Charts of the Week:

Quote of the Week:

“A man who has committed a mistake and doesn’t correct it, is committing another mistake.”

— Confucius

READS OF THE WEEK

• NYT – Companies can tell investors less under proposed SEC rules

• Jacob Shapiro on US/Canada

• Louis-Vincent Gave on US/Canada

LISTENS OF THE WEEK

• Macro Hive – Jon Turek

• OPM – Warren Pies

WATCHES OF THE WEEK

• Me on Benny & The Squirrel

• Me on Competent Investor Podcast

• 2.5 hrs on the Silk Road

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Disclosure: Pinecone Macro Research, LLC is an independent research firm. Pinecone Macro’s letters are based upon information gathered from various sources believed to be reliable but are not guaranteed as to accuracy or completeness. There are risks in investing. Any individual report is not all-inclusive and does not contain all of the information that you may desire in making an investment decision. You must conduct and rely on your own evaluation of any potential investment and the terms of its offering, including the merits and risks involved in making a decision to invest. The information in this letter is not intended to be, and shall not constitute, an offer to sell or a solicitation of an offer to buy any security or investment product or service. The information in this report is subject to change without notice, and Pinecone Macro Research, LLC assumes no responsibility to update the information contained in this report. There is risk in trading markets. Pinecone Macro Research, LLC is not an investment advisor. The ideas and trades I share are my own and are for informational and educational purposes only and should not be construed as investment advice. Accordingly, you should not rely solely on the information in making any investment. You should always check with your licensed financial advisor to determine the suitability of any investments.

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Charts of the Week:

Quote of the Week:

“We may have knowledge of the past but cannot control it; we may control the future but have no knowledge of it.”

— Claude Shannon

READS OF THE WEEK

• NYT on Victor Niederhoffer who passed away

• SCMP – China unveils measures to boost weak consumption

LISTENS OF THE WEEK

• I started a new almost daily short form podcast

• Founders – Bob Dylan

• Capital Allocators – Pre-Mortems

WATCHES OF THE WEEK

• Benny & the Squirrel – Brent talking about how Houston is better than Kansas

• Monetary Matters - Luke

• Daily Discernments – the new show

PMR Website

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Disclosure: Pinecone Macro Research, LLC is an independent research firm. Pinecone Macro’s letters are based upon information gathered from various sources believed to be reliable but are not guaranteed as to accuracy or completeness. There are risks in investing. Any individual report is not all-inclusive and does not contain all of the information that you may desire in making an investment decision. You must conduct and rely on your own evaluation of any potential investment and the terms of its offering, including the merits and risks involved in making a decision to invest. The information in this letter is not intended to be, and shall not constitute, an offer to sell or a solicitation of an offer to buy any security or investment product or service. The information in this report is subject to change without notice, and Pinecone Macro Research, LLC assumes no responsibility to update the information contained in this report. There is risk in trading markets. Pinecone Macro Research, LLC is not an investment advisor. The ideas and trades I share are my own and are for informational and educational purposes only and should not be construed as investment advice. Accordingly, you should not rely solely on the information in making any investment. You should always check with your licensed financial advisor to determine the suitability of any investments.

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I have been kicking around the idea of doing a quick ALMOST DAILY video series for a long time and finally pulled the trigger today.

I will of course still be doing The Daily Dots with Zach on a daily basis and many of you will of course prefer to just keep watching/listening to that for longer form content with the banter and the back and forth. On the days I fly solo without Zach - Dots and Discernments will be about the same (like today).

On other days I may get to a couple things we do not discuss on Dots and the biggest difference is these will be way shorter than Dots with the aim of about 15 minutes. I will have these sent to podcast catchers for my Taylor Made Macro podcast as well (may take a few days to get started).

I will probably make these 2-3 times per week given there are some days where there is nothing worth talking about (thus discernment!) - so do not expect 5 per week. If you think this does not suck - share it.

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Charts of the Week:

Quote of the Week:

“Taking on a challenge is a lot like riding a horse. If you’re comfortable while you’re doing it, you’re probably doing it wrong.”

— Ted Lasso

READS OF THE WEEK

• WSJ – Great visual article on the innovations in the Russia/Ukraine War

• NYT – Treasury scales back scrutiny of US shell companies

LISTENS OF THE WEEK

• MV – Michael Howell

• Founders – Claude Shannon

WATCHES OF THE WEEK

• Benny & The Squirrel – Is AI Profitable

• Excess Returns Weekly Wrap

PMR Website

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Disclosure: Pinecone Macro Research, LLC is an independent research firm. Pinecone Macro’s letters are based upon information gathered from various sources believed to be reliable but are not guaranteed as to accuracy or completeness. There are risks in investing. Any individual report is not all-inclusive and does not contain all of the information that you may desire in making an investment decision. You must conduct and rely on your own evaluation of any potential investment and the terms of its offering, including the merits and risks involved in making a decision to invest. The information in this letter is not intended to be, and shall not constitute, an offer to sell or a solicitation of an offer to buy any security or investment product or service. The information in this report is subject to change without notice, and Pinecone Macro Research, LLC assumes no responsibility to update the information contained in this report. There is risk in trading markets. Pinecone Macro Research, LLC is not an investment advisor. The ideas and trades I share are my own and are for informational and educational purposes only and should not be construed as investment advice. Accordingly, you should not rely solely on the information in making any investment. You should always check with your licensed financial advisor to determine the suitability of any investments.

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Charts of the Week:

Quote of the Week:

“Our life is what our thoughts make of it.”

― Marcus Aurelius

Reads of the Week:

• James Aitken on the Fed

• FT (Tett) – Yen intervention illustrates the dangers of monetary experiments

• Louis Vincent Gave – A Shifting Global Currency Landscape

Listens of the Week:

• ILTB – Gavin Baker

• Geopolitical Cousins – great nerdy one – Lessons Learned

• Founders – Raymond Plank (Apache)

Watches of the Week:

• New Huawei Stelato SUV

• Jon Stewart highlighting how we were an inch from a deal for the entire war

PMR Website

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Disclosure: Pinecone Macro Research, LLC is an independent research firm. Pinecone Macro’s letters are based upon information gathered from various sources believed to be reliable but are not guaranteed as to accuracy or completeness. There are risks in investing. Any individual report is not all-inclusive and does not contain all of the information that you may desire in making an investment decision. You must conduct and rely on your own evaluation of any potential investment and the terms of its offering, including the merits and risks involved in making a decision to invest. The information in this letter is not intended to be, and shall not constitute, an offer to sell or a solicitation of an offer to buy any security or investment product or service. The information in this report is subject to change without notice, and Pinecone Macro Research, LLC assumes no responsibility to update the information contained in this report. There is risk in trading markets. Pinecone Macro Research, LLC is not an investment advisor. The ideas and trades I share are my own and are for informational and educational purposes only and should not be construed as investment advice. Accordingly, you should not rely solely on the information in making any investment. You should always check with your licensed financial advisor to determine the suitability of any investments.

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Charts of the Week:

Quote of the Week:

“I can think of nothing less pleasurable than a life devoted to pleasure.”

― John D. Rockefeller

Reads of the Week:

• FT (Ganesh) – The War Dividend

• If you like history – this is such a gift

Listens of the Week:

• Outliers (Knowledge Project) – John D. Rockefeller

• Founders – Christopher Nolan

• MV – Jim Bianco

Watches of the Week:

• Macro Dirt – Tarek Saab

• Good Music – Nathan Evans

PMR Website

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Check out Pinecone Passport

Disclosure: Pinecone Macro Research, LLC is an independent research firm. Pinecone Macro’s letters are based upon information gathered from various sources believed to be reliable but are not guaranteed as to accuracy or completeness. There are risks in investing. Any individual report is not all-inclusive and does not contain all of the information that you may desire in making an investment decision. You must conduct and rely on your own evaluation of any potential investment and the terms of its offering, including the merits and risks involved in making a decision to invest. The information in this letter is not intended to be, and shall not constitute, an offer to sell or a solicitation of an offer to buy any security or investment product or service. The information in this report is subject to change without notice, and Pinecone Macro Research, LLC assumes no responsibility to update the information contained in this report. There is risk in trading markets. Pinecone Macro Research, LLC is not an investment advisor. The ideas and trades I share are my own and are for informational and educational purposes only and should not be construed as investment advice. Accordingly, you should not rely solely on the information in making any investment. You should always check with your licensed financial advisor to determine the suitability of any investments.

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Charts of the Week:

Quote of the Week:

“Treat what you don’t have as nonexistent. Look at what you have, the things you value most, and think of how much you’d crave them if you didn’t have them. But be careful. Don’t feel such satisfaction that you start to overvalue them—that it would upset you to lose them.”

― Marcus Aurelius

Reads of the Week:

• FT – Gillian Tett with a great piece on ‘financial candyfloss’

• FT – Brendan Greeley (popular this week) on the return of monetarism (I support a reintroduction of paying attention to the quantity of money)

Listens of the Week:

• Founders – The Merchant Bankers

• Monetary Matters – Russell Clark

• Macro Hive – Brendan Greeley (MUST)

Watches of the Week:

• Market Hudde – Paul Krake

• Benny & The Squirrel & Kevin Muir

PMR Website

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Check out Pinecone Passport

Disclosure: Pinecone Macro Research, LLC is an independent research firm. Pinecone Macro’s letters are based upon information gathered from various sources believed to be reliable but are not guaranteed as to accuracy or completeness. There are risks in investing. Any individual report is not all-inclusive and does not contain all of the information that you may desire in making an investment decision. You must conduct and rely on your own evaluation of any potential investment and the terms of its offering, including the merits and risks involved in making a decision to invest. The information in this letter is not intended to be, and shall not constitute, an offer to sell or a solicitation of an offer to buy any security or investment product or service. The information in this report is subject to change without notice, and Pinecone Macro Research, LLC assumes no responsibility to update the information contained in this report. There is risk in trading markets. Pinecone Macro Research, LLC is not an investment advisor. The ideas and trades I share are my own and are for informational and educational purposes only and should not be construed as investment advice. Accordingly, you should not rely solely on the information in making any investment. You should always check with your licensed financial advisor to determine the suitability of any investments.

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Charts of the Week:

Quote of the Week:

“Unceasingly contemplate the generation of all things through change and accustom thyself to the thought that the Nature of the Universe delights above all in changing the things that exist and making new ones of the same pattern.”

― Marcus Aurelius

Reads of the Week:

• Eric Schmidt on the revolution in warfare

• FT – SpaceX and the myth of independent Wall St research

• Japan’s Kawasaki Heavy proposes making naphtha from hydrogen

Listens of the Week:

• The Knowledge Project – Dr. Gio Valiante

• Hidden Forces – Mary Bridges

Watches of the Week:

• Benny & The Squirrel with the great David Dredge

• My yapping about escalation risks on KYRP

• Excess Returns – Jack Schwager

PMR Website

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Check out Pinecone Passport

Disclosure: Pinecone Macro Research, LLC is an independent research firm. Pinecone Macro’s letters are based upon information gathered from various sources believed to be reliable but are not guaranteed as to accuracy or completeness. There are risks in investing. Any individual report is not all-inclusive and does not contain all of the information that you may desire in making an investment decision. You must conduct and rely on your own evaluation of any potential investment and the terms of its offering, including the merits and risks involved in making a decision to invest. The information in this letter is not intended to be, and shall not constitute, an offer to sell or a solicitation of an offer to buy any security or investment product or service. The information in this report is subject to change without notice, and Pinecone Macro Research, LLC assumes no responsibility to update the information contained in this report. There is risk in trading markets. Pinecone Macro Research, LLC is not an investment advisor. The ideas and trades I share are my own and are for informational and educational purposes only and should not be construed as investment advice. Accordingly, you should not rely solely on the information in making any investment. You should always check with your licensed financial advisor to determine the suitability of any investments.

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Charts of the Week:

Quote of the Week:

“But happy is the man who has given it this impulse toward better things! He will place himself beyond the jurisdiction of chance; he will wisely control prosperity; he will lessen adversity, and will despise what others hold in admiration. It is the quality of a great soul to scorn great things and to prefer that which is ordinary rather than that which is too great. For the one condition is useful and lifegiving; but the other does harm just because it is excessive.”

― Seneca

Reads of the Week:

Great Adam Butler piece on how the modern world learned to mistake the map for the territory. Must read.

FT – Japan FM urges giant pension fund to invest more at home

SCMP – China bans helium exports

Listens of the Week:

Hidden Forces – Iran’s New Grand Strategy

Geopolitical Cousins – 16 Books That Shaped Us

Watches of the Week:

RiskReversal Media – Louis Vincent Gave

Ken Burns on US Independence

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PMR Website

Check out Pinecone Passport

Disclosure: Pinecone Macro Research, LLC is an independent research firm. Pinecone Macro’s letters are based upon information gathered from various sources believed to be reliable but are not guaranteed as to accuracy or completeness. There are risks in investing. Any individual report is not all-inclusive and does not contain all of the information that you may desire in making an investment decision. You must conduct and rely on your own evaluation of any potential investment and the terms of its offering, including the merits and risks involved in making a decision to invest. The information in this letter is not intended to be, and shall not constitute, an offer to sell or a solicitation of an offer to buy any security or investment product or service. The information in this report is subject to change without notice, and Pinecone Macro Research, LLC assumes no responsibility to update the information contained in this report. There is risk in trading markets. Pinecone Macro Research, LLC is not an investment advisor. The ideas and trades I share are my own and are for informational and educational purposes only and should not be construed as investment advice. Accordingly, you should not rely solely on the information in making any investment. You should always check with your licensed financial advisor to determine the suitability of any investments.

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Charts of the Week:

Quote of the Week:

“During my eighty-seven years I have witnessed a whole succession of technological revolutions. But none of them has done away with the need for character in the individual or the ability to think.”

― Bernard Baruch

Reads of the Week:

• FT – Good vibes are masking a reset in markets

• WSJ – EV batteries are defying expectations after hundreds of thousands of miles

Listens of the Week:

• MV - Rory

• Monetary Matters – Liaquat Ahamed talking 1873 – truly great book

• Hidden Forces – Daniel Yergin

Watches of the Week:

• Thoughtful Money – Darius Dale

• Monetary Matters – Erik YWR

PMR Website

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Check out Pinecone Passport

Disclosure: Pinecone Macro Research, LLC is an independent research firm. Pinecone Macro’s letters are based upon information gathered from various sources believed to be reliable but are not guaranteed as to accuracy or completeness. There are risks in investing. Any individual report is not all-inclusive and does not contain all of the information that you may desire in making an investment decision. You must conduct and rely on your own evaluation of any potential investment and the terms of its offering, including the merits and risks involved in making a decision to invest. The information in this letter is not intended to be, and shall not constitute, an offer to sell or a solicitation of an offer to buy any security or investment product or service. The information in this report is subject to change without notice, and Pinecone Macro Research, LLC assumes no responsibility to update the information contained in this report. There is risk in trading markets. Pinecone Macro Research, LLC is not an investment advisor. The ideas and trades I share are my own and are for informational and educational purposes only and should not be construed as investment advice. Accordingly, you should not rely solely on the information in making any investment. You should always check with your licensed financial advisor to determine the suitability of any investments.

Read more

Charts of the Week:

Quote of the Week:

“Doubt everything. Find your own light.”

― Buddha

Reads of the Week:

• SCMP – Many countries are ‘quiet quitting’ the US & China on trade

• Long Arc News – The Money Goes First

Listens of the Week:

• Founders – Joseph Pulitzer

• The Market Huddle – Leslie Harris (Must)

Watches of the Week:

• Norway fans’ rowing chant is incredible

• Zach and I with the one and only Brent Johnson

• Thoughtful Money – Kevin Muir

PMR Website

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Check out Pinecone Passport

Disclosure: Pinecone Macro Research, LLC is an independent research firm. Pinecone Macro’s letters are based upon information gathered from various sources believed to be reliable but are not guaranteed as to accuracy or completeness. There are risks in investing. Any individual report is not all-inclusive and does not contain all of the information that you may desire in making an investment decision. You must conduct and rely on your own evaluation of any potential investment and the terms of its offering, including the merits and risks involved in making a decision to invest. The information in this letter is not intended to be, and shall not constitute, an offer to sell or a solicitation of an offer to buy any security or investment product or service. The information in this report is subject to change without notice, and Pinecone Macro Research, LLC assumes no responsibility to update the information contained in this report. There is risk in trading markets. Pinecone Macro Research, LLC is not an investment advisor. The ideas and trades I share are my own and are for informational and educational purposes only and should not be construed as investment advice. Accordingly, you should not rely solely on the information in making any investment. You should always check with your licensed financial advisor to determine the suitability of any investments.