The newsletter
Risky Tuesday
One risk event from somewhere in the world, classified against the Five Quadrants.
Issues
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Situational Awareness is Not Normal
A $45bn AI fund, 4x leverage and a 67% month, and why concentration, illiquidity and leverage never survive being held together.
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Forests as the Fuel
Europe's 2026 fire season against every year since 1980, and what decides whether a spark stays containable.
The next issue takes a different risk and a different quadrant.