Uncertainty Bubble?

Tariffs, AI Tail Risks, and a BTC Market Structure Update

February 25, 2026 • Michael Nadeau
Uncertainty Bubble?

Hello readers,

Last week, the Supreme Court ruled that the International Emergency Economic Powers Act (IEEPA) does not give the President authority to impose tariffs.

Meanwhile, markets continue to wobble around AI uncertainty.

We share our views on both topics this week + provide an update on BTC market structure and how we’re approaching portfolio management.

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Let’s go.

The Supreme Court Ruling

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