The two most powerful macroeconomic forces of the information era are exponential technological progress and global expansion of sovereign debt. Each of our investment holdings are strongly influenced by one or both of these forces. Within the first trend, our investments include companies that invent disruptive technologies and the downstream assets that benefit from innovation. Meanwhile, companies that are actively being disrupted or are stagnating within dying industries make up many of our favorite short positions. Within the second trend, we invest in assets that rise or fall in response to traditional macro factors such as interest rates, monetary policy, demographics, etc. These include currencies, commodities, and broad stock and bond indices.