HeyJaredThe 2nd Order
A publication that decodes the news through the structural forces beneath it, tracing how energy, debt, money, and power shape what happens next.
- Indexed issues, last 90 days
- 12
- Latest publication
- Sep 30, 2026
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- Earliest in this view
- Jul 6, 2026
Latest issues
Sulfur Will Starve Us All (opens the original)
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There is a pile of sulfur outside most large refineries. Bright yellow, crusted at the edges, sometimes the size of a small hill. Refinery workers walk past it every morning with their thermos and their gloves stiff from yesterday’s grease, and nobody looks at it, because for most of the last 20 years it was garbage. Oil companies were paid to take it away. In 2020 it traded around $40 a tonne in the Middle East, which is roughly the price of a decent dinner for two.This summer, a tonne of the s
You Will Never Own a Home (opens the original)
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Every Thursday at noon, Freddie Mac publishes a number most people never see. Last Thursday it read 6.95%, the highest in 19 months, and somewhere in a one-bedroom in Columbus a couple in their early thirties refreshed a listing they had watched since June, redid the math on the back of a delivery receipt, and closed the laptop. The coffee had gone cold an hour earlier. The asking price had not moved. The monthly payment on the same loan had grown by roughly $220 since January.That couple is the
Positioning Note: The Antimony Choke Point (opens the original)
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Where the book standsEvery Positioning Note opens with the record, because a thesis without a scoreboard is an opinion.Dürr AG (ETR:DUE), EU industrial reshoring, entered 09/04/26, horizon 18 to 24 months, open.This note adds the second line. The rules are the same as always. Entry logic, not entry timing. No currency amounts, because your book is not my book. Every position sized against a thesis that can be falsified.The mechanism, restatedMonday’s letter made the physical argument. China mine
The West Can’t Reload (opens the original)
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A metalloid almost no one can name sits inside the primer of every artillery shell and the lens of every night-vision tube. It also hardens the glass of the solar panels meant to save the climate. Beijing controls the supply, and has started to say so.The metal that loads the gunAntimony. Symbol Sb, atomic number 51, a silvery metalloid that has always sat between metal and non-metal in the periodic table and between obscurity and indispensability in the modern economy. It
The Biotech Revolution is Here: What One Must Buy? (opens the original)
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<img alt="" class="sizing-normal" height="819" src="https://substackcdn.com/image/fetch/$s_!H7KA!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fc03e5a63-810e-4acd-bb95-57dc41719097_2542x1430.pn
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