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.
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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