There will be no issue this Sunday.

Last week, the work behind this newsletter — the framework, the structure, the research process — was taken and re-engineered for distribution across several communities with a combined audience of at least 20,000 traders. None of it was licensed, credited, or asked for.

That has forced a question I had been avoiding. Every issue is built from research I do for my own book. Publishing it costs real hours and real money, and it hands out an edge I paid to develop. I have been fine with that trade because I like the work and I like the readers. When the output gets repackaged at scale by people who put in none of it, the math changes.

That may mean a different structure, a different distribution model, or nothing at all. I would rather answer that honestly than keep publishing on momentum.

To the readers who have been here since the early issues and who send notes every week: none of this is about you. You are the reason the question is worth thinking about instead of simply closing the door.

I will write again when I have an answer.