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One letter a week 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 Fed raised the price of money. The S&P 500 sells it.
The Fed hiked for the first time in three years and stocks went up anyway. That is not a mistake. Earnings are compounding, the biggest companies are lenders, and the pain from higher rates lands on the borrowers at the bottom of the market. Here is what happened, what comes next, and what to do.
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.