Short Box Spreads: An Oft-Overlooked, Lower-Cost Borrowing Tool Gains Ground

Published on February 23, 2026

One underused alternative sits quietly in the options market: the short box spread. When used correctly, it allows advisors to treat borrowing as a fixed, collateralized financing decision, rather than an improvised margin advance.

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Could the World’s Energy Systems Look Completely Different in 50 Years?

February 23, 2026
Until I read Hannah Ritchie’s new book, “Clearing the Air: A Hopeful Guide to Solving Climate Change in 50 Questions and Answers,” I was inclined to believe the view of Mark Mills, a former senior fellow at the Manhattan Institute, that a transition away from society’s dependence on hydrocarbons “is not feasible in any meaningful time frame.” But Ritchie changed my mind.

Calm Market Waters Hide Fierce Undercurrents

February 23, 2026
Given the divergence between the calm market surface and the volatility of its underlying stocks' returns, let's get a better grip on the market’s undercurrent and decipher what it may be trying to tell us.