Sugar Is Beating the Stock Market
The hottest asset in America is a commodity the government will not permit to have a price.
A note from Lawrence
Sugar is up about twenty percent this year, outrunning the S&P 500 and the entire AI trade, and Wall Street is treating it with a straight face. So naturally I launched a fund. Confectioners Alpha is structurally short Halloween, and its beet analyst has developed a tremor.
Under the satire is a real scandal. There is no free market for sugar in the United States, and there hasn’t been in my lifetime. Washington reserves most of the market for domestic growers, both parties protect the arrangement, and a few families collect. Randolph and Mortimer Duke needed a stolen crop report to rig orange juice for one morning. The sugar barons just needed a farm bill.
