About Carry
Why one chart. Why every Sunday.
In 2022, after fourteen years writing credit research that clients skimmed, Nadia Brennan started the note she wished they had read: one chart, the one idea it proves, and the reasoning in plain words.
Three rules
Everything we publish follows three rules.
1
One chart, or nothing
If an idea needs a second chart, it is a second issue. If it needs no chart, it is an opinion, and opinions are free elsewhere.
2
Every number has a date and a source
Under every chart: where the data comes from and when it was taken. When we use illustrative data, we say so.
3
No forecast we can't check
We say what would have to be true for the idea to be right, and we come back to it. The archive keeps our misses as well as our hits.
How a chart gets made
Six days of reading, four seconds of looking.
Monday
Read everything
Filings, data releases, central bank minutes and the notes nobody reads past page two.
Wednesday
Draw ten charts
Most of them are wrong, boring or both. One usually says something nobody has said that week.
Friday
Write 1,200 words
The idea in one sentence first, then the reasoning, then what would prove it wrong.
Sunday, 07:00
Send
One email, before the market opens on Monday. Paid members also get the data behind the chart.
What Carry will never do.
1
Tell you what to buy
Carry explains markets. It never recommends a trade, a fund or a security.
2
Hide a sponsor
Sponsored content is marked, written with us and never sits inside an analysis.
3
Write about what we own
Nadia holds no individual bonds or shares she writes about. Her fund holdings are disclosed every January.
4
Sell your address
Your email is used to send Carry and to manage your subscription. We never sell it.