Why valuation does not survive the forces now reshaping AI, and why the company is racing to list before the market sees them. The argument in brief Anthropic is asking public investors to pay roughly $1.5 trillion to $2 trillion for a company whose most recent quarter brought in
How order flow agreements, not-held discretion, non-deal roadshows and rules nobody enforces let the trading firms see, and play against, every small company and its shareholders, and how to turn your cards face down. The 25-Year Small Public Company Descent to Hell, Part 3. Summary Part 1
The Gulf's desalination dependence, Iran's asymmetric water advantage, and why drinking water may be the hidden brake on US escalation. Strategic research whitepaper. Bottom line. Saudi Arabia, Kuwait, the UAE, Oman, Qatar and Bahrain get most of their drinking water from a small number of coastal
Anthropic's IPO and Meta's $95 billion financing plan put the same question before public investors: can AI turn extraordinary demand into durable cash returns, or will shareholders keep funding the buildout? AI capital markets. In 2000, Lucent Technologies described its $2 billion financing package for Winstar
A Schumpeterian answer: agentic AI in the hands of experienced market professionals as the life preserver for small public companies. The 25-Year Small Public Company Descent to Hell, Part 2. Creative destruction of the market structure. The vacuum, agentic AI, the Coupon Token, the Premium Convertible, carrying it out,
How market structure shifted small-company capital from growth investors to predatory financiers. Market structure analysis. History, mechanism, the large trading firms, return and dilution evidence, and the way forward. There is hope. Summary Over the past 10 to 15 years, the smallest US public companies and OTC-traded companies
SpaceX has bought the airwaves for a fourth national carrier and is now negotiating for at least 80,000 cell sites to put them on. The one layer it does not control is the radio that sits on every one of those sites. We believe SpaceX will pay $24 to
Thoughts, stories and ideas.
A companion to "Tagatose: A Natural Rare Sugar with a Systems-Level Health Case." Prepared for SOD Sciences and the ReBalU platform. This brief presents the same thesis at three levels: a plain-English explanation, a scientific interpretation, and a partner-facing opportunity. The organizing idea is the
Musk pledged one SpaceX share to every American child and called it the first of many. The real bet is universal high income, and whether the machines can pay for it. SPCX, TSLA. JD Unfiltered Research. Musk pledged one SpaceX share to every American child and called it the first
The diesel bargain, de facto vassalage, and the arrival of the Morrow Moment. A JD Unfiltered Special Report. Executive Summary In the three weeks after Xi Jinping's September 23 to 25 state visit to Washington, the two powers that the Colossus Doctrine framework identifies as the senior vassals
How Bessent can retire $1 trillion of pandemic-era bonds for about 55 cents on the dollar, and why the Super Coupon makes it easier. A JD Unfiltered Special Report by Joseph M. Salvani and Daniel J. Walsh. The Opportunity The United States borrowed for thirty years at 1.25
Elon Musk says he sees a path to SpaceX being worth orders of magnitude more than the entire Earth economy. It sounds absurd. So did every claim made about the companies that later defined their eras. This piece lays out the record, the evidence that SpaceX fits the pattern, and
Why Bessent goes bigger on the long-bond buyback this month, and why the GENIUS Act makes it possible. A JD Unfiltered prediction note by Joseph M. Salvani and Daniel J. Walsh. The Call Before October 31, 2026, Bessent will go bigger on the long-end buyback, and not by
SpaceX now owns the airwaves to become America's fourth carrier. What it does not own is the radio that turns those airwaves into a city network. The same radio layer would connect Tesla's robotaxis and robots where satellites cannot reach. We reiterate our $28 target price
US stablecoins have barely dented Europe's 6 trillion euro household deposit base. January 2027 changes the starting gun, and Circle is in position. But Europe has walled off the one weapon that wins deposits, paying people to hold. The Super Coupon goes through the wall, not over it.
A patient-friendly explanation of the ReBalU resistant-plague thought experiment. SOD Sciences, ReBalU Platform. Joseph M. Salvani and Daniel Walsh. What this guide is. This guide explains a thought experiment: what would happen inside the body if the bacteria that cause plague ever became resistant to the medicines used
Contained, it costs almost nothing. Spread widely, it takes about 3 percent of world GDP. Scenario, not a forecast. Cause unconfirmed. Nobody has confirmed plague. The WHO says a lab worker in Irkutsk died of severe pneumonia, the cause is not officially confirmed, and the patient's contacts have
A discovery near Lake Baikal in Siberia has changed the story of plague. Researchers found evidence that it caused deadly outbreaks among hunter-gatherers about 5,500 years ago, long before the medieval Black Death. The discovery also raises a broader question: why might people respond differently to a severe
The hurdles to a combination are being cleared one at a time. This piece lays out the evidence trail, the obstacles that remain, and why $500 is the right target for Tesla. TSLA, SPCX. JD Unfiltered Research. Disclosure: the author holds shares and options in both Tesla and SpaceX. See