Quarterly Letter · Q3 2026

Consolidation and Dispersion

What’s the plan?

“There is nothing accidental about the dollar’s place in the world. Its broad usage reflects the depth of our markets, the strength of our rule of law, the credibility of our institutions, and the scale of our economy.” — Scott Bessent

So far this year, this administration has given us:

A raid in Caracas,
Pentagon equity stakes in mines and oil fields,
A Greenland security deal,
And of course, a “two week” war with Iran that is now over six months long.

Is there a greater plan?

Of course some will argue it’s pure crony capitalism, and some insiders have almost certainly traded news before it broke. The administration has introduced significant exogenous volatility to markets – to what end?

I have no idea. I couldn’t cut it as an international affairs major in college, and that is why I spend my time in Excel, not with heads of state.

But it’s worth asking what a bigger plan would look like, if there were one, because that is actually useful for making good decisions.

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