Newsletters

August 7, 2026

The Puck Newsletter: August 2026

The New Puck Website Hi friends, BIG NEWS—The Puck (brought to you by CMBG Advisors) finally has a home online! Our brand-new website is officially live at www.thepuckpodcast.com—take a look and let us know what you think! Here's what you'll find: ► YouTube...

July 2026

The Puck Newsletter: July 2026

The Puck Newsletter The Next Frontier is Not Optional July 2026 Why America's economic discipline, industrial base, and space strategy now belong in the same conversation THIS MONTH'S THESIS We have been talking about private credit, debt, deficits, and...

July 2026

The Puck Newsletter: July 2026

The July 2026 Puck newsletter connects debt discipline, industrial capacity, critical minerals, and space strategy, arguing that America's next frontier depends on whether it can still organize, finance, and protect long-term national advantage.

June 2026

The Puck Newsletter: June 2026

The Puck Newsletter Where Markets, Policy, and the Real Economy Converge June 2026 The Gates are Not The Story. They are the Tell. Private credit was sold as stability. What we are seeing now is delayed price discovery, stale collateral, and the first public...

May 2026

The Puck Newsletter: May 2026

The Puck Newsletter May 2026 This month I'm doing something different. Most issues of The Puck are about what's happening in the credit markets, the venture world, or the wider machinery of restructuring. This one is about something I've been working on...

May 2026

The Puck Newsletter: May 2026

Jim Baer shares an excerpt from The Long Postponement: Debt, Democracy, and the Bill That Always Comes Due, a forthcoming book about fiscal honesty, debt, democracy, and the hard choices a country postpones.

April 2026

The Puck Newsletter: April 2026

The Puck Newsletter Where Markets, Policy, and the Real Economy Converge April 2026 The Golden Age is Over ~ Now We Find Out What Private Credit is Made Of Default rates are climbing to levels the modern private-credit era has never seen. Payment-in-kind...

February 2026

The Puck Newsletter: February 2026

The Puck Newsletter February 2026 Structural Compression: The Slow Bleed That Keeps Us Busy Every cycle has its narrative. Some arrive as detonations — 1929, 2008, 2020 — moments when liquidity vanishes, institutions fail, and policymakers scramble to prevent...

January 2026

The Puck Newsletter: January 2026

The Puck Newsletter January 2026 Strain to Slippage January Signals from the Shadow System Last month we described a slow unraveling: leverage at the margins, and the quiet return of discipline after a decade of abundance. The evidence was...

December 2025

The Puck Newsletter: December 2025

The Puck Newsletter December 2025 The Slow Unraveling: Why 2026 Will Require Discipline, Not Drama The economy doesn’t break all at once. It weakens as fields do when they’ve been over-tilled: slowly, predictably, and according to laws older than any central...

November 2025

The Puck Newsletter: November 2025

The Puck Newsletter November 2025 The Perfect Storm: Truth, Debt, Inflation, and the Coming Recession INTRODUCTION: THE TWO CRISES THAT ARE REALLY ONE America is headed into a recession not just because of layoffs, tariffs, soaring debt, and cracks in shadow...

September 2025

The Puck Newsletter: September 2025

The Puck Newsletter September 2025 The New Manhattan Project for the 21st Century: Meeting China's Challenge with U.S. and Allied Innovation When the history of the early 21st century is written, one central story will dominate: the contest for technological...

August 2025

The Puck Newsletter: August 2025

The Puck Newsletter August 2025 From Trauma to Empathy: Why Stepping Back Can Bring Us Closer The Distance Between Pain and Compassion In moments of war, terror, or personal attack, empathy for “the other side” is rarely our first impulse. Trauma narrows the...

June 2025

The Puck Newsletter: June 2025

The Puck Newsletter June 2025 🚀 The puck is moving—are you ready? Debt, Financial Repression, and the Return of Hidden Inflation The U.S. economy is entering dangerous territory. Deficits are ballooning, inflation is mutating, and monetary policy is quietly...

May 2025

The Puck Newsletter: May 2025

The Puck Newsletter May 2025 🚀 The puck is moving—are you ready? The Debt Danger Zone: Are We There Yet? In their landmark 2009 book This Time Is Different: Eight Centuries of Financial Folly, economists Carmen Reinhart and Kenneth Rogoff warned that when a...

April 2025

The Puck Newsletter: April 2025

The Puck Newsletter April 2025 🚀 The puck is moving—are you ready? The Hidden Inflation Risk of the Next Financial Rescue The global economy is suddenly caught in a perilous one-two punch reminiscent of the early 1930s. A dramatic stock market plunge in...