Amazon, Tesla & Bitcoin: Disruption Case Studies

In our Markets section we outlined Harvard professor Clayton Christensen’s paradigm for understanding Disruptive Innovation. In a nutshell, real disruption comes when: A new entrant, often with a different business model …

Don’t Poke The (Volatility) Bear

The VIX may have climbed to 14.6 today, but it’s still running below this year’s average of 17.2. In fact, before today’s selloff the last 2 VIX closes had a 12-handle, …

Topics at Crypto’s Big NYC Conference

The largest crypto currency conference held in the US kicked off today, Consensus 2018, and by all accounts attendance is excellent. Even though tickets go for about $2,000, press reports from …

2 Ways Homebuilders Can Work

What is the right public market valuation for an economically sensitive company near the peak of a business cycle? That question has bothered me for over 20 years, ever since I …

FAA Approves Drones for Takeoff

Early in its life, Facebook’s mantra for its developers was “Move fast and break things”. That neatly summarizes much of the tech industry’s ethos to this day. It is both a …

What AI-Based ETFs Like Right Now

Today we turn the concept of innovative disruption to our home field of asset management and consider how technology is changing the capital allocation process. In focus: two novel approaches to …

Driving to Tehran

US equity markets barely budged on news of President Trump’s decision to withdraw from the Iran nuclear deal, and we are not surprised at this mid-afternoon yawn of a response. Investors …