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MD&A

Philo

Exploring frameworks for understanding economics, investing and finance.

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Substack
PricingOnly free issuesPublishesWeekly
Issues36Founded6 years agoLast Issue3 months ago
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Latest Issues

Do We Want High Home Prices?

Recently, President Trump gave his view on housing prices:

“There’s so much talk about “oh we’re going to drive housing prices down”. I don’t want to drive housing prices down, I want to drive housing prices up, for people who own their...

3 months ago
14
4

Thesis Drift

Why should an individual investor bother with picking individual stocks? There is usually no good financial reason to do so: even full-time professionals struggle to beat the S&P, and the few skilled investors who can beat the S&P often don...

a year ago
28
7

Wet Streets Cause Rain

William Zinsser once observed that good nonfiction is often dependent on the writer’s ability to supply the reader with surprising or interesting facts. The biggest strength of The Man Who Broke Capitalism is that its author, New York Times...

a year ago
26
14

One Funeral at a Time

By the time of his death last year, Sam Zell had accumulated a fortune of $5 billion, the fruits of a lifetime of shrewd real estate investing. What was the secret behind his success? Well, if you believe Sam Zell, it was that he followed a...

a year ago
56
12

Stock Buybacks, Demystified

Around this time last year, the New York Times Guild (the union that represents NYT newsroom employees, among others) was in the middle of a particularly contentious contract battle with NYT management that had dragged on for multiple years...

2 years ago
25
4

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