This quarter opens a little differently. Instead of the usual market essay, Josh marks 23 years in the industry with 23 things those years have taught him. Some were hard-won. One or two he knew on day one and has had confirmed, expensively, ever since.
From there we take the temperature of a market running hot in a lot of places at once: record flows into leveraged ETFs, quality investors written off as relics again, and lottery-ticket behaviour creeping back into options and the wildest corners of the market. We look at where a real edge still lives once information and analysis have been competed away, why new Fed Chair Kevin Warsh has torn up forward guidance, and how the Magnificent Seven are turning from capital-light cash machines into something far more capital-hungry.
We also make the case for energy in a higher-inflation world and ask what the SpaceX mega-IPO is actually built on. This edition closes away from markets, on raising three daughters in a world that never stops shouting, and the underrated skill of deciding what to ignore, in a portfolio and out of it.
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