The Financial Matrix Reloaded
The Story So Far, And What's Next
In January 2021, we published The Sorcerer's Apprentice & The Man Who Broke The Market exclusively for a select group of influential investors and financial historians, identifying a convergence of forces that warned of an imminent regime change. Months later, inflation rapidly materialized seemingly out of nowhere, ushering in what we call Multiflation™—a seismic shift in the global economic order that would soon after crash the bond market and render obsolete many of the investing strategies that had thrived during four decades of "Goldilocks" conditions.
Four years later, the disruption hasn’t subsided—it’s accelerating. That original white paper became the foundation for serialized chapters. What began with our white paper and the recognition of the importance of Multiflation’s regime change is now evolving into something far more substantial; where this leads may surprise you, but once you see the complete picture, you'll understand why standard analysis falls short.
As we continue publishing the original Sorcerer's Apprentice while expanding and updating its chapters, we're simultaneously building out the Multiflation section—including the actionable methodology that helps investors and entrepreneurs think through what they should actually do about Multiflation. The same forces we identified over four years ago are accelerating and converging in ways that create unprecedented opportunities for those who understand the dynamics.
Our approach, framework, playbooks, and themes are all designed to work together—from macro analysis to individual companies to governance insights. Our work is best experienced on our website, where you can access our complete Archive and Index, curated reading lists, and interactive content that will bring our analytical frameworks to life. You can join the conversation follow our real-time market commentary on Twitter/X (@bewaterltd), and we’re launching podcast and YouTube content soon. We welcome your feedback and suggestions.
As you explore the website and our expanding content, you'll encounter three main sections that form the backbone of our analytical approach.
The Sorcerer's Apprentice: Theory & History
This is the WHY and PRINCIPLES
By unraveling the complex web of interconnected factors reshaping finance and society, The Sorcerer's Apprentice provides the master key to understanding the emergence of the Financial Matrix and today’s paradoxical market environment—including a dissenting view of the 2008 crisis and subsequent policy response.
The Sorcerer's Apprentice isn't typical newsletter content that you read and forget: it’s a living book published chapter by chapter that decodes the Financial Matrix and maps the path through this strange new territory. Its framework synthesizes economic history, macroeconomics, monetary theory, and technological evolution (including AI) to reveal how these forces converged to create our current reality. Whether you're new to investing or a seasoned professional investor, our analysis connects theory, historical precedents, monetary dynamics, and technological disruption, and societal impact in ways that illuminate what's driving today's markets.
What seemed like isolated anomalies in 2021—meme stocks, gamified trading, AI and algorithmic trading, synchronized bubbles—now define daily market reality. The Sorcerer's Apprentice provides the intellectual framework for understanding these interconnected forces and navigating the chaos profitably.
If you feel like you've walked into a movie halfway through, that's because you have. Since we publish chapter by chapter, new subscribers often join mid-story. We recommend starting from the beginning to understand how the foundational concepts connect to current analysis. Each piece stands alone while contributing to a larger narrative about the hidden forces reshaping finance and society. As subscribers, you're receiving early access to material we're actively developing into a comprehensive print book and accompanying multimedia experience.
Multiflation: Practice
This is the HOW and WHAT
We're living through Multiflation This section applies our Sorcerer's Apprentice framework to the practical side of investing and operating in this environment.
Within Multiflation, you'll find our signature market mapping techniques and macroeconomic analysis that connects global flows to investment opportunities and our broader investing framework. We analyze specific investment themes and individual companies positioned for the Multiflation environment, while showing you how to structure portfolios when traditional diversification fails and correlations break down.
We also provide actionable governance insights for better business outcomes, because everyone has a vote—whether through direct ownership or ETFs—and voting matters more than ever on key governance questions like incentive structures. We focus on how companies can improve operationally rather than financial engineering, because real value creation requires more than just moving money and debt around.
Chronicles: The Untold Stories
What past investment masters reveal about thriving in Multiflation
Chronicles takes you behind the scenes with history's most successful investors and operators, revealing their untold strategies and crucial decisions—then extracts the timeless principles that apply to navigating today's Multiflation environment.
This isn't another recounting of Warren Buffett's greatest hits or rehashed Harvard Business School case studies. We focus on the decisions that didn't make headlines but generated fortunes, the contrarian bets that seemed crazy until they worked, and the operational insights that only emerge when you understand what really happened behind closed doors.
While we'll occasionally cover the usual suspects, you're just as likely to discover how Larry Ellison built one of the most successful investment track records in Silicon Valley while everyone focused on his role as a tech mogul. We’ll examine lesser known operators like Ed Breen who've mastered the art of corporate transformation, turning around seemingly hopeless situations into value creation machines.
Many of these stories come from direct experience and firsthand knowledge rather than secondary sources, and all are informed by our own decades of experience in the trenches. The perspective of someone who was actually in the room changes everything—you learn not just what happened, but why certain decisions were made and how successful investors really think through complex situations.
Sometimes the most important lessons come from understanding what didn't make it into the Harvard Business School case studies—the untold angles and unexplored facets of how masters really operate, applied to today's unprecedented market environment.
Where It All Connects
Our approach becomes truly powerful when you discover interconnections between macro analysis, economic theory and history, individual themes and securities, and governance insights that aren't immediately obvious.
You'll discover how macro analysis informs which themes and securities will benefit from different aspects of Multiflation, while Chronicles extracts timeless principles from history's greatest investors that apply to navigating today’s unprecedented environment. Governance insights help you identify which companies are positioned to thrive—and show you how to influence the ones that aren't stewarding capital most effectively. Our Method shows you how curate a collection of assets that benefit from Multiflation.
A macro trend we identify might lead to a specific company analysis, which connects to a governance insight about management incentives, which refers to a historical case study, which informs a targeted investment decision. This integrated framework transforms seemingly unrelated information into opportunities.
We encourage you to explore all sections initially to see how they interconnect. After you've experienced how the pieces fit together, you can customize which sections you receive by email (instructions here)—but the framework works best when you understand the complete picture.
Navigating Multiflation: Next Steps
The same forces we identified in 2021 are accelerating. While others are still trying to understand what happened and why, we're focused on what comes next—and how to position for it.
New subscribers should begin with The Sorcerer's Apprentice to understand the foundational concepts that inform all our analysis. Then proceed to Multiflation for actionable insights. The question isn't whether more disruption is coming—it's how to benefit from the disorder.
Forward our work to colleagues and friends who need to understand what's really driving markets. The conversation is just beginning, and the best opportunities are still ahead.
Join the conversation on Twitter/X @bewaterltd for real-time market commentary and connect with other subscribers navigating this new reality. Have questions or suggestions? We read every email sent to feedback@bewaterltd.com.