Is it too late to invest at all-time highs?

You have money to invest. You open the app, look at the chart, and see a line that has gone almost straight up. The S&P 500 closed at 7,652.86 on 24 August 2026, a rounding error away from its own record. Some part of your brain

The $40 trillion in your mortgage

Washington borrowed its way past a round number this week, and the bill arrived in European bond markets. Plus: what one quarter of AI spending actually costs a shareholder.

The $1.42 trillion IOU behind the rally

Record borrowing is fuelling the market, the AI boom is quietly financing itself, and a struck-down tariff bill is now trading at a discount. Three numbers, and what they mean for your money

23,000 jobs gone. Stocks hit a record

Why a shrinking job market and a record-high stock market are the same story - plus the EUR 100 trick that beats every hot tip.

Ten stocks, 37% of your index

Europe just built a single price feed for your ETFs, Mexico quietly out-exported its own car industry, and a head-start calculation worth EUR 421,000. This week's letter.

A diamond is forever. De Beers wasn't

De Beers spent 130 years convincing the world a diamond never loses its value. In July 2026, the company itself sold for less than the price of a new mine shaft.

The 0.05% that pays you EUR 8,130

A fee cut you did nothing to earn, a record quarter that burned through a billion, and a chart that makes the phrase \"euro-area debt\" fall apart.

Netflix grew 13%. Viewing grew 2%

The gap between those two numbers is the entire business model. Plus: what 3.5% inflation quietly charges a $10,000 balance, and why "the European housing market" describes almost nobody.

The IPO trap: why 'Getting in on the ground floor' usually means getting trampled

On May 18, 2012, Facebook went public in the most anticipated IPO in a decade. Retail investors - regular people with brokerage accounts - snapped up 26% of the shares offered. What those regular people didn't know was that Facebook had quietly told its largest institutional investors that second-quarter

I wrote the personal finance book I needed at 22

My parents never bought a stock. School taught me the Pythagorean theorem and nothing about money. So I read hundreds of finance books - and ended up writing the one I wish someone had handed me at 22.

Barbarians at the gate: how to buy a $25 Billion company with almost none of your own money

In October 2022, Elon Musk bought Twitter for $44 billion. You probably remember the headlines. What you might not remember is the fine print: Musk borrowed $13 billion of that money. But he didn't get stuck with the loan. Twitter did. Not Elon. The company itself had to

Why smart investors are finally going global (and you should too)

For over a decade, one man shaped how millions of people invest. JL Collins - author of The Simple Path to Wealth, patron saint of the FIRE movement, the guy who made "just buy VTSAX" feel like a religious commandment - told his followers that all you needed was one