All Notes

Post-election and post-market wipeout call, through the lens of what we’re seeing in narrative-world.

Live example of how to build a systematic trading strategy from narrative virality and regime data.

We had a market update Zoom call last Friday during our regularly scheduled Office Hours. As of today (Monday, Nov 2) it looks like we’re all just going to pretend that last Friday didn’t happen and/or doesn’t have any repercussions (“the midterms are a clearing event” lol), but I think this was a good conversation about the wipeout that’s happened across the tech world.

Introduction to the Parallax platform, our flagship offering for a) new narrative virality and regime data, b) agentic reports discovering new connections between markets and narratives, and c) customized narrative reports on your equity and multi-asset portfolios.

Ben Hunt of Epsilon Theory argues that the AI buildout is becoming too big to fail, with consequences for energy costs, credit markets, and consumers. His central question: who bears the cost when private investment becomes a national priority?

A recording of our Office Hours call originally held on September 11, 2026.

In this webinar, we tie together both the long-standing gold/credibility/de-dollarization trade and the long-standing private credit/insurance/systemic risk trade, using a recent tech breakthrough in measuring narrative virality and regime status to do it.

Last November, I published a note titled World War AI (attached and linked). It had one core observation – that the resource mobilization effort required for AI capex buildout plans in the US over the next few years rivals the resource mobilization effort of World War II – with two associated predictions:

It’s never easy to be net short in a portfolio, especially when you make the transition (because you’ll always get the timing wrong) and especially when you’ve got an election just a few months out (because every White House will juice the market and this particular White House will stop at nothing to juice the market), but net short is the right call here.
Meanwhile, back at the ranch, Apple is raising prices, oil inventories are at all-time seasonal lows, and if you’re not a communist on the Dem side or an election-denying Trumpist on the GOP side you can’t win a primary.

A recording of our open webinar for Pro and Parallax members to talk about dominant market narratives, from AI capex euphoria to the absurdity of the Iran War to the absolute exhaustion that all investors are feeling with all this, and take your questions on what we’re seeing across the narrative landscape.