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October 14, 2026 - The great bond bull market that lasted nearly 40 years, stretching from 1981 to 2020, was one of the longest and most profitable secular bull markets in financial history. For nearly four decades, U.S. government bond yields trended downward, boosting bond prices and…

September 11, 2026 - For years, software as a service (SaaS) stocks were prized for their attractive underlying business fundamentals, including recurring revenue, predictable growth, high gross margins, low capital intensity, and substantial operating leverage. Over time, market participants grew increasingly positive on the sector, due to…

August 16, 2026 - In spring 2021, several media and technology stocks, such as Viacom, Baidu, and Discovery, experienced inexplicable and powerful rallies. Many had roughly doubled in the span of a couple of months on seemingly no news. These single-name stock moves had left traders scratching their…

July 13, 2026 - When conflict in the Middle East broke out in the spring, equities plummeted, and the volatility (VIX) index leapt above 30 - a level denoting significant market stress. Since then, as geopolitical strife has diminished somewhat, equity market volatility and stress have entered a…

June 14, 2026 - For thousands of years, people engaging in commerce and investing have understood that an ownership interest in an enterprise is more valuable the more profit it produces. Early financial accounting can be traced back to ancient Mesopotamia, where Luca Pacioli invented double-entry…

May 17, 2026 - In 1960, an English rock band formed in Liverpool. They called themselves The Beatles. Within a few years, The Beatles became a global phenomenon. In fact, there was a name for this explosion of mass hysteria around the Beatles - Beatlemania. In the early Beatlemania years, the noise…

April 12, 2026 - The Iran conflict and the resulting disruptions around shipping through the Strait of Hormuz have had wide-ranging economic implications, with the most immediate and significant impact being the surge in commodity prices. The chokehold on oil supply from the Strait blockade has caused energy…

March 15, 2026 - The world economy is experiencing a global oil supply shock that has a myriad of potential market implications. This shock is due to the recent closure of the Strait of Hormuz, the narrow maritime passage connecting the Persian Gulf to the Arabian Sea. The strait,…

February 15, 2026 - “Software is eating the world” is a phrase coined by Marc Andreessen in a 2011 essay in The Wall Street Journal. In the article, Andreessen argued that software companies are taking over industries that were once dominated by traditional, asset-heavy physical businesses. In…

January 11, 2026 - The Panic of 1907 was a severe financial crisis in the United States that unfolded over three weeks in October of 1907 (what is it with October and market crashes?). At the time, the financial system nearly collapsed and had to be…