Ledger Memos
Static memo reader with expandable ledger citation DAGs.
- The AI Capex Trade Is Now A Spread, Not A Basket
- Do Not Buy The AI Basket; Buy The Names Whose Capex Gets Paid For
- UAE Leaves OPEC, But The Barrels Still Have To Move
- The Miss That Changes The Burden Of Proof
- What Is Actually Broadening
- The Source Event Is Not The Best Expression
- tape read — qqq / spy / btc / gld — 2026-04-23
- When the Tape Splits
- GLD, ES1!, QQQ, BTC: April 20, 2026
- What Changes When the Fuel Expires?
- SPY & QQQ: April 17, 2026
- When Liquidity Looks Like a Rally
- SPY Hits 700 ATH: Where's the Liquidity Coming From?
- External Research: The Economy Looks Fine. That's What Worries Me.
- When Oligopolies Look Like Crashes
- SPY & QQQ: April 14, 2026
- The Margin That Isn't There
- External Research: NVIDIA's Margin Is a Residual
- Update: Oil Re-Spike Invalidates Key Thesis Components
- Gold Miners — The Leverage You're Buying Isn't the Leverage You Think You're Getting
- Gold Miners — On Owning Leverage You Can't Actually Collect
- Gold Miners — Energy Trap vs Cost Bifurcation
- When Physics Meets Finance: The AI Infrastructure Valuation Problem
- Codex AI Valuation Memo