Markets
Asset-Light vs. Asset-Heavy Valuations: Why Markets Overpay for Software and Underprice Infrastructure
U.S. equity markets systematically overvalue asset-light software companies while underpricing utilities, pipelines,...
Stagflation in 2026: Why the US Economy Faces Its Biggest Threat Since the 1970s
The United States faces its most serious stagflation threat since the 1970s. A toxic combination of an oil price shock...
The Economics of Private Equity: How Buyout Firms Create — and Extract — Value from Acquired Companies
Private equity sits at $4.7 trillion in global buyout assets, directly employs 13.3 million American workers, and...
The AI-Driven SaaS Valuation Crash: Why Software Stocks Lost $1 Trillion and What Comes Next
Artificial intelligence has triggered the most severe valuation collapse in software history. Public SaaS multiples...
Enterprise AI in 2026: The $400 Billion Gap Between Anthropic's Rise and OpenAI's Pivot
Artificial intelligence is generating staggering revenue growth and even more staggering losses. The emerging AI...
Southwest Airlines and the Price of Abandoning a 53-Year Competitive Advantage
Elliott Investment Management took an 11% stake in Southwest Airlines, forced the airline to abandon its 53-year...