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What they write about
Contrarian finance and politics commentary, often on parts of the market the author considers overlooked. Recurring subjects include artificial-intelligence valuations and regulation, federal debt, private credit and credit quality, Japanese insurers and bond losses, and speculative small-cap sectors.
- contrarian investing
- artificial intelligence
- federal debt
- private credit
- small caps
- politics
Recent examples: It’s Official: The AI Emperor Has No Clothes · Adding Leverage To America’s Gambling Problem
Written from QTR’s Fringe Finance’s own published post titles and openings in Sep 11, 2026. It describes the subjects the newsletter covers, not its views, and is not investment advice.
Most-mentioned tickers
Symbols named in the headline of a post from the last 30 days, most-covered first. The number is how many of those posts mentioned it.
Read from 1 post headline in the last 30 days. A newsletter that names a company only in the body of a post will not appear here, and a mention is not a recommendation — it only means the symbol came up.
Growth history
Subscribers (thousands, nightly)
52K on Sep 10, 2026 → 52K on Sep 30, 2026
Followers (thousands, nightly)
Rank in Substack’s finance leaderboard: #43 today · #44 a week ago
Stats worth sharing
Tracked since Sep 10, 2026 — 21 daily snapshots so far. The card below is built from what we track and refreshes nightly.
- Percentile
- Top 9%
- Best rank seen
- #42
- Rank, 7 days
- +1 place
- Followers added
- +770
- Posts
- 40
- Reactions per post
- 115
- Reactions tracked
- 4.6K
- Tickers covered
- 1
of 525 ranked finance newsletters
on Sep 28, 2026
since tracking began
last 30 days
average, recent posts
across 40 posts
in tracked posts
Most-reacted post we have seen: Bonds Are About To Crash The Stock Market — 390 reactions on Sep 24, 2026.
Recent posts
- It’s Official: The AI Emperor Has No Clothes
With the disclosure of Anthropic’s financials yesterday, it continues to feel like we are rapidly approaching one of those moments in markets where everybody knows what everybody else knows, but nobody wants to be the first person to say it out loud. The bond and credit markets couldn’t be clearer: the AI buildout now appears to be a serious risk. The equity markets have yet to catch up. For the better part of the last three years, the artificial intelligence trade has been built around an almost religious assumption that whatever amount of money gets thrown at AI today will eventually look…
- Adding Leverage To America’s Gambling Problem
Last week a piece of news crossed the tape that deserved a hell of a lot more attention than it got. Kalshi asked the Commodity Futures Trading Commission for permission to introduce margin trading on certain prediction market contracts. Apparently allowing people to speculate on what topping the President of Argentina will put on his breakfast toast at the next G20 Summit wasn’t batshit insane enough. Now somebody needs to be able to bet on “marmalade” with leverage? The request came from Kalshi Klear, the company’s clearinghouse, and is aimed primarily at attracting institutional traders…
- The Easy Money Fairy Tale Is About To End Violently
For the better part of the last couple years, I have wondered whether financial markets are permanently broken . Not simply overvalued or temporarily irrational, but actually broken at the mechanical level and permanently distorted. I’ve written about it . The basic process that is supposed to make capitalism work goes like this. Capital flows toward good ole’ fashioned productive uses (like the George Foreman Grill™) and away from flashy hot-shit stupid ones (like the Apple Vision Pro ). Good businesses eventually outperform bad ones. Fraud eventually gets exposed. Making money is the point…
- Bonds Just Killed The Easy Money Era For Good
GLJ Research’s Gordon Johnson, an underground research analyst whose work I follow and like, is out with a new macro note this week arguing that one of the most important signals in the bond market has quietly returned to levels last seen before the post-financial-crisis era of easy money. Johnson is one of my favorite analysts on the street to read and gets a rare endorsement from me (I hate basically everyone selling sell-side style research). He is one of the last few analysts out there that seems committed to the truth….no matter how ridiculous it makes him look in the short term while…
- Multifamily Delinquency Rate Rises To Multi-Decade High
By Ryan McMaken, Mises Institute Fannie Mae and Freddie Mac (also known as “GSEs”) have released their August reports on their mortgage portfolios and mortgage delinquencies. Both Fannie and Freddie report that serious delinquencies in multifamily are rising to multiyear highs. Freddie Mac, in particular, shows delinquency rates at the highest level in more than twenty years. These numbers reflect the condition of mortgages in each agency’s portfolio, which are a major part of the overall mortgage market. Fannie and Freddie have expanded their multifamily activities aggressively in 2026 and…
- Don’t Fall For It, Nothing Has Changed
Yesterday morning, for a brief moment, it looked like the market might break. Oracle was down 5%. Bond yields were screaming higher. The 10 year had pushed above 5.1%, the 30 year was hitting levels not seen in more than two decades, and the Oracle “force majeure” headline landed on top of an AI trade that is already showing signs of serious strain . On top of that we had a shitty 7Y auction with its biggest tail since March. 10Y yield last month Investors understandably didn’t love seeing the words “force majeure” attached to one of the enormous data center projects underpinning the AI boom…
- Force Majeure Is Not A City In France
There are certain phrases you don’t want to hear when you’re involved in a massive infrastructure project, and “force majeure” is pretty high on the list. Yet after Oracle shares started getting federally ass pounded today following reports that the company had issued a force majeure notice connected to its enormous Project Jupiter AI data center in New Mexico, the afternoon quickly turned into one of my favorite Wall Street traditions: corporations explaining why the alarming sounding thing everybody just read and understands crystal clearly is actually completely normal, totally…
- The Multi-Trillion Dollar Black Hole In Markets
In keeping with my “Wrath of God” type thinking this week , I wanted to run a couple more thoughts past you about how deep in the thick shit I really think we are with markets. Aside from the coming bond market induced stock implosion I predict, I was thinking about crypto this morning, and about how certain I am that most of it is worth $0. For example, as of this morning, Fartcoin, Dogecoin, Shiba Inu, Dogwifhat and Moo Deng alone are currently worth nearly $19 billion. Not only am I certain you haven’t heard of all of these, I’m even more certain you never have, and never will, need to use…
- Bonds Are About To Crash The Stock Market
There. I’ve said it. I’ve gone from pussyfooting around and saying the AI bubble could pop in 6 to 10 months …which I still believe…to the very definitive statement that if the bond market keeps acting like this, the equity markets will get slaughtered. And I mean, wrath of God type shit. This isn’t even a particularly sophisticated thesis. After all, if I’m delivering it, it can’t be. It’s just math. Treasuries sold off hard on Wednesday, sending the 10-year yield up roughly 14 basis points to about 5.11%, after touching 5.14% intraday, its highest level since 2007. The 30-year climbed to…
- A Private Credit Bank Run Is Happening
The slow-motion train wreck in private credit keeps getting worse. And trust me…slow motion will eventually turn into a fast-motion…and a leak will turn into a deluge of people heading for the exits. It just takes time… This week we found out that another major fund is limiting withdrawals as investors once again ask for far more of their money back than managers are willing to hand them. And the longer this continues, the more convinced I am that eventually, something somewhere in the financial system is going to break. Private credit could even be part of the fuse that lights the AI crash…
- Britain To Appoint A Dedicated Tax Agent To Every Single Billionaire
The United Kingdom is about to discover the part of the Laffer Curve where the billionaire taxpayers simply get on a plane and go somewhere else. His Majesty’s Revenue and Customs has now assigned a dedicated “compliance manager” to every billionaire it has identified with a UK tax footprint, dramatically expanding the government’s oversight of the country’s richest people, according to a new report from Bloomberg this week . HMRC is using its own records, public information and data shared by foreign governments to identify billionaires with UK tax exposure and map their connections to…
- Gamma Squeeze The World
A little over a week ago, I wrote about Leopold Aschenbrenner returning to markets , and the ensuing nausea the entire spectacle caused me. For those who missed it, Aschenbrenner’s Situational Awareness fund had grown to roughly $45 billion before getting absolutely smoked in July, falling toward $10 billion and forcing the liquidation of most of its public equity portfolio to Darth Griffin over at Citadel . Then, barely six weeks later, CNBC reported that Situational Awareness was back, this time buying options tied to AMD, Bloom Energy, CoreWeave, SK Hynix, SanDisk and the Roundhill Memory…
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Data: Substack public leaderboards and publication archives, refreshed nightly, plus public beehiiv sitemaps and recommendation pages, refreshed weekly. Source for this page: QTR’s Fringe Finance. Subscriber counts are Substack’s own rounded public figures, so week-on-week changes move in steps. beehiiv audience sizes are self-reported by the publisher and are not verified. Last snapshot: Sep 30, 2026.