The Breakdown Newsletter

Retail investors once paid irrational premiums to bet on a bond king. Now they’re doing it for crypto kings

The VOC’s spicy dividend strategy has lessons for today’s token holders

Markets are all-in on optimism — is that a forecast or a delusion?

The House embraces crypto — but keeps the fences up

Stablecoins are a new form of money, with an old kind of limit

If pump.fun is a success, NYSE may have to return to a six-day workweek

Trade isn’t war and prosperity isn’t a contest

Crypto’s highest purpose might be to make markets better by making them bigger

An improbable tale of the world’s 40th graphics-chip startup

Cuts to government R&D budgets may prove penny wise, bitcoin foolish

In the age of AI, focusing on what’s right in front of you may be the best bet

Who needs gold when you have taxes?

The stock market loves crypto more than the crypto market does

What happens to your investment portfolio when the companies driving returns are no longer in it?

Crypto is a business — and it might be winner-takes-most

In crypto investing, quantity has a quality all its own.

Why equities are more stable than in past decades, plus advice from Peter Lynch

Conferences are pop-up innovation clusters—and filters for the riff-raff

Money for enemies isn’t fun, but crypto can be

The future of crypto isn’t just going to happen

The banking system still processes payments like it’s 1975. Crypto might have a fix.

Markets look forward, even when we can’t see past the news

Greenwood was a success story before it was a tragedy

Asymmetric information is threatening crypto the same way it once threatened equities. Disclosure might be the fix.