Margin of Pain analyses famous financial blowups such as the London Whale, the UK gilt crisis and Long-Term Capital Management, drawing out the lessons about hedges, leverage and model risk. Each issue is a long-form, well-sourced essay that explains the mechanics and what a reader can take from them.
Website: https://marginofpain.com/
Adam Tooze's newsletter curates and comments on daily links across economics, geopolitics and economic history, from tariffs and inflation to the AI boom's effect on the US current account. Each issue pairs current macro and market items with historical and intellectual-history threads and an art image.
Patrick McKenzie reads and expands on his Bits about Money essays about the plumbing of the financial system, such as payments finality, credit card economics and charitable giving infrastructure. Each episode pairs an explanation of how the system works with concrete case studies and updated postscripts.
Doomberg publishes analysis of energy markets, finance and geopolitics, often challenging mainstream media and policy narratives. Readers get opinionated commentary on topics like sanctions, LNG and diesel flows, refining, and dollar hegemony, plus explainer-style pieces on how energy industries work.
Conks covers the plumbing of global money markets, with daily data snapshots on Treasury bill and coupon auctions, the TGA, bank reserves, Fed operations and repo benchmarks. It also publishes longer analytical pieces, such as a series on how mandatory central clearing could affect repo rates and Treasury market structure.
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