Notes on the Market

Notes on the Market

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Outlook for 2026 (Part 1)
In traditional financial newsletter fashion, I'd like to provide my view on what could* be in store for the year.
 • Michele Chiacchio, CFA and MXC Global Management LLC
The Tech Giants Are No Longer Asset-Light Businesses
Since the start of tech supremacy, the most attractive feature was their high-growth, asset-light business models. With trillions projected to be spent…
 • Michele Chiacchio, CFA
Are We in for a Market Correction?
A growing set of serious valuation metrics reveal a deep disconnect between equity prices and long-term value
 • Michele Chiacchio, CFA
When the Engine Stalls: Cracks in the Auto Industry
From subprime delinquencies to falling used-car values, stress is spreading across the auto sector, a warning sign for the broader consumer credit…
 • Michele Chiacchio, CFA
Cracks in the Credit Boom
The recent bankruptcies of Tricolor Holdings and First Brands Group have raised fears of contagion—but are these failures signs of systemic risk or just…
 • Michele Chiacchio, CFA
The K-Shaped Economy
From job creation to consumer spending, the data points to a widening gap that challenges the durability of U.S. growth.
 • Michele Chiacchio, CFA
What If the Massive AI Spend Doesn’t Pay Off?
Companies in the U.S. have been shelling out records amount of capital on building out AI, and it's not just Big Tech. What happens if the large Capex…
 • Michele Chiacchio, CFA
Notes on the Market
Notes on the Market
Data-driven insights and analysis on global markets, economics, and investing.
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