Every few years, the market convinces itself that a foundational sector of the economy is functionally obsolete. In 2020, it was energy (terminal decline). In 2022, it was physical retail

If you look at the headline data, the US economy appears to be a Ferrari. GDP is accelerating (4.3%), unemployment is manageable (4.6%), and corporate earnings are robust. But if

We consumed GPUs. We consumed megawatts of power. We consumed hundreds of billions of dollars in CapEx building data centers that look less like server farms and more like sovereign

I have made it a point to refrain from commenting on the political headlines that swirl around the market. In my view, 90% of what happens in D.C. is noise,

The Death of Simple Physics – In classical mechanics, the “Two-Body Problem”—predicting the movement of two objects interacting with each other, like the Earth and the Moon—is mathematically solvable. It

If Martin Fridson were updating his classic, It Was a Very Good Year, today he might struggle to categorize 2025. In 1928, the mood was euphoria. In 1999, it was