The Balboa Brief Feburary 2026 In February’s issue we explore gold’s history in California culture, U.S. government mandated seizures, the freezing of sovereign reserves, and why central banks are replacing dollars with metal. Value Without Permission March 2026 In March's issue we explore the oil shock from the Iran conflict, the unwind of high-multiple growth, the widening K-shaped consumer divide, and the sunset of the Powell era at the Fed. Patience Over Prediction April 2026 In April's issue we explore the collapse of the whale oil trade, King Henry VIII's debasement of the silver coin, the quiet challenges to dollar reserve status, and why pricing power is the hedge that still works. The Currency of Trust
