‘Peak Pessimism’ Toward Consumer Stocks Flashes a Buy Signal

Published on March 23, 2026

Recent market performance for US consumer-discretionary stocks has been so ugly that it may be a great time to buy.

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Financialization Has Corrupted the Financial Industry

March 23, 2026
Instead of funneling savings toward productive investments, the financial industry now makes its money primarily by moving large and small chunks of money from one place to another, usually with no actual productive purpose, while levying massive fees and rake-offs on each movement.

Private Credit Stress: Will the Fed Backstop Exuberant Markets Again?

March 23, 2026
Private credit is not subprime. It is better structured, less leveraged, and sits largely outside the major banks. However, it is larger and more deeply entangled with retail beneficiaries than in the past. At $1.2 trillion domestically, it is now comparable in size to the entire high-yield bond market.