Deep dives
Research on the technologies, markets and forces that shape the next decade. Each starts from first principles, assumes no background, and ends with what it means.
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01Space and defense
The Space Economy: Launch, Satellites, Defence and the Race Beyond Earth
How big is the space economy, who earns the money, what could go wrong, and which listed companies touch which part?
$686BGlobal space economy, 20259 chapters55 min -
02Technology and AI
The financialization of compute
How AI computing capacity (chips, data centres and power) is being turned into collateral, bonds, leases and tradable contracts, and what could go wrong.
$720-745BCombined 2026 capex guidance, Amazon, Alphabet, Microsoft and Meta8 chapters42 min -
03Health
GLP-1 drugs: semaglutide, tirzepatide and what comes next
How the obesity and diabetes drugs work, who sells them, how much they earn, and where the next wave and the biggest risks sit as of 3 November 2026.
USD 24.4bnLilly revenue, Q3 2026 (+39%)8 chapters43 min -
04Technology and AI
Memory chips: DRAM, NAND and HBM
Why memory, not compute alone, became the bottleneck of AI, who makes it and how its boom-and-bust cycle works.
$154.7BGlobal DRAM industry revenue in 2Q26, up 59.5% on the quarter8 chapters55 min -
05Space and defense
The Defence Economy
How the West spends on national security, who builds its weapons, why procurement is slow, and how software and drones are rewriting the rules.
$2.89TWorld spend, 20259 chapters32 min -
06Technology and AI
Artificial Intelligence
What AI is, why it arrived now, where the value accrues, and what it means for the economy and for work.
100MUsers in 2 months9 chapters26 min -
07Markets and money
Cryptocurrencies
What crypto actually is, how Bitcoin, Ethereum and stablecoins work, and where the real value and the real risk lie.
$2.6TTotal market value9 chapters25 min -
08Technology and AI
Semiconductors
How the most complex objects humans build actually work, who controls them, and why a handful of chokepoints hold up the entire economy.
$1.66T2026 forecast9 chapters24 min -
09Technology and AI
Quantum Computing
What it is, why it is fundamentally different, how close it really is, and why it threatens the encryption that protects everything.
>$1B2025 revenue9 chapters23 min -
10Technology and AI
Humanoid Robotics
Why a general-purpose robot is suddenly plausible, what it will cost, who is building it, and why China may already have won the supply chain.
$38BMarket by 20359 chapters24 min -
11Space and defense
SpaceX & the Space Economy
How reusable rockets collapsed the cost of orbit, why Starlink is the real business, and what a trillion-dollar space economy looks like.
~$2.0TMarket value9 chapters22 min -
12Technology and AI
Neuralink & Brain-Computer Interfaces
How machines are learning to read the brain, what they can already do for the paralysed, and where the line between therapy and enhancement lies.
21Neuralink patients9 chapters22 min -
13Technology and AI
The AI Stack
The industrial machine behind the chatbot: chips, data centres, gigawatts and cloud economics, and where the profit finally settles.
945 TWhData centres by 20309 chapters24 min -
14Technology and AI
AI Agents
From chatbots that talk to systems that act: what agents really are, where they already work, why most projects fail, and who captures the value.
40%Enterprise apps9 chapters22 min -
15Energy and materials
Solar Energy
How a niche space technology became the cheapest electricity in history, what still limits it, and who owns the supply chain.
$0.10/WModule price9 chapters23 min -
16Energy and materials
The Electric Grid
The century-old machine everything now depends on: why demand is surging for the first time in decades, and why the wires can't keep up.
+25%US demand by 20309 chapters23 min -
17Energy and materials
Critical Minerals
The raw materials of the electric age: what they are, why demand is exploding, and how one country came to refine most of them.
5xLithium demand9 chapters25 min -
18Energy and materials
The Global Energy Transition
The biggest capital reallocation in history: what is genuinely changing, what stubbornly isn't, and who wins either way.
$2.3TClean investment9 chapters25 min -
19Energy and materials
Precious Metals
Why a shiny rock still anchors the financial system, what drove gold's record run, and how silver became an industrial metal in disguise.
$5,589Gold's all-time high9 chapters26 min -
20Health
The Economics of Drug Development
Why a single medicine costs billions and takes a decade, why most fail, and how AI and biology are rewriting the maths.
~$2BPer approved drug9 chapters24 min -
21Health
The Business Model of Healthcare
How the U.S. $5.3-trillion health economy actually makes money, following a single dollar through payers, providers, PBMs and pharma, and finding where the margins really sit.
~$5.3TAnnual health spending9 chapters31 min -
22Health
Longevity: The Science and Business of Aging
The biology of aging, what can slow it, who is funding the cure, and why there is still no approved drug.
110,000Deaths a day10 chapters31 min -
23Health
Healthcare IT
Why $4.9 trillion of American medicine still runs on 1966 software, and how AI finally reads the chart.
18%of GDP is healthcare10 chapters28 min -
24Markets and money
The Federal Reserve
How the world's most powerful bank works: the mandate, the toolkit, the plumbing of money, and the fight over its independence.
1913Founded9 chapters30 min -
25Markets and money
The Magnificent 7: Anatomy of Market Dominance
Why seven companies now drive the American market: each business model, the AI-capex arms race, and the concentration risk hiding inside your index fund.
~34%Of the S&P 5009 chapters29 min -
26Markets and money
Stablecoins: The Dollar's Digital Rails
How dollars wrapped in software settle in seconds for a fraction of a cent, repricing payments, minting a new class of Treasury buyer, and extending dollar dominance into the internet age.
~$300BMarket cap10 chapters28 min -
27Markets and money
Prediction Markets: Trading on the Future
How binary contracts turn opinions into prices, why the crowd often beats the pundits, and how a crypto curiosity became financial infrastructure in under two years.
~$53BMonthly volume10 chapters32 min -
28World and society
Housing Affordability
Why homes outran incomes, why America stopped building, and what actually makes housing cheaper.
5.1xPrice-to-income9 chapters26 min -
29Markets and money
The Future of Investing
How index funds, near-zero fees, robo-advisors, private-market access and AI agents are moving investment decisions from human judgment to machine code, and what that means for markets and for you.
55%+US fund assets passive9 chapters27 min -
30Markets and money
Equity Tokenization
Putting Wall Street on-chain: 24/7 markets, instant settlement, and the honest gap between a $16-trillion promise and a rounding-error reality.
$150T+Global equity value9 chapters28 min -
31World and society
China: How It Built Its Industrial Power
The rise from workshop to superpower: the industrial-policy playbook behind roughly 30% of global manufacturing, and the demographics, debt and deflation now testing it.
~30%Global manufacturing9 chapters30 min -
32World and society
India: The Next Economic Giant?
A young billion-person democracy is trying to grow rich before it grows old: the dividend, the jobs risk, the digital leap, and the road not taken.
1.43BPopulation10 chapters32 min -
33World and society
Population Collapse
How falling fertility, ageing societies and shrinking workforces will reshape every economy on Earth.
~2.25World fertility rate, 20239 chapters33 min -
34World and society
American Agriculture
How a $5 trillion farm-to-fork economy feeds 340 million people, the productivity miracle, the consolidation that captured it, and the pressures now testing it.
~$5TThe food economy9 chapters29 min -
35World and society
The Creator Economy
How the individual became a media company, why a quarter-trillion-dollar market rests on a brutal power law, and where value migrates from attention to ownership.
~$250BMarket size, 20239 chapters28 min -
36World and society
The Media Landscape & the Crisis of Sensemaking
How information is produced and consumed now: the attention economy, fragmentation, the collapse of trust, and whether a society can still agree on what is true.
28%Trust in mass media9 chapters29 min -
37Technology and AI
AI & the Labor Market: What Happens to Work
Which occupations AI exposes, why it is white-collar this time, and what history says about the transition.
~80%Of US workers9 chapters31 min -
38Markets and money
Futures, options and perpetuals: how derivatives work
Futures, options and perpetual futures explained from scratch, then how Hyperliquid and trade.xyz put them on a blockchain, with the risks first.
10%Move that wipes out a 10x position17 chapters117 min -
39Markets and money
The stock market, from zero
What a stock is, how the market works, how to judge a company, and a plan you can follow, for someone who has never invested.
7.6x$1 compounded at 7% a year for 30 years12 chapters79 min -
40Markets and money
Inside quant investing: alpha, beta and the strategies
What quant funds do, what alpha and beta mean, how each strategy works, and how they differ from regular hedge funds, mutual funds and index funds.
2 and 20A common hedge fund fee: 2% a year plus 20% of profit11 chapters113 min
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Research, not investment advice. Figures as of .
Legal information and disclosures
These are my own views as of the update shown on this page. They can change without notice, and I have no duty to update them. Past performance does not indicate future results, and any investment can lose money.
This is for education only. It is not investment, legal, tax, medical or accounting advice, and it is not an offer to sell or a solicitation to buy any security in any jurisdiction. It does not consider your goals or circumstances.
Figures from company filings, public agencies and other third parties are believed to be reliable, but I have not independently verified them and cannot guarantee them. Forecasts and anything marked as an estimate rest on assumptions that may prove wrong.
Please do not copy or republish this material without my written consent.