13D ResearchCOVID has exacerbated inequality.Anyone worried about social stability realizes a backlash is coming that will accelerate the cycle shift from wealth accumulation to…Sep 25, 2020Sep 25, 2020
13D Research“The United States may be facing the most severe housing crisis in its history.”Combining vulnerable homeowners and renters, COVID-driven housing displacement threatens to exceed the GFC.Aug 26, 2020Aug 26, 2020
13D ResearchRetail-investor euphoria will come to tears and cause a long-term cultural, political and…For years, we have studied the ever-intensifying threat of a retail-investor disasterJun 23, 2020Jun 23, 2020
13D ResearchThe corporate bond market appears dangerously complacent about the zombie threat.Investors are greatly underestimating the breadth of risk and the power and willingness of the Fed to offer carte-blanche support.May 14, 2020May 14, 2020
13D ResearchA corporate debt reckoning is coming.It will deepen and prolong a U.S. recession regardless of Fed intervention.Apr 2, 2020Apr 2, 2020
13D ResearchWorkers are suffering even before mass layoffs begin.Most gig and hourly workers are walking a financial tightrope. They will not be able to afford even a short-term hit to their earnings.Mar 26, 20201Mar 26, 20201
13D Researchin13D ResearchThe concentration of economic power has led to spectacular investment returns.As contrarians, we always ask when will it end and how will it end?Feb 6, 2020Feb 6, 2020
13D Researchin13D ResearchWe are repeatedly asked, what is the weak link that will bring the U.S. economy down?Although there are many possibilities, our vote right now is corporate debt.Nov 2, 20192Nov 2, 20192
13D Researchin13D ResearchHow much longer can the debt-burdened consumer hold up the U.S. economy?If the American consumer is Atlas — holding up “the greatest economy ever” — his legs are weakening under the strain.Oct 27, 20191Oct 27, 20191
13D Researchin13D ResearchThe risks grow that the passive and algorithmic transformation of equity markets could lead to a…The following article was originally published in “What I Learned This Week” on August 15, 2019. To learn more about 13D’s investment…Aug 22, 2019Aug 22, 2019