The curated database of hedge funds that publish investor letters. Research by geography, strategy, and schools of thought.
| # | Fund | Strategy | Style | Geography | AUM | Latest Letter |
|---|---|---|---|---|---|---|
As of Oct 8, 2026
The United States faces escalating structural insolvency as rising sovereign yields, persistent budget deficits, and capital malinvestment dismantle the administration's economic targets. The Treasury's 3 3 3 strategy—seeking a three percent fiscal deficit, three percent real GDP growth, and three million additional barrels per day of oil production—has broken down across every target metric. The budget deficit remains stubbornly elevated at 5.8% of GDP, real growth is lagging at 2.1%, and oil production gains have severely missed projections amidst geopolitical turmoil and refinery deficits. Simultaneously, an unprecedented artificial intelligence infrastructure boom is absorbing over $1.2 trillion in corporate debt issuance, fueled by accelerated depreciation tax provisions and subsidized by private equity-controlled life insurance balance sheets. With long-term Treasury yields surging and the Federal Reserve tightening into an energy-driven supply shock, debt servicing costs are compounding government liabilities. Equities remain dangerously elevated due to passive index momentum and concentrated AI valuations, masking deep industrial stagnation. Ultimately, sovereign credit fragility will necessitate aggressive monetary intervention, positioning gold as the premier hedge against fiat debasement and systemic insolvency.
Surging debt servicing costs and unchecked fiscal deficits will inevitably trigger a sovereign debt crisis, forcing monetary debasement and vindicating gold as the ultimate arbiter of systemic solvency.
The fund expects Treasury yields to continue their upward trajectory as deficits widen and corporate AI issuance crowds out sovereign debt. Rising interest expenses will compound government insolvency, ultimately forcing the Federal Reserve to intervene with aggressive monetary printing once debt markets experience disorderly liquidation. In this environment, equities face severe valuation contractions while gold will ultimately reassert its role as the definitive monetary hedge against sovereign debt collapse.
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