What You'll Get
A short, dated email — not a drip campaign
Three things, every time, in the same order. Nothing sold, nothing sponsored, nothing added just to justify sending an email that week.
The week in the book
The positions that actually moved, tied to real news — not a recap of every green or red number on the Holdings page.
Any changes
Trims, adds, or an IPS rule getting broken, reported as it happens rather than saved up and softened for the monthly letter.
What I'm reading
The filings, transcripts, and research actually shaping how I think that week — cited, the same way Research pieces are cited.
See The Format
What an issue actually looks like
Not a mockup with placeholder text — this is the July 22 interim note, restructured into the three-part format the weekly note will use. Nothing here was sent as an email; it's the same reporting already public on the Letters page, shown the way it would arrive in an inbox.
The Week In The Book
The book fell 0.75% on an otherwise flat index day. ServiceNow (NOW) had its worst single day in months, down 6.47% on a sector-wide AI-debt repricing, not a company-specific problem. SpaceX (SPCX) fell another 6.70%, its fourth down day in two weeks, on a mechanical pre-IPO share-unlock overhang. CoreWeave, Talen Energy, Vistra, and Broadcom all rose the same day — power and AI-hardware holding up while software sold off.
Any Changes
None. Neither move broke a thesis already on the record — exactly the kind of day the Blackout Rule and Holding Period exist for.
What I'm Reading
My own follow-up on why the split between hardware and software moved the way it did, in today's Opinion piece.
Recent Cadence
The last five dispatches, unedited
Not newsletter issues — these are the public interim notes on the Letters page, in the same short, dated register the weekly note will carry. This is the realest evidence available for how often something actually gets written, since the list itself is new.
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Jul 22
ServiceNow’s Roughest Day in Months, and SpaceX Falls Further Below Cost
Book down 0.75% on a flat index day — sector-wide software repricing vs. power/AI-hardware strength.
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Jul 21
Nvidia Just Told the Market What It Thinks of Nebius — And SanDisk Finally Stopped Falling
A disclosed Nvidia equity stake in Nebius, and a Morgan Stanley call on SanDisk's pullback being overdone.
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Jul 20
SpaceX Drops Below My Cost Basis, and I’m Still Not Selling
A position underwater in real time, reported the same day rather than smoothed over in the next monthly letter.
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Jul 19
I Went and Checked the AI Capex Number
A follow-up that goes and sources the actual free-cash-flow-to-capex ratio from Alphabet and Meta's own filings.
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Jul 17
A Rough Session, and Why I’m Not Touching Anything
The note that opened this run — a broad selloff, and the case for doing nothing about it.
How This Works
The honest print underneath the signup box
The same policy that governs the rest of the site, applied to a mailing list.
One sender, one list
Sent by Aydin Ali, the only person behind AEA Capital Research. No ghostwriters, no guest sends, no list sold or shared — see the Privacy page for exactly what Formspree, the form processor, does with the address.
Nothing sponsored
There is no advertiser, no affiliate link, and no paid placement in this list or anywhere else on the site. If that ever changes, this page will say so before it happens, not after.
Rule breaks disclosed, not smoothed over
When a position drifts past an IPS cap, that's reported in the next note at face value — the same standard the Portfolio Review & Retrospective holds the monthly letters to.
Leave whenever you want
Every send includes an unsubscribe link. No survey, no "are you sure," no dark pattern standing between you and off the list.
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This is a new list — there's no history of past sends to point to yet. What you're subscribing to is the same reporting already live on this site, delivered more often instead of waiting for the next monthly letter. Prefer to read without an inbox? The full letters and news stay free and public here, and the RSS feed works too.
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One email a week, once the list is live. No spam, and you can unsubscribe any time.
Before You Subscribe
Questions worth answering
Is this newsletter actually running yet?
The signup is live; the send cadence isn't proven yet, because it's new. Rather than invent a fake archive of past issues, this page points you to the real interim notes already published in the Letters section, written to the same standard the weekly note will use.
How often will I actually get an email?
The intent is weekly. If a week has nothing worth reporting — no move in the book, no rule break, nothing new I'm reading — the honest version of "weekly" is not sending filler just to hit a schedule, and that tradeoff is stated here on purpose.
Can I read past issues before I sign up?
Not as a separate newsletter archive, since none has gone out yet. The closest thing is the dated interim notes and letters, which are public and free, and which the weekly note will read like once it starts.
Does this cost anything, or is my email sold?
Free, and no. The list is a Formspree form with no third-party ad network attached — see Privacy for specifics on what Formspree stores and for how long.
Who actually writes this?
One person — Aydin Ali. Same as every other page on this site. There's no editorial team and no ghostwriting.