
Agency Paper: The Other Mortgage-Backed Security
Why agency mortgage-backed securities exist, how they work, and how a low-risk choice can still be costly.
Byrne Hobart /

Book Value and Mark-to-Market
How accounting methods affect book valuations, and why they matter to investors in the long run.
Byrne Hobart /

Thinking in Unit Economics
How thinking in unit economics explains explosive valuations, burnt capital, and mini-bubbles.
Byrne Hobart /

CEO as Capital Allocator
Buybacks, dividends, and what CEOs actually do.
Byrne Hobart /

Just-in-Time Inventory Management
How inventory affects cash flow and return on equity.
Byrne Hobart /

George Soros' Theory of Reflexivity
Do stock price changes cause fundamental changes rather than the other way around?
Byrne Hobart /

Multi-Manager/Pod/Hedge Fund 101
How the oldest hedge fund model is bigger and more profitable than ever.
Byrne Hobart /

The Alchian-Allen Effect
How it explains cheap luxuries, strong pricing power, and good careers.
Byrne Hobart /

Money Manager Fees: Who Gets Paid How?
Understanding why different types of funds charge different fees.
Byrne Hobart /

The Supply Chain View of the World
How to think about the economy as interlocked supply chains.
Byrne Hobart /