The tomb is sealed, and we don’t even realize it yet.

You have probably heard of some troubles in private credit funds recently, including the Blue Owl fund that gated redemptions. And others.

It’s a brave new world out there.

I teased this in Chart of the Week on Tuesday, but if you missed it, perhaps you saw Pam Bondi at the Epstein hearing deflecting questions by saying that we should be focused on the fact that the Dow Jones Industrial Average was above 50,000.

If you want to get better at investing, this is how you do it.

If you’ve been reading this letter faithfully for a while, you know I have been a big proponent of diversifying into precious metals (a lot) over the years. Well, I had the worst day I’ve ever had trading last week.