A Decade of Headwinds
  • April 9, 2025

A Decade of Headwinds

These headwinds will persist for the next decade or two. The stock market is rallying hard after a brutal sell-off--not an uncommon occurrence. As we savor our winnings in the ship's first-class...

Upside Down CAPM and Home Prices
  • April 9, 2025

Upside Down CAPM and Home Prices

In the functional world of the century-long flat Case-Shiller chart, families spent a stable portion of their incomes on rent and home prices reflected a stable premium on rents. Rents on existing...