Public Debt and Corporate Debt

It Matters Who Owns the National Debt. And a Big Shift Is Occurring.
https://www.nytimes.com/2025/12/26/opinion/national-debt-owners-lenders-crisis.html
Sadly, the size of the debt is not the only thing Americans need to be concerned about. Who is lending us money also matters, and the characteristics of our creditors have changed over the past decade, leading to higher and more volatile interest rates, which raise mortgage, student loan and other borrowing costs. The shift could also increase the fragility of the U.S. financial system during times of stress.
 
As A.I. Companies Borrow Billions, Debt Investors Grow Wary
https://www.nytimes.com/2025/12/26/business/ai-debt-investors.html
Artificial intelligence companies looking to raise funds are being made to pay lofty interest rates, as debt investors become cautious.  

International Portfolio Allocation - Currency and Political Risk

So long, American exceptionalism
https://www.ft.com/content/a9f5e37c-dd0f-4681-bddf-f20b6a6ce4e3
For the first time, investors are talking about ‘US risk’. 

Tesla versus Waymo

Tesla Robotaxis Are Big on Wall St. but Lagging on Roads
https://www.nytimes.com/2025/12/25/business/tesla-robotaxis-austin-waymo.html
Shares of Tesla have hit new highs on optimism about the company’s self-driving taxis. But experts say Tesla is far behind Waymo, which has a big head start. 

Private Equity - Risks Ahead

Investors Warn of ‘Rot in Private Equity’ as Funds Strike Circular Deals
https://www.nytimes.com/2025/12/24/business/private-equity-continuation-funds.html
Buyout firms have struggled to sell companies they own and have instead found a workaround to get cash back to clients: Selling the companies to themselves. 
 
Warren Buffett and Private Equity Both Love Insurance. The Similarities End There.
https://www.wsj.com/finance/investing/warren-buffett-and-private-equity-both-love-insurance-the-similarities-end-there-338f7429
Investing insurance premiums is a different game on Wall Street than in Omaha. 

The K-Shaped Corporate Sector

The Economic Divide Between Big and Small Companies Is Growing
https://www.wsj.com/business/the-economic-divide-between-big-and-small-companies-is-growing-f3bcf222
The economic fortunes of low- and high-income Americans are diverging. The same pattern is happening with companies. 

Era of Hegemonic Instability

Rogue Hegemons Are Sabotaging the Global Economy
https://www.project-syndicate.org/commentary/us-tariffs-and-chinese-mercantilism-upending-global-trading-system-by-arvind-subramanian-2025-12
Rather than providing global public goods, the United States and China are inflicting global economic costs – in mutually reinforcing ways. Donald Trump's tariffs have exacerbated Chinese mercantilism, and Chinese exports are provoking developing countries to engage in protectionism of their own. 

‘A Singularly Turbulent Time’: Deeper Uncertainty in Store for Global Economy

https://www.nytimes.com/2025/12/19/business/economy/trump-trade-global-econ.html

Is Adam Smith Misinterpreted?

Adam Smith is misinterpreted and his influence overstated
https://www.economist.com/christmas-specials/2025/12/18/adam-smith-is-misinterpreted-and-his-influence-overstated
The most famous book in economics is less revolutionary than you think.