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Campbell Ramble

campbellramble.ai

Occasional observations about markets, data, and the broader world. Click to read Campbell Ramble, by Alexander Campbell, a Substack publication with tens of thousands of subscribers.

Society / politics / economyTech news / industry

’21’22’23’24’25’26
Posts
232 from 9 Nov 2021 to 31 Oct 2026
Posting
weekly (58 in the last year)
Kind
personal blog
Feed
https://www.campbellramble.ai/feed

2026 50

  1. Spooky Speedbrake on the Way to the Singularity?
  2. The (Boomer) Fiscal Trap
  3. Punter Portfolio Book - v001
  4. The Real (Yield) Singularity
  5. There Are Bonds in the Singularity
  6. Consilience of Curves
  7. Back in the saddle
  8. Initiate Ghost Protocol
  9. There Are Bonds in the Semiconductors
  10. Down Days
  11. Out of Oil
  12. How to Short a Bubble
  13. The Dragon and the Tigers
  14. Priced for Peace
  15. A Trade as Sweet as Ethanol
  16. A New Oil Era
  17. Long Convexity, Long Chaos
  18. Whatever Happened to Alpha Redux
  19. The Cascade: What Oil Feeds
  20. The Return of Rimland
  21. The "Rational" Conclusion
  22. The Fragile Peace
  23. Waking the Hegemon
  24. The Cascade Trade
  25. THE CASCADE
  26. Systems 102: The Pursuit of Alpha
  27. Systems 101: Overconfidence
  28. War for the Dollar
  29. What the Heck Happened to Gold
  30. Don’t Take the Bait
  31. Watch Credit
  32. The Strip vs. The Strait
  33. Everything is a Bank
  34. The Regret Trade
  35. All Eyes on Hormuz
  36. Where Did All The Stenographers Go?
  37. The Death of the New Deal
  38. Blood Transfusion or Blood on the Streets
  39. Don’t F With The Money
  40. Crowded, Confused, Cranky
  41. Long APIs, Short Slides
  42. The Silver Attack
  43. Flash Crash
  44. The Air Pocket
  45. Dear Comrade Xi
  46. When You Feel Pain, Remember to Reflect
  47. Dollar Doomers Missing the Point
  48. Silver Moon
  49. The Case for Greenland
  50. 26 Views for 2026

2025 36

  1. 10 Silver Days of Christmas
  2. My Meandering Path to Silver
  3. Rock 'Em Sock 'Em Robots
  4. 25 for 2025: Year in Review
  5. Portfolio Review - November 2025
  6. We (Still) Live in a World of Dollars
  7. The Doomer's Paradox
  8. Epilogue: How I Got Here
  9. Time To Build
  10. The Chaos Game
  11. Don't Invade the Heartland
  12. Grounds for Divorce
  13. Too Big to Bail
  14. China Can't Win
  15. The Silver Fox
  16. Conviction Through Dissonance
  17. The Return of the 23-Year-Old Trader
  18. Investing as Myth-Making
  19. The Arsenal of Autocracy
  20. The Protection Portfolio: September 2025
  21. Against Entropy
  22. Silver: The Only Money That Generates Electricity
  23. Stoic Macro: Portfolio Consciousness
  24. Stoic Macro: Living Between Order and Chaos
  25. Stoic Macro: The Mathematics of Progress
  26. The Routing Problem
  27. The Return of the S Curve
  28. Gold Goes West
  29. The Silver Squeeze
  30. Least Favored Nations
  31. Portfolio Update: January 2025
  32. The Compute Burden
  33. The Race is On
  34. Can You Feel the Acceleration?
  35. Bonds vs Stocks
  36. 25 Views for 2025

2024 45

  1. The S Curve Strikes Back
  2. "Fill it up again!"
  3. Stocks vs Bonds
  4. The S Curve is Here
  5. Still Long Silver
  6. No Soup (aka Gallium) For You!
  7. Why We're Still Long Gold
  8. Convert of Doom
  9. 24 Views for 2024: Year in Review
  10. Perfect Alignment is Perfectly Impossible
  11. The Death of Globalism
  12. Portfolio Moves
  13. The New New Deal: The Pu Pu Platter
  14. The 100% Inheritance Tax
  15. Stop Trying to Kill Bloomberg
  16. New New Deal
  17. Conflict is Inflationary: Part 2
  18. Three Green Lines
  19. Where Did All the Lamplighters Go?
  20. Why I'm still short Boeing
  21. We are going to run out of silver
  22. The Tit-for-Tat Loop
  23. Is this China's "Whatever It Takes"?
  24. A Depression with Chinese Characteristics
  25. The Silver Singularity
  26. Irrational Doomers
  27. The Unicorn Economy: The Great Liquidity Drought
  28. Reflections on Inflation
  29. This is what short vol feels like
  30. The (equity) volatility machine is down
  31. Sahm Sunday Drama
  32. California vs New York
  33. How Will AI Make Money (in Finance)?
  34. Time to Hedge?
  35. How to Short a Startup
  36. Where Did All the Farmers Go?
  37. Freedom of Navigation
  38. Where is the market for US housing going?
  39. Silver in India
  40. Don't Trust Machines
  41. Gold in China
  42. Nevsky's Choice
  43. Evergrande is Dead
  44. Time for a Bottom in Chinese Stocks?
  45. 24 Views for 2024

2023 31

  1. Conflict is Inflationary
  2. Two Visions of the Singularity
  3. China is Selling Treasuries
  4. History's Greatest Monsters
  5. Why Can't China Bail Out It's Banks?
  6. There are Bonds in the Stocks
  7. Acceleration is about Time
  8. Another (PropCo) Bites the Dust
  9. Twitter is a Bank
  10. My friend Nick
  11. So, you wanna bet on AI (infrastructure)?
  12. Ranking the Banks
  13. How to Regulate AI
  14. What if Treasury Defaults?
  15. Wait for it...
  16. The Chinese Property Sector is *still dead*
  17. A Proactive Peace Plan for Taiwan
  18. All The Silver In The World
  19. Bloomberg enters the AI game
  20. Now They Want Us To Bomb Data Centers
  21. Remember Folks, Banking Crises are *Deflationary*
  22. Contagion Comes for Credit Suisse
  23. Wait and See
  24. Contagion Comes to California
  25. Oh hi Silicon Valley Bank 👋
  26. Short Stocks, Short Bonds
  27. Change in Conditions
  28. Two-A-Days
  29. The Machine is Down
  30. Yes, there will be a recession in America
  31. The smallest violin in the world

2022 15

  1. The White Paper Rebellion
  2. The War Phase
  3. This Week in Markets
  4. Why eating meat and worrying about AGI is morally inconsistent.
  5. How can we measure growth in China without the GDP Report?
  6. Where are we in the US inflation cycle?
  7. Why is everyone talking about Credit Suisse's CDS?
  8. Is it time to start worrying about US economic surveys?
  9. The Downside of the Yale Endowment Model - part 1
  10. The Dollar Squeeze Heads to China
  11. Time to "Buy the Dip"?
  12. Is This It?
  13. One Trillion of Losses... Hiding in Plain Sight
  14. Bitcoin Is (Still) Not Money (Yet)
  15. Do You Have Enough Gold?*

2021 55

  1. Evergrande: End Game
  2. What Evergrande Means to an Old China Bear
  3. The coming Chinese credit crisis in ten charts
  4. Inflation, Deflation, Bubble - The Destruction of a Bubble
  5. Inflation, Deflation, Bubble
  6. Pricing gold upside vs equity downside
  7. The day the oil machine went down - poem
  8. The day the oil machine went down - part 2
  9. The day the oil machine went down
  10. Food vs Oil
  11. Where do we go from here?
  12. What if coronavirus was inflationary?
  13. Another Leg Down?
  14. Staring at the (deflationary) abyss
  15. Trading in my PJs
  16. What just happened? (covid)
  17. Dress Rehearsal (Covid)
  18. 2020 Outlook - Buy the tails
  19. Breakout
  20. What if Volker killed the Soviet Union?
  21. Cultural Dissonance
  22. Things that don't add up (China credit update)
  23. The cost of gold
  24. Real Vision Appearance - On the tape for gold in China at 10.5k RMB/oz
  25. RMB update - Lucky number 7
  26. Big infrastructure ideas for Monetary Policy 3 (MP3)
  27. Waiting for the crash. Waiting for inflation.
  28. A credit bubble in China
  29. Levered Stocks as Inflation Protection
  30. Tails
  31. Easing
  32. Bubbles
  33. Campbell at the CFA's 3rd Annual Macro Outlook
  34. The Dollar - part 2
  35. We Live in a World of Dollars
  36. The Machine
  37. Bitcoin is not money - part 3 - scale
  38. Whatever Happened to Alpha - Part 3
  39. Whatever Happened to Alpha - Part 2
  40. Whatever Happened to Alpha - Part 1
  41. What if AI weren't inevitable?
  42. What if Uber isn't a monopoly?
  43. Why you should care about Brexit
  44. What Markets Said About Brexit
  45. Bitcoin Is Not Money - Lack of payments (p2)
  46. Overconfident, Overconcentrated, and Overcrowded
  47. Bitcoin Is Not Money - Why Bitcoin is Cool (p1)
  48. The Unicorn Economy - Capital vs Technology (Part 3)
  49. The Unicorn Economy - The Capital Cycle (Part 2)
  50. The Unicorn Economy - Part 1
  51. Stop Buying Real Estate (in SF)
  52. Overconfidence is (probably) blowing up your life
  53. Diversify (Your Life)
  54. Pivot - The Goal of Snow
  55. Goals