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One letter a month on where the market is going and why, written for a smart friend rather than a trading desk, with every number sourced and the calls scored in public.
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The latest letter
The bond market is betting the Fed wins.
Borrowing costs hit their highest since 2007 last week. Investors trust the Fed to beat inflation and expect two more rate hikes to do it. I think oil decides it: at most one more hike if there is a deal with Iran, at least two if there is none by the end of the year. Here is how I got there, and what it means if you save, borrow or own stocks.
Alex Romano. Astronautical engineer. Knight-Hennessy Scholar, Stanford. USNA graduate. Founder of ALAN.
Every letter carries its sources, opens or closes a standing thesis on the record, and links to the pages on ALAN where the numbers live. When a call is wrong, the next letter says so by name.