How to Read an S-1
What to Focus on, What to Ignore
Byrne Hobart /
Credit Cycles and Minsky Moments
Why We Can’t Stop Markets from Crashing
Byrne Hobart /
What Does an "Analyst" Do?
Or: The More You Know About Their Stock Picks, The Less Their Job Involves Picking Stocks
Byrne Hobart /
Why do Economists Dread Deflation?
What's So Bad About Everything Getting Cheaper?
Byrne Hobart /
Short Squeezes Are More Common Than You Think
Sure, You've Heard of Gamestop and AMC—But What About the Financial Crisis and the Auto Industry of the 1960s?
Byrne Hobart /
Pension Math
Over $10 Trillion Is Managed In a Very Strange Way
Byrne Hobart /
When Does a Bond Act Like a Stock?
And How Investment Bankers, Software Developers, and Unionized Workers Turn a Stock Into a Quasi-Bond
Byrne Hobart /
Where Do Economic Profits Come From?
And What’s The Difference Between “Economic Profits” And the Usual Kind?
Byrne Hobart /
Short-Sellers Rarely Conspire (And It’s Mostly Helpful When They Do)
They Do, However, Get Involved in Conspiracies
Byrne Hobart /
Who Goes Into Finance, and Who Stays?
The Sociology of Risk-Takers, Fee-Collectors, and More
Byrne Hobart /
What is Alpha?
Is it Skill, a Statistical Artifact, or the Market-Clearing Wage for a Job?
Byrne Hobart /
Price Discrimination
The World's Most Common and Effective Form of Economic Redistribution
Byrne Hobart /
Schmuck Insurance
The Art and Science of Not-Quite-Selling
Byrne Hobart /
Using and Thinking About Factors
How a few linear regressions can continuously psychoanalyze investors
Byrne Hobart /
Bid Density: When 1 + 1 = 10x
How bid density impacts ads, recommender systems, and salary negotiations.
Byrne Hobart /
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 /