i wrote nine thousand words on the end of the software age.

not commentary. not a research note. something else.

it happened last week. the air, the salt, the tape, the conversations no one wants to have out loud.

businesses repriced. layers erased. futures negotiated across a bar while the sun did its expensive arc over st barts.

i sat with trader mike for two hours.

more than ninety percent of it is true. not last year. not a polished memory from some old bull market. last week.

this is not a summary of events.

this is what it felt like inside them.

here’s a fragment.

𝚖𝚒𝚔𝚎 𝚜𝚌𝚛𝚘𝚕𝚕𝚜 𝚝𝚑𝚛𝚘𝚞𝚐𝚑 𝚝𝚑𝚎 𝚠𝚎𝚎𝚔 𝚕𝚒𝚔𝚎 𝚒𝚝 𝚒𝚜 𝚊𝚗 𝚊𝚞𝚝𝚘𝚙𝚜𝚢. 𝚗𝚘𝚝 𝚕𝚘𝚘𝚔𝚒𝚗𝚐 𝚏𝚘𝚛 𝚌𝚊𝚞𝚜𝚎 𝚘𝚏 𝚍𝚎𝚊𝚝𝚑. 𝚕𝚘𝚘𝚔𝚒𝚗𝚐 𝚏𝚘𝚛 𝚝𝚒𝚖𝚎 𝚘𝚏 𝚍𝚎𝚊𝚝𝚑.

𝚝𝚑𝚎𝚢’𝚛𝚎 𝚊𝚕𝚕 𝚊𝚛𝚐𝚞𝚒𝚗𝚐 𝚊𝚋𝚘𝚞𝚝 𝚠𝚑𝚎𝚝𝚑𝚎𝚛 𝚝𝚑𝚎 𝚏𝚎𝚍 𝚌𝚞𝚝𝚜 𝚒𝚗 𝚓𝚞𝚗𝚎 𝚘𝚛 𝚓𝚞𝚕𝚢, 𝚑𝚎 𝚜𝚊𝚢𝚜, 𝚖𝚒𝚜𝚜𝚒𝚗𝚐 𝚝𝚑𝚎 𝚎𝚡𝚝𝚒𝚗𝚌𝚝𝚒𝚘𝚗 𝚎𝚟𝚎𝚗𝚝 𝚋𝚎𝚗𝚎𝚊𝚝𝚑 𝚒𝚝.

𝚝𝚑𝚎𝚛𝚎 𝚊𝚛𝚎 𝚌𝚘𝚖𝚙𝚊𝚗𝚒𝚎𝚜 𝚐𝚘𝚒𝚗𝚐 𝚘𝚞𝚝 𝚘𝚏 𝚋𝚞𝚜𝚒𝚗𝚎𝚜𝚜. 𝚏𝚞𝚕𝚕 𝚜𝚝𝚘𝚙. 𝚗𝚘𝚝 𝚌𝚘𝚖𝚙𝚛𝚎𝚜𝚜𝚒𝚗𝚐. 𝚗𝚘𝚝 𝚞𝚗𝚍𝚎𝚛𝚙𝚎𝚛𝚏𝚘𝚛𝚖𝚒𝚗𝚐. 𝚐𝚘𝚒𝚗𝚐 𝚘𝚞𝚝 𝚘𝚏 𝚋𝚞𝚜𝚒𝚗𝚎𝚜𝚜.

𝚜𝚘𝚏𝚝𝚠𝚊𝚛𝚎 𝚎𝚡𝚝𝚒𝚗𝚌𝚝𝚒𝚘𝚗 𝚒𝚗 𝚘𝚞𝚛 𝚝𝚒𝚖𝚎.

𝚊𝚗𝚍 𝚠𝚑𝚒𝚕𝚎 𝚢𝚘𝚞’𝚛𝚎 𝚍𝚎𝚋𝚊𝚝𝚒𝚗𝚐 𝚠𝚑𝚎𝚝𝚑𝚎𝚛 𝚌𝚘𝚛𝚎 𝚙𝚙𝚒 𝚒𝚜 𝚝𝚑𝚛𝚎𝚎 𝚙𝚘𝚒𝚗𝚝 𝚜𝚒𝚡 𝚢𝚎𝚊𝚛 𝚘𝚟𝚎𝚛 𝚢𝚎𝚊𝚛 𝚘𝚛 𝚝𝚑𝚛𝚎𝚎 𝚙𝚘𝚒𝚗𝚝 𝚏𝚒𝚟𝚎, 𝚝𝚑𝚎 𝚖𝚊𝚌𝚑𝚒𝚗𝚎𝚜 𝚊𝚛𝚎 𝚕𝚎𝚊𝚛𝚗𝚒𝚗𝚐 𝚑𝚘𝚠 𝚝𝚘 𝚍𝚘 𝚝𝚑𝚎 𝚓𝚘𝚋𝚜.

i just published the full piece.

i will narrate it. two hours. a podcast before the end of the week.

𝚑𝚞𝚐𝚑. 𝚊𝚌𝚒𝚍 𝚌𝚊𝚙𝚒𝚝𝚊𝚕𝚒𝚜𝚝™