Can Housing Be Healed?

Published on November 6, 2025

Before we started some recent home renovations, neighbors offered advice: stay patient. Construction projects feature weeks that feel like no progress has been made, and days that feel like everything has changed at once.

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Anti-Involution: Getting China’s Snake to Let Go of Its Tail

November 6, 2025
China’s “anti-involution” policy to tackle deflation, announced in 2024, is still in its early stages. Some effects are already visible, but compared with China’s last deflation fight in 2014–2015, the policy may take longer to work, in our view.

Private Equity Must Sell More Assets — at Whatever Price

November 6, 2025
The rebirth of private equity dealmaking has been supposedly just around the corner for well over a year. But even as investment bankers cheer a rush of mergers & acquisitions and the reopening of the market for initial public offerings, many financial sponsors are still struggling to catch the same wave.