Insights
Letters, macro briefs, and notes from the Monas research desk.
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Winners, losers, and the law of large numbers
Alphabet’s $80 billion equity raise, SpaceX’s forced-buyer index debut, and why crowning winners on too small a sample — from the AI trade to the Fed — is where the opportunity hides.
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Everyone hates sad karaoke songs
Iran, Market Financial Solutions, and Citrini — three of the year’s biggest return drivers that didn’t make the year-end letter, and what they say about how crises actually unfold.
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Contradictions and TINA’s Funeral?
Why the AI trade wasn’t 2025’s biggest story, the four-leg parlay holding up the 60/40, and where the asymmetries sit heading into 2026.