Heliocentrism: Objects may be further away than they appear
Solar capacity is booming around the world, both utility scale and residential applications, and is often accompanied by energy storage whose costs are declining as well. Yet after $9 trillion globally over the last decade spent on wind, solar, electric vehicles, energy storage, electrified heat and power grids, the renewable transition is still a linear one; the renewable share of final energy consumption is slowly advancing at 0.3%-0.6% per year. Our 15th annual energy paper covers the speed of the transition, electrification, the changing planet, the high cost of decarbonization in Europe, nuclear power, the Los Angeles fires, Trump 2.0 energy policies, renewable aviation fuels, superconductivity, methane tracking and the continually wilting prospects for the hydrogen economy.
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19:58
From Here to Eternity
From Here to Eternity: tracking Trump’s economic, market and constitutional milestones
Whether you’re elated or despondent about the blizzard of changes taking place in Washington, let me remind you of something: two years is an eternity in US politics. In this month’s note, we include a Trump policy impact tracker, and an assessment of the statutory and constitutional challenges that Trump policies face as the administration explores the outer limits of executive power.
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10:30
Inauguruption: the flurry of Trump 2.0 executive orders
Trump 2.0 is a hodgepodge of distinctly American political strains: the bare-knuckled nationalism and anti-elitism of Andrew Jackson, the tariff-loving protectionism of William McKinley, the small-government/pro-business policies of Calvin Coolidge, the unforgiving enemies lists of Richard Nixon, the deportation policies of Dwight Eisenhower, the manifest destiny of James Polk and the isolationism of 1914-era Woodrow Wilson. American First policies announced yesterday create risks for investors since its supply side benefits collide with its inflationary tendencies; there’s not a lot of room for error at a time of elevated US equity multiples.
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19:45
Eye on the Market Outlook 2025: The Alchemists
Deregulation, deportations, tariffs, tax cuts, cost cutting, crypto, oil & gas, medical freedom and Agency purges: What could possibly go wrong? Sections include the AI Golden Goose, the invisible nuclear renaissance, DOGE Quixote, the two China traps, Dr. Seuss goes to Europe, a crypto update and the 2025 Top Ten list.
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36:13
The Year of Living Dangerously
I was visited by six ghosts recently warning me of dangers related to predictions, allocations, apparitions, legalizations, expurgations and ablations. Here’s what they said.
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