"The U.S. always has a strong dollar policy. But a strong dollar policy means setting the right fundamentals." - U.S. Treasury Secretary Scott Bessent open.substack.com/pub/blackspear…

“Debasement is Da Base Case.” — BofA’s Michael Hartnett, Investment Strategist open.substack.com/pub/blackspear…

“The time is out of joint. O cursed spite / That ever I was born to set it right!” — Hamlet, Act 1, Scene 5 open.substack.com/pub/blackspear…

“If you can keep your head when all about you / Are losing theirs and blaming it on you…” — Rudyard Kipling, "If—," 1910 open.substack.com/pub/blackspear…

Private Equity Is Telling You Something About Life Science Labs open.substack.com/pub/blackspear…

“If you can meet with Triumph and Disaster / And treat those two impostors just the same…” — If—, Rudyard Kipling open.substack.com/pub/blackspear…

FFTT: "Bigger picture, Wall Street consensus is finally openly talking about “the debasement trade”, which is nice; but what Wall Street is still missing that this report points out is this is NOT a “debasement trade”; it is a “debasement secular trend.” The difference? In a

“If you can make one heap of all your winnings And risk it on one turn of pitch-and-toss, And lose, and start again at your beginnings And never breathe a word about your loss;” — If—, Rudyard Kipling open.substack.com/pub/blackspear…

"Be it power, land, supply chain constraints, how do you ramp up to meet this extraordinary demand for this moment?" - Sundar Pichai, Alphabet CEO, Feb 4, 2026 open.substack.com/pub/blackspear…

The Great Rotation: From Financial Assets to Physical Buildout open.substack.com/pub/blackspear… Joe Weisenthal

“Stay long Detroit, short Davos.” — Michael Hartnett (BofA Global Investment Strategy), The Flow Show (Feb. 6, 2026). open.substack.com/pub/blackspear…

“The Dow is kind of the people’s index, and when you have a crossing of this kind of milestone, it maybe gives some folks food for thought and maybe puts a few dollars into the market.” - Horizon open.substack.com/pub/blackspear…

"My sole contribution to the statute book of historiography — what I call Ferguson’s Law — states that any great power that spends more on debt service (interest payments on the national debt) than on defense will not stay great for very long. True of Hapsburg Spain, true of

"Let’s say you have a desire to do public service. As a natural part of your planning, you think in reverse and ask, “What can I do to ruin our civilization?” That’s easy. If what you want to do is to ruin your civilization, just go to the legislature and pass laws that create

Hims & Hers (HIMS): GLP-1 compounding goes from “gray-zone growth” to enforcement-grade risk open.substack.com/pub/blackspear… $HIMS

“For the full year 2026, we expect CapEx to be in the range of $175 billion to $185 billion, with investments ramping over the course of the year.” - Anat Ashkenazi, CFO, Alphabet open.substack.com/pub/blackspear… $GOOG $GOOGL

"They say there are two sides to everything. But there is only one side to the stock market; and it is not the bull side or the bear side, but the right side." - Jesse Livermore open.substack.com/pub/blackspear…

“The long run is a misleading guide to current affairs. In the long run we are all dead.” — John Maynard Keynes (A Tract on Monetary Reform, 1923) open.substack.com/pub/blackspear…

The Gilded Barbell Portfolio By Blackspear open.substack.com/pub/blackspear…

“Inflation is the one form of taxation that can be imposed without legislation.” — Milton Friedman (The Observer, Sept. 22, 1974) open.substack.com/pub/blackspear…