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A weekly financial newsletter

The city hasn't woken up.

the Market does.

Every week I find the one thing the financial press missed

The premise

Mainstream media covers events. We cover what leads them.

Fed decisions, earnings calls, S&P price targets. By the time they're news, the move has already happened. The clues were in the credit markets. In the stress fractures of private lending. In the insider selling pattern that nobody connected.

The Market Anomaly reads the BIS reports. The BDC earnings transcripts. The cross-border capital flow data. The stuff the pros read that the public doesn't see, then tells you what it means in plain language, a week before it becomes a headline.

Still reading yesterday's news?

The Market Anomaly lands every week

Latest Anomalies

Texas changed one word and cut $2.4 billion from its storm fund

23 hours ago

Texas changed one word and cut $2.4 billion from its storm fund

The law used to require enough money for a one-in-a-hundred-year hurricane. In June it became one in fifty. Rates were frozen in exchange. The hurricanes weren't consulted.

Payday came. A third of it was from the government.

1 day ago

Payday came. A third of it was from the government.

That's the American farm sector this year — alongside record debt, a record interest bill, and a lender whose bad loans have tripled.

Harvard tried to sell. The best bid was 60 cents.

5 days ago

Harvard tried to sell. The best bid was 60 cents.

So the richest school on earth borrowed $2.5 billion instead. Its private equity portfolio fell 31.6% over the following year.

Your bank stopped lending to businesses. It lends to lenders now.

1 week ago

Your bank stopped lending to businesses. It lends to lenders now.

One dollar in every ten American banks lend now goes to another lender. Fifteen years ago it was less than one in a hundred.

America's safest retirement product moved offshore

1 week ago

America's safest retirement product moved offshore

$2.4 trillion of life insurance reserves have been signed over to reinsurers. Bermuda took 84% of the share that left the country, and the rules there are not the rules here.

People paid $6 to own $1 of bitcoin. That just broke.

1 week ago

People paid $6 to own $1 of bitcoin. That just broke.

For five years a stock traded far above the coins inside it, and used the gap to buy more. In June the premium became a discount — and the machine started running backward.

Companies are failing fast. Lending to them has never been cheaper.

2 weeks ago

Companies are failing fast. Lending to them has never been cheaper.

372 big bankruptcies in six months, the most since 2010. Yet the reward for owning junk debt is near a record low. Those two don't belong together.

The market looks calm. The stocks inside it are on fire.

2 weeks ago

The market looks calm. The stocks inside it are on fire.

One crowded trade is holding the whole index still. It's made billions — and it already broke once this year.

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Stop reading the news a day too late.

Independent. Anomaly-first. Weekly.

No part of this publication constitutes financial advice.