3 min read
Michael Miller: Sep 2, 2026, 12:16:31 PM
Every week I get a rough sense of how things probably went before the facts are in, a continuum that runs from optimism to dread. Once the numbers are in, that turns to surprise or disappointment. Well, this week was a mildly positive surprise,...
Read More
4 min read
Michael Miller: Apr 8, 2026, 1:02:49 PM
The conflict in Iran has, for now, confirmed dollar dominance. What it has also done is accelerate every structural pressure that was already...
6 min read
Michael Miller: Mar 30, 2026, 2:55:28 PM
There is a stadium in northwest England where the crowd noise does not simply rise and fall with the action on the pitch. It accumulates. Anfield...
4 min read
Michael Miller: Mar 11, 2026, 8:15:00 AM
Complexity, Contagion, and the Discipline of Integration Complexity is not just a byword for this market, but perhaps its defining feature.
3 min read
Michael Miller: Feb 6, 2026, 12:54:57 PM
One of the great privileges of our work is that it demands a beginner’s mindset and a commitment to continuous learning, no matter how experienced we...
3 min read
Michael Miller: Nov 11, 2025, 11:26:02 AM
Notes from Hong Kong on Travel, Momentum, and What Might Be Shifting
4 min read
Michael Miller: Oct 9, 2025, 9:45:00 AM
Every few decades, markets find a story too powerful to ignore. Railways, the internet, crypto…and now AI. The overarching question investors keep...
2 min read
Michael Miller: Aug 26, 2025, 11:32:14 AM
Last week, a longstanding foundation’s Investment Committee met to weigh a stark choice: Should they continue as a perpetual foundation, or spend...
3 min read
Michael Miller: Jun 9, 2025, 12:00:00 PM
When leadership narrows and a few dominant names drive the gains, it's rarely a sign of strength. Rallies built on concentration often reflect habit,...
2 min read
Michael Miller: Jun 1, 2025, 4:15:00 PM
Or Just Drowned Out by a Better Story?