We discuss why the modern discussion of the division of labor is distorted by bad theory and political incentives.

Verizon issued strong Q4 results and strong guidance for 2026. We continue to recommend investment in the telecom giant for income.

For years, equity markets have leaned on the “Fed Put” – the belief that the central bank would reliably inject liquidity at the first sign of trouble. Warsh, however, is a vocal critic of the Fed’s tendency to “pamper” markets.

2026 will be a bullish year, but not as rich as last one or the one before.

With one exception, the trends in December continued in January. Headline business conditions continued to indicate contraction, but at a decelerating rate.

The move underscores Beijing’s growing recognition that traditional stimulus tools are proving less effective in lifting consumer spending.

Over the past year, Cenovus Energy has rallied 40.9%, significantly outperforming Enbridge’s 13.9% gain. But does stronger price performance automatically make Cenovus the better stock? Here's a look at the fundamentals of both companies to find out.

The excitement over providing retail access to private equity seems to have turned sour with more skepticism. As the aforementioned excitement built, we talked frequently about not getting wrapped up with illiquid vehicles offering private equity.

This past week, I raised my cash percentage to the highest level since last year's correction. I'm not ready to start pulling the trigger on short positions. But the market's conditions are becoming a lot frothier.

I previously discussed companies that own land and water rights, which will be important to data center build-outs. But it all starts with energy. Without energy, data centers don’t run. The electricity generator to take note of is Black Hills.

Hey, remember quantum computing? That was a sector that was getting a tremendous amount of hype, in spite of no products, no revenues, and certainly no profits. It’s heartening to see sanity return to the world, as these stocks get blown to pieces.

Liquidity continues to be drained from the system, primarily through Treasury issuance and rising TGA balances, putting pressure on risk assets.