When Both Gauges Red-Line
Icarus AsiaJune 2026
Macro & Portfolio Strategy

When Both Gauges Red-Line

The Shiller CAPE and Buffett Indicator sit at or near all-time highs simultaneously. The market can stay expensive for a while. The margin for error says it can't stay wrong for long.

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Research

Insights & Analysis.

In-depth reports on the forces shaping global markets and investments.

SpaceX IPO Valuation — Underweight at IPO
Equity Research

SpaceX IPO Valuation — Underweight at IPO

A sum-of-the-parts valuation of SpaceX ahead of its expected IPO, testing whether a $1.75 trillion price tag can survive contact with financial gravity. Verdict: Underweight at IPO; monitor for re-entry.

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