A letter to investors from the White House Opportunities Fund
[
](https://www.economist.com/)
[
](https://www.economist.com/)
undefined undefined
Subscribe to The Economist
Unlock unlimited access to all our award-winning journalism, subscriber-only podcasts and newsletters
Subscribe to The Economist
Unlock unlimited access to all our award-winning journalism, subscriber-only podcasts and newsletters
Finance & economics | Buttonwood
How the shift to state capitalism is panning out for America LLC
Illustration: Satoshi Kambayashi
Oct 29th 2025|4 min read
Dear investors and patriots,
Already have an account?Log in
Continue with a free trial
Get full access to our independent journalism for free
Or create a free account to unlock just this article
Explore more
More from Finance & economics
A new golden age for Japanese banks comes with a catch
Smaller lenders are saddled with low-return bonds they cannot sell
Europe buys the future, America builds it
Does that matter? A high-stakes transatlantic spat has erupted over GDP figures
Deal or no deal, oil prices will stay volatile for months
The pre-war days of $60 crude are not coming back soon
America’s bull market has entered its manic phase
Options markets show optimism is giving way to euphoria
Meet the world’s top AI-pilled economists
Most of them are not found in ivory towers
Does Donald Trump make Latin America a good bet?
Nowhere in the developing world has done so well out of the past year
readers loved this