Alina Khay
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The Gold Trade Starts Where AI Crowding Ends
Gold starts to matter when the marginal investor stops adding to crowded AI/growth exposure and starts asking a question: what protects the portfolio if…
Aug 9
•
Alina Khay
56
12
July 2026
Why Stock Valuations Don’t Predict Crashes (And What Actually Does)
A framework for separating the odds of a stock market crash from the depth of one—and where US equities sit as of 29 July 2026.
Jul 29
•
Alina Khay
69
14
The Trapped Central Bank: Why Debt Service Anchors Hard Assets
The rates market is pricing a fantasy.
Jul 23
•
Alina Khay
59
12
Is Euphoria Over? Reading the Mid-July Regime Shift
And the Late Cycle Capital Rotation
Jul 17
•
Alina Khay
59
12
Why Does Alpha Disappear Exactly When Opportunities Appear to Be Increasing?
And how Poker can explain this paradox
Jul 12
•
Alina Khay
58
10
What Really Drives Gold Now
It isn't real yields
Jul 8
•
Alina Khay
51
11
How I Forecast a Market This Crowded: Odds, Precedents and Exits
A record equity overweight, a bond hedge that stopped working, and the Exit Census that counts what is left
Jul 5
•
Alina Khay
51
9
America Turns 250. Here's What the Stock Market Is Really Telling Investors About Q3
Markets don't break because they're concentrated. They break when concentration meets a macro shock.
Jul 1
•
Alina Khay
66
13
June 2026
The Only Thing Not on Sale Is Leverage
Gold, silver, bitcoin and oil are being liquidated in unison. The dollar and US equities are adored. Sitting under both: a record pile of borrowed money…
Jun 25
•
Alina Khay
44
8
Warsh Didn't End the Debasement Trade
The new Fed chair broke the monetary engine of the gold trade. The structural one — deficits, central-bank buying, a less legible dollar — were always…
Jun 20
•
Alina Khay
51
6
Where the Momentum Factor Still Works
What three decades of volatility data reveal about momentum’s true constraint
Jun 18
•
Alina Khay
50
7
$3.6 Trillion Is Coming to Market: SpaceX, Passive Flows and What Comes After
Three times oversubscribed, priced by decree, and bought by funds that have no choice. The most interesting thing about Friday's listing is the part…
Jun 11
•
Alina Khay
48
4
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