As of the market close on 11 March 2020 the S&P 500 PE had fallen to 18.2. This makes the market cheap in my valuation model as it has fallen…

…Drug exclusivity (and high prices) can only happen after the trials and the FDA approval. Other Impacts As a patent holder for Remdesivir , Gilead can jack up the prices…

Four measures of labor market losses in the pandemic Below is a graph of 4 ways of measuring the downturn in the labor market due to the pandemic: 1. Payrolls…

A housing market quandary: two completely contradictory reports on renting vs. ownership There are three potential areas of concern for the economy in the next 12 to 24 months that…

…the National Flood Insurance Program.  This is indeed a serious problem, and it is a problem caused not by markets, but by misguided government regulation of markets.  In a free…

A Free Market is Always Full of Cheap Ideas I may have scoffed in the past at the notion of “the marketplace of ideas” but I am coming around to…

The labor market closes out 2021 on the best note yet The final economic data in 2021 was this morning’s report on initial and continued jobless claims. And the good…

Initial claims: a little cooling in the white hot employment market Initial jobless claims rose 21,000 to 218,000, continuing above the recent 50+ year low of 166,000 set in March….

…that U.S. financial conditions and Federal Reserve monetary policy, as well as conditions and policies in other advanced economies, affect asset prices, capital flows and commodity prices across a broad…

…obviously, neither ‘supply and demand’, nor the ‘market, are ‘working’. ‘Supply and demand’, as per usual, at best, describes the after-the-fact; not the cause. The term itself implies a market…