our harping on the inflation schmeflation theme. In the end, the debate will be moot because markets are likely to trade rangebound for an extended period of time, decimating both bulls

Stage 1: Short The Rip (bear market rally)Stage 2: Low-Vol Chops (the calm before the storm)Stage 3: The Panic (inflation, schmeflation… whatever the case)Stage 4: Back Up The Truck (disinflation & deflation) If 2023 had levels to this, I believe that we are currently in Stage 1. Markets are never this easy, especially the ones