Hypernormal Investing: Growing Capital & Protecting Wealth Amid Radical Uncertainty
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Read the daily notes at the Hypernormal Times on Substack. Subscribe, review, and share. Brought to you by Progressive Equity. Commentary and information only — not investment advice. "Governments defending prices against fundamentals always lose." Stanley Druckenmiller's warning to his old protégé, Treasury Secretary Scott Bessent, is the thread through a remarkable week. Bessent's "economic D-Day" on Iran and the dollar-as-weapon problem; the Black Wednesday irony of a man who broke the Bank of England now defending the bond price; Warsh's money-supply gauge flashing as M2 runs hot and the Treasury floods liquidity; Nvidia's blowout that answered demand — never the real doubt — while margins compress and a hot PCE print fully prices a December Fed hike; and Warsh's first Jackson Hole, where a frozen market waited on a chairman who refuses to give guidance. Plus the AI-vs-Middle East tug of war, gold and Bitcoin as the debasement scorecard, and a US move to lease Venezuela's oilfields. Essential listening for active investors on markets, capital and the cost of money. investing, markets, macro, capital, stocks, bonds, Treasury yields, fiscal dominance, Scott Bessent, Stanley Dru