31 issues to date, written by Diego Molina, each available as a PDF. Publications are written in English.
31 publicaciones a la fecha, escritas por Diego Molina, cada una disponible en PDF. Las publicaciones están escritas en inglés.
Half of S&P 500 earnings growth this year is one industrial buildout wearing a software multiple
Gold sat out the 2026 equity rally — the valuation gap that leaves behind has a precedent
Central banks are buying gold at a record pace while ETF investors hesitate
Gold-mining equities are underperforming spot gold this cycle — that gap is the more useful signal
A \"diversified\" S&P 500 index fund is now a concentrated bet on ten balance sheets
Agentic AI in financial services is stalled by regulation, not capability
What students lose before they notice it’s gone
Open-weight models are closing the benchmark gap — enterprise adoption is moving the other way
What AI governance budgets reveal about how capex is being risk-rated
Universities can no longer tell who actually learned what
Latin America isn’t waiting for permission to fix cross-border payments.
A $53bn cash bid for PayPal shows payments consolidation now runs through infrastructure ownership — and the same buyer is bankrolling rivals on both sides of it.
The Canadian dollar’s 2026 story isn’t strength or weakness — it’s a range to plan around.
Canada’s new Stablecoin Act is setting up a compliance-driven consolidation wave, well before the framework is fully in force.
Stablecoins spent early 2026 becoming regulated financial infrastructure — and law, not hype, drove the shift.
FX exposure and treasury structuring routinely get underweighted in infrastructure M&A relative to valuation and financing terms — and it's the gap most likely to erode returns after close.
Enterprise tokenization has quietly stopped being a crypto story.
Canadian mining mergers and acquisitions in 2026 are driven by reserve replacement and sovereignty policy, not gold prices alone.
Canadian energy and infrastructure mergers and acquisitions are shifting from building new assets to buying operating ones.
Stablecoins aren’t replacing SWIFT — they’re becoming the layer sitting on top of it.
Advisors who have built and operated infrastructure assets catch structuring risks that pure deal-modeling experience misses — because they've had to live with the deal after signing, not just get it signed.
The discipline oil & gas M&A demands — reserve risk, off-take risk, cycle risk — is the same discipline the energy transition needs, just applied to new asset classes.
Why “wait and see” has become the most expensive currency strategy on the table.