Most market commentary
can never be wrong.
Macro and markets for institutional investors. I write down what would prove me wrong – before the market does.
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Kevin Warsh wants to kill inflation. The convenient way would be AI doing the job for him.
The Price of Calm
On volatility suppression, the AI build-out, and the trouble with being right once
Special Edition – The Test Starts
Investment Musings – Special Edition, 10 June 2026
The podcast
Markets, capital, and the thinking behind the calls.
Worth reading
Articles and reading I think are worth your time.
The future of AI may be small, cheap and unprofitable
A study argues small models on everyday hardware could handle most of what large models do today – leaving the future of AI cheaper, and far less profitable, than investors expect.
ECB may hike rates again despite weak growth – BofA
Bank of America thinks the ECB could raise rates further even with subdued eurozone growth, as policymakers stay focused on upside inflation risks.
SpaceX, OpenAI and Anthropic: The S&P 500 Inclusion Question and Investment Consequences!
Damodaran weighs whether three AI-era giants belong in the S&P 500, and what passive index inclusion would mean for their valuations and for investors.
About
Nuno Amado Mendes, CFA
Head of Corporate Finance at Feel Group and former CIO of a London single-family office. Background in derivatives, structured products, trading and research across Santander, Novo Banco and BES. Investment Musings is where I write down what I think – and what would prove me wrong.
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