Reserve Report

Two Chokepoints

No Bypass

Sep 13 • Matt Sterett

6

Rack Spreads

"OpenAI spent $15MM in tokens to solve a problem with a $1MM prize.

Sep 8 • Matt Sterett

5

August 2026

Barrels & Bondholders: Venezuela

America is now the referee, banker, & customer in Caracas

Aug 31 • Matt Sterett

7

Buenos Flares

“One day it'll come out that the CIA infiltrated Western consulting firms and convinced Saudi to blow its wealth on LIV Golf, The Line, domestic soccer…

Aug 25 • Matt Sterett

9

Underwriting the Ecosystem

“The captive's real raw material is the parent's credit rating” - Grant's Interest Rate Observer

Aug 16 • Matt Sterett

13

Hedging Intelligence

“It is hard for us … to even see a scenario … that would see us losing one dollar in any of those transactions” - Joseph Cassano, president of AIG FP…

Aug 10 • Matt Sterett

16

1

Margins

“This isn't the last situation I will have to deal with this week” - John Tuld (Margin Call)

Aug 3 • Matt Sterett

10

July 2026

Beyond the Meter

“Tell me what you pay attention to & I will tell you who you are” - José Ortega y Gasset

Jul 24 • Matt Sterett

7

Disruptions & Derivatives

“Compute is the new oil.

Jul 17 • Matt Sterett

7

4

Tokens & the New Oil

“The energy sector is often viewed as one that should be traded - and isn’t investable - like other sectors” - Toby Loftin

Jul 14 • Matt Sterett

6

March 2022

Economic Warfare & Energy Security

“This aggression will not stand, man” - The Dude

Mar 16, 2022 • Matt Sterett

4

Rubles, Rubble, Ruin

"So the universe is not quite as you thought it was. You'd better rearrange your beliefs, then. Because you certainly can't rearrange the universe" …

Mar 7, 2022 • Matt Sterett

5