Notes on the Market

Jevons Paradox

Good news for consumers. Bad news for the companies spending trillions to sell them intelligence.

Aug 18 • Michele Chiacchio, CFA

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June 2026

The Year of the Trillion-Dollar IPOs

Just like the internet, AI will change the world. And just like the internet, AI seems to be starting with a bubble.

Jun 23 • Michele Chiacchio, CFA

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April 2026

Tetra Tech, Inc. (NASDAQ: TTEK)

$8.7B Enterprise Value | $7.9B Market Cap | $30.19 Share Price (04/10/2026)

Apr 15 • Michele Chiacchio, CFA and MXC Global Management LLC

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March 2026

The Importance of Incremental Return on Capital

Why the next dollar of capital matters more than the last

Mar 31 • Michele Chiacchio, CFA

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Energy Supply Constraints Are a Real Headwind

Why energy capacity is a real structural issue, not a cyclical nuisance, and where the opportunity lives

Mar 26 • Michele Chiacchio, CFA

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January 2026

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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