Information Is Dead In August of 2019, US large-cap (i.e., S&P 500) passive funds’ assets under management surpassed active funds for the very first time. Let’s ignore the possible implications of a future where majority ownership of our 500 largest businesses is consolidated into a handful of index fund providers. Instead, I’d like…

Stablecoins and The State If you’re looking for signs that the cryptocurrency industry is growing up, look no further than their lobbying of congress and the executive branch to influence how they are taxed and regulated. Buried in the details are also signs that we (legislators, regulators, and citizens) need to stop thinking about…

Ask anyone in Texas (and I imagine around the US) what their house is worth and they’ll reply with a question, “depends on who’s asking.” If they are the bank appraising the property for new financing, they’ll hear about the great school two blocks to the south, several comps of…