Kardamow
Subscribe
Sign in
Home
Notes
Archive
About
The Great Renminbi Rotation
How the ‘DeepSeek Moment’ and the Electro-State pivot are making the Renminbi’s undervaluation impossible to ignore!
Jan 12
•
Riko Kardamow
and
Michael Spencer
6
4
Confessions of Riko
An Honest and Ruthless Post-Mortem of My 2024-2025 Energy and Macro Calls
Dec 29, 2025
•
Riko Kardamow
5
2
3
Ouroboros: The 2027 Short Thesis
Circular financing, physical scaling limits, and the "Maturity Wall": A deep dive into why we are fading the AI infrastructure boom
Dec 24, 2025
•
Riko Kardamow
5
3
and We’re Back
That pause wasn’t a retreat. It was a reset
Dec 15, 2025
•
Riko Kardamow
10
2
1
Taking the Desk Dark Through January
Subscriptions are off until January 2026
Oct 27, 2025
•
Riko Kardamow
6
1
Most Popular
View all
The Currie Doctrine
Sep 17, 2025
•
Riko Kardamow
11
2
The Southwest Unhedged
Aug 18, 2025
•
Riko Kardamow
10
2
The Southwest Hedging Disaster
Aug 8, 2025
•
Riko Kardamow
7
The Great Shale Sulk
Sep 28, 2025
•
Riko Kardamow
6
2
Latest
Top
Discussions
Crude Capitulation Watch
$60 Brent, Dead Backwardation, and the OPEC Miscalculation
Oct 21, 2025
•
Riko Kardamow
4
1
Where's my GOLD?
Sell the Gift
Oct 17, 2025
•
Riko Kardamow
6
3
O-P-E-C
the deficit nobody's pricing
Oct 14, 2025
•
Riko Kardamow
4
The Great Shale Sulk
A Deep Dive into the Dallas Fed's Q3 Energy Survey and the Structural Decline of U.S. Shale
Sep 28, 2025
•
Riko Kardamow
6
2
The Currie Doctrine
A love letter to Jeff Currie's framework and a eulogy for the oil strip that gave up on time value, risk premiums, and basic thermodynamics
Sep 17, 2025
•
Riko Kardamow
11
2
The Southwest Unhedged
Or Short Call: How to Turn a Boring Airline into a Naked Commodity Stub in One Easy Step
Aug 18, 2025
•
Riko Kardamow
10
2
The Southwest Hedging Disaster
Or: How Southwest Airlines Became the Bill Ackman of Jet Fuel
Aug 8, 2025
•
Riko Kardamow
7
The Crack Spread Trap
When $22 RBOB-WTI spreads mask the same structural rot that killed refiners in 2008
Jul 30, 2025
•
Riko Kardamow
6
1
Drill, Maybe, Drill
When $50 oil meets $70 break-even and nobody wants to dance
Jul 4, 2025
•
Riko Kardamow
4
1
See all
Kardamow
Independent, irreverent research on energy, macro, and geopolitics.
Subscribe
Recommendations
View all 26
This Is Not Investment Advice
Les Barclays
Blind Squirrel Macro
The Blind Squirrel
Ideas from HFI Research
HFI Research
Energy Politics
Dr. Jennifer I Considine
Not Your Advisor
NYUGrad
Kardamow
Subscribe
About
Archive
Recommendations
Sitemap
This site requires JavaScript to run correctly. Please
turn on JavaScript
or unblock scripts
