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.
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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.