Stranded compute is filling up partially complete data centers. The GPUs are arriving faster than the power infrastructure needed to run them. Elon Musk is right on the bottleneck: the issue is no longer chips. It is transformers, cooling, and permits. Morgan Stanley revised U.S. data-center power demand up 43 percent to 97 GW through … Continue reading Electricity Is the Payment Medium for Compute

If markets feel jumpy now, the real test comes after 3 November. Trump is not a career politician. The current administration has already been more willing to pressure Iran over the Strait of Hormuz than a conventional one would have been. Once the election calendar is gone, that constraint disappears. Investors who stay in the … Continue reading Post-Midterm Volatility and Our 70/30

The portfolio is red. That is not the decision. We moved a large slice of capital from Nordea to Montrose this week. Nordea still classifies us as professional clients, so the shelf is wider. Montrose wins on the clock. The US withholding comes back immediately, and the line shows what the refund actually covers. At … Continue reading Nordea pays later. Montrose pays now.

There is a particular kind of late-life conscience that only arrives after the fortune is locked in. The man has already flown, eaten, spent and compounded. Then he looks at the rest of us and suggests we take the train, skip the steak and park what little we have in a sustainable fund. It is … Continue reading Easy to preach once the money is in

Kristalina Georgieva said so in Singapore on 7 October, in the curtain raiser for next week’s IMF and World Bank meetings in Bangkok. Her three crosscurrents were the rapid arrival of AI, energy prices that are still high after the Gulf conflict, and public debt at its highest since the Second World War, on track … Continue reading Debt near 100% of GDP is not a mood. It is a bill.

The holding is modest. The irritation was not. California’s leadership keeps finding new ways to tax private wealth and corporate income, and I had talked myself into the idea that Constellation lived in that climate. Yesterday I went back and forth on whether to dump the lot and buy American Electric Power instead. The correction … Continue reading I nearly sold Constellation Energy because I had the wrong state.

By yesterday every September dividend was in the account, and the total sat above the forecast. That is not a victory lap. It is mostly the krona. The spreadsheet still converts every dollar at 9.50 kronor. Riksbank’s latest fixing, 2 October 2026, is 10.0579. Against 9.50 that is about 5.9 percent of free lift before … Continue reading September beat the sheet. The year will not.

That is the whole argument. From 31 August to 30 September the portfolio value fell 0.89%. I had already spent the month treating every red day as proof of a larger cut. The S&P 500 closed at 7,686.14 on 31 August and 7,651.54 on 30 September, about −0.45%. A choppy month. Not a bloodbath. My … Continue reading September felt like a 2–3% hole. The sheet said −0.89%.

On Wednesday I told you to look at the scoreboard and face the music. ADP printed a bounce, consumer spending looked heavy after the revisions, and the September invoice for America’s border detox seemed lost in the mail. I stood up, owned the miss, and called the immigration-and-breakeven slump a slow 2026 crawl, not a … Continue reading The Invoice Just Arrived. And It’s Gross.

Yesterday I treated the August JOLTS print like the first polite admission that the labor-market juice is wearing off. Openings fell to 7.079 million. Construction and health care blinked. I wrote that if the next payrolls print came in soft, nobody should act surprised. Today’s numbers did not play along. ADP says private employers added … Continue reading The openings coughed. The paychecks did not.