For three decades until 2020, US healthcare stocks generated roughly the same returns as the tech sector, and with much less volatility. Things have changed a lot since then as the tech sector has barreled ahead while healthcare has stagnated. In this special issue, we take a closer look at the many factors dragging down the healthcare sector to among the lowest relative valuations of the last 30+ years, and some possible catalysts for a rebound. To conclude, the latest in the battle over publicly funded US scientific research.

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Every summer, I answer questions from the Eye on the Market client mailbag.

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Take a look back at 30 standout insights which are just as relevant for the future as they were for the past.

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Throughout history, non-FDIC insured short-term dollar denominated debt redeemable at par on demand has been prone to runs, whether in money market funds, repos or uninsured deposits. Why would lightly regulated stablecoins be any different?

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A brief note on the debt and deficit impacts of the House budget reconciliation bill, Henery Hawk and Foghorn Leghorn.

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With some kind of tariff equilibrium possibly within reach, we return to some regularly scheduled programming: artificial intelligence and language models which were the primary drivers of equity markets before the trade wars began.

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Like his predecessor Robespierre, Dogespierre (Elon Musk) also brought down the proverbial guillotine with indiscriminate cuts to Federal employment, contracts, leases and grants. With Dogespierre now stepping back to spend more time on his core businesses, we take an early look at DOGE’s impact on US government spending, the likely overestimation of estimated savings, negative fiscal feedback loops from firing IRS workers, conflicts of interest and possible consequences of DOGE spending cuts. Also: the latest data from the Trump Tracker and some comments on the Spanish power outage.

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Straight talk from the CEO front lines on Liberation Day. Almost all the news on tariffs and declining CEO business confidence that’s fit to print, with only a few minor redactions.

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Here’s the interesting thing about the stock market: it cannot be indicted, arrested or deported; it cannot be intimidated, threatened or bullied; it has no gender, ethnicity or religion; it cannot be fired, furloughed or defunded; it cannot be primaried before the next midterm elections; and it cannot be seized, nationalized or invaded. It’s the ultimate voting machine, reflecting prospects for earnings growth, stability, liquidity, inflation, taxation and predictable rule of law.

While market consensus assumed the administration would carefully balance inflationary, anti-growth policies with pro-growth policies, it has come storming out of the gate with more of the former than the latter. The only surprise is that it’s happening before 50 days has passed since the inauguration.

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Solar capacity is booming around the world, both utility scale and residential applications, and is often accompanied by energy storage whose costs are declining as well. Yet after $9 trillion globally over the last decade spent on wind, solar, electric vehicles, energy storage, electrified heat and power grids, the renewable transition is still a linear one; the renewable share of final energy consumption is slowly advancing at 0.3%-0.6% per year. Our 15th annual energy paper covers the speed of the transition, electrification, the changing planet, the high cost of decarbonization in Europe, nuclear power, the Los Angeles fires, Trump 2.0 energy policies, renewable aviation fuels, superconductivity, methane tracking and the continually wilting prospects for the hydrogen economy.

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