A fortnightly letter · Est. October 24, 2026
A free letter, every two weeks, for people whose wealth is concentrated in one stock. Each edition takes something happening in US markets right now and works out what it means for positions like yours: why concentration matters, how to make it pay, and how Embark does it.
01
The research on how single-stock fortunes are built and lost, from 100 years of market data to this week's index weights.
02
Taxes, income and timing: worked math on what selling costs, what holding risks, and what a position can earn while you decide.
03
Where a §721 contribution and a 10%+ income target fit, with the trade-offs stated plainly.
4 editions
04
Apple up nearly 28%, Tesla down 17%: the seven stocks that carried the market became seven very different bets. Our year-end letter on what that split means if your wealth sits in just one of them.
03
The 10-year Treasury yield crossed 5% this autumn for the first time since the early 2000s, and the Fed is weighing another hike. For a low-basis stockholder, the after-tax math still favors keeping the shares at work.
02
The ten largest US companies now make up nearly 40% of the S&P 500, the most since the mid-1960s. If you also hold a large single-stock position, your diversified portfolio is a two-layer bet on the same few names.
01
On Dec. 8 the last of SpaceX's 180-day lockup ends, freeing up to 797.6 million more shares. Thousands of employees and early backers now own one stock worth more than everything else they have. Here is how to think about the day.
The Embark Dispatch · Free
One letter a fortnight on concentrated stock: what the market is doing to positions like yours, the research behind it, and the math on keeping your wealth working without selling.
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Every two weeks. Send dates shift by a day or two around US holidays.
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