I return to subjects that help explain how people, institutions, markets, and organizations change. The connections among them are often as useful as the subjects themselves.
Investing and markets
Portfolio construction, valuation, market structure, risk, fixed income, investor behavior, and the relationship between capital and expectations.
Economics and political economy
Growth, inflation, trade, fiscal and monetary policy, regulation, political incentives, and the consequences of economic choices.
History and institutions
How institutions develop, why some endure, how crises change them, and what historical comparison can reasonably tell us about the present. Local history adds the specific evidence of places, people, and organizations.
Leadership and organizations
Decision rights, incentives, culture, governance, and the practical problem of turning a strategy into coordinated work.
Technology and society
Artificial intelligence, automation, data, and digital infrastructure, with particular interest in how they affect work, business models, and human judgment.
Entrepreneurship
Identifying a useful problem, testing an idea, allocating resources, building an operating system, and deciding when evidence supports the next step.
Ideas, place, and purpose
Philanthropy, the use of capital, travel, and the history of places broaden the questions beyond professional work. A broad set of interests is a reason to keep asking questions, not a claim to expertise in every field.
Browse the writing or explore my approach to analysis.