Substack
Governments now value capability over efficiency. That shift shapes the framework, the evidence across six countries, and the portfolio we run.
On 12 August 2026, Pinetree Macro completed four years.
Information is now free and simultaneous, so capital saturates an asset class and abandons it inside a quarter. Here is how I think about investing in a world of rolling bubbles.
Our Calls, Currency, Trade access, and Manufacturing
How the AI buildout is being financed, and why it matters more than whether the technology works
