Notes on the Market

Outlook for 2026 (Part 2)

The economy is providing a narrow path for markets, with little room for error

Jan 14 • Michele Chiacchio, CFA

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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.

Jan 7 • Michele Chiacchio, CFA

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December 2025

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…

Dec 5, 2025 • Michele Chiacchio, CFA

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November 2025

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

Nov 14, 2025 • Michele Chiacchio, CFA

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October 2025

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…

Oct 21, 2025 • Michele Chiacchio, CFA

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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…

Oct 15, 2025 • Michele Chiacchio, CFA

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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.

Oct 7, 2025 • Michele Chiacchio, CFA

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September 2025

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…

Sep 30, 2025 • Michele Chiacchio, CFA

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Investment Memo #1 Part 2: Utah Medical Products, Inc. (NASDAQ: UTMD)

The investment model: LBO or Active Value

Sep 24, 2025 • Michele Chiacchio, CFA

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Stagflation Risks in the Economy

Inflation remains uncontrolled and the fed just lowered rates on concerns for the job market, does this mean a real risk of stagflation?

Sep 22, 2025 • Michele Chiacchio, CFA

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Charts of the Week: The Fed's Current Predicament

The data behind the Fed's "risk management cut" to rates

Sep 19, 2025 • Michele Chiacchio, CFA

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Investment Memo #1: Utah Medical Products, Inc. (NASDAQ: UTMD)

UTMD, headquartered in Utah, is a profitable medical devices company that makes critically important fetal monitoring accessories, vacuum-assisted…

Sep 18, 2025 • Michele Chiacchio, CFA

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