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Byrne Hobart

Byrne Hobart

Why Do Companies Wait so Long to IPO?
Jun 24, 2026

Why Do Companies Wait so Long to IPO?

Intel, Microsoft, and Adobe debuted as small-caps. What changed?

Byrne Hobart
Byrne Hobart
Volatility Drag is What's Missing from Inequality Discussions
Jun 17, 2026

Volatility Drag is What's Missing from Inequality Discussions

The rich get richer, but it's a rotating cast of rich

Byrne Hobart
Byrne Hobart
Investors are Always Miss-Excited at the Peak
Jun 10, 2026

Investors are Always Miss-Excited at the Peak

You can get the technology right and the implications completely wrong

Byrne Hobart
Byrne Hobart
On Critical Dependencies
Jun 03, 2026

On Critical Dependencies

In complex systems, if they're operating at maximum capacity, minor damage gets magnified

Byrne Hobart
Byrne Hobart
The Peculiar Market for Alpha
May 27, 2026

The Peculiar Market for Alpha

Can you buy it? Can you sell it?

Byrne Hobart
Byrne Hobart
Financial Rediscoveries
May 20, 2026

Financial Rediscoveries

Some inventions are just rediscoveries

Byrne Hobart
Byrne Hobart
Stocks Don't All Need to Deliver the Same Return
May 13, 2026

Stocks Don't All Need to Deliver the Same Return

On average, investors are trying to buy stocks that go up, but a lot goes into that average

Byrne Hobart
Byrne Hobart
Bubbles Don't Pop All At Once
May 06, 2026

Bubbles Don't Pop All At Once

Looking back on the great summer 2000 tech rally

Byrne Hobart
Byrne Hobart
The Snapshot-in-Time Effect
Apr 29, 2026

The Snapshot-in-Time Effect

What you think the long-term looks like depends on what start date you choose

Byrne Hobart
Byrne Hobart
Why Does Shareholder Activism Work so Well in the US?
Apr 22, 2026

Why Does Shareholder Activism Work so Well in the US?

There's a feedback loop that pays CEOs well but keeps them on their toes

Byrne Hobart
Byrne Hobart
Learn how to think about finance, economics, and corporate strategy.

Capital Gains

Learn how to think about finance, economics, and corporate strategy.

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