Notes

• 4 November 2026Elections and the stock marketUS presidential and midterm elections against the S&P 500 since 1873: the four-year cycle, the months after election day, party and Congress.
• 1 November 2026The AI chain under stressValuation, cash runway and customer stickiness across the AI value chain, from model labs to chip equipment, against past manias.
• WeeklyThe lettersEvery issue of the anti-fragility.app letter: where the BFI stands, what changed and what the desk did.

Research, not investment advice. Every reader gets the same page; nothing here is a recommendation to buy, sell or hold anything.