When the Dollar Cracks, the World Reprices
June 5, 2025 >> Quietly powerful
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Dear all,
Something doesn’t sit right.
Not in the headlines or the front-page numbers - but in the undercurrents. Not in the VIX, the unemployment rate, or the yield curve - but in the places capital is quietly escaping, where price no longer reflects value, and where consensus seems too calm for comfort.
Why are U.S. equities showing their largest underperformance against global peers in over three decades… while tech indices surge to fresh highs, indifferent to it all? Why are bond yields climbing in heavily indebted economies with no panic in sight? Why is the dollar struggling to find balance - losing strength beneath the surface - while so many still believe it stands unshaken?
This letter it’s about sensing pressure before it bre…
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