The Mechanics of Narrative Collapse
Every price is a story. Some stories end.
In brief: Asset prices are often shaped by narratives, and narratives can be challenged by manufacturing cost [...]
Engineered Scarcity: Diamonds, Disruption, and the Future of Value
Event DetailsDate: July 22, 2026Time: 2 PM EST / 12 PM MTN / 11 AM PST
What determines value?
We're taught that scarcity [...]
The Hardened Economy
Why adaptation is the investment — and why we built the Strategic Resilience Portfolio to capture it.
The global economy is hardening. Not in metaphor [...]
Hardening the Macro Economy: Introducing the Strategic Resilience Portfolio
The climate has already changed. Regardless of future policy outcomes, the infrastructure required to support modern civilization in a warmer world will [...]
Governance Was Always Everything. Now Everyone Can See It.
Garvin Jabusch and Erika Karp, June 2026
Governance has never been a buzzword. Those who have spent careers in capital markets understanding how ownership [...]
Two Decimal Places of Fiction: Why SETI is More Rigorous Than Your WACC
In 1961, at the Green Bank Observatory in West Virginia, Frank Drake wrote seven variables on a chalkboard. Multiplied together, they were supposed to [...]
Capital Doesn’t Predict the Future — It Builds It
The Greatest Arbitrage in Modern Markets Is Between the World Our Institutions Can Perceive and the World That Actually Exists
April 2026
There is a [...]
The Strait of Hormuz and the Price of Fragility
What the Largest Energy Disruption in History Reveals About Portfolio Risk
As we write this, Brent crude sits above $107 per barrel. Earlier this month [...]
“Whale Fall” – The End & The Beginning
By Erika Karp, President
Now that Spring is within sight, I've been fantasizing about the summer. So naturally, I've been dreaming about whales. [...]
Can Orbital Data Centers Really Be a Thing? (And Is That the Next Economy?)
By Garvin Jabusch
February, 2026
We often talk about the Next Economy as a function of efficiency—doing more with less, deleting the friction of [...]