Investment Perspectives

Bitcoin lost ~75% of its value in 2022 without a single change to its algorithm, supply cap, or utility — pure sentiment reversal. A first-principles case for why scarcity without utility can't create durable value, and why regulatory risk may be the most underpriced threat in the entire asset class.

Gold hedged 9 of 11 S&P 500 bear markets since 1929 — but the one number that actually predicts it is the US real rate, not headline Fed moves. Since 2022, central banks buying 1,000 tonnes/year has created a structural price floor that didn't exist before.

Nuclear ETFs returned 73-120% over the past year — not on climate sentiment, but because AI data centers are competing directly with utilities for every available megawatt of carbon-free power. A science-first case for why clean energy stopped being a values trade and became the infrastructure story of the decade.

A market that was essentially zero a decade ago is now worth $8.9 billion, on pace for $62 billion by 2036. From $750,000 Virgin Galactic seats to Starship's 100-passenger ambitions, a full breakdown of costs, safety, and where investors should actually look.

Humans have mapped more of Mars than of Earth's ocean floor. Pricing spans from $800 shallow submarine trips to $750,000 Titanic dives at 3,800 meters — while China's 1,000-meter submersible, targeting $2,000-$20,000 tickets, could do for deep-sea tourism what budget airlines did for flying.

China's alternative to SWIFT processed $24.5 trillion in 2024, projected to hit $30 trillion in 2025 — and the renminbi's share of global trade finance has quadrupled. The infrastructure for a serious dollar alternative isn't hypothetical anymore; it's already running.

China hit its 2030 wind and solar target six years early, then set a new goal of 3,600 gigawatts by 2035 — more than doubling again. Three blocs, three completely different playbooks (state-directed speed, binding EU law, US private capital), all converging on the same 47-52% wind and solar destination by 2055.