The hottest Economics Substack posts right now

And their main takeaways
Category
Top Business Topics

Hovnanian 4Q 2025 Results

Erdmann Housing Tracker • 42 implied HN points • 05 Dec 25
💼 Business Economics
  1. Hovnanian reported their fourth-quarter earnings and mostly met their expectations. However, there were challenges like refinancing and losses from land sales.
  2. The stock market reacted negatively, with Hovnanian's stock falling about 20% in one day.
  3. Investors were likely disappointed due to the mixed results and the unexpected losses, which affected their confidence in the company.

‘I say the Americans really won the war’

Wrong Side of History • 417 implied HN points • 08 Feb 25
💾 History Economics
  1. Many people in Vietnam felt that the U.S. helped them realize they preferred American presence over communism after the war. This shows how complex feelings about the war can be.
  2. After the war, Vietnam faced many issues due to communist policies that hurt its economy, leading to hunger and poverty for many years. The country struggled with efficiency and food shortages at that time.
  3. Vietnam saw a big change when it shifted towards a market-based economy in the 1980s. This led to significant economic growth and lifted many people out of poverty.

Is EBITDA Really Bullshit? Answer: "It Depends"

Value Investing Substack • 353 implied HN points • 05 Aug 23
💰 Finance Economics
  1. EBITDA can be a controversial metric in finance, with some calling it 'bullshit earnings'.
  2. John Malone successfully used EBITDA to communicate TCI's growth strategy in cable industry.
  3. Valeant Pharmaceuticals' misuse of EBITDA led to financial trouble, highlighting the importance of understanding the context behind EBITDA figures.

TL;DRussia Weekend Roundup

TL;DRussia • 353 implied HN points • 25 Mar 23
🌍 World Politics Economics
  1. The author uses their newsletter as a form of therapy to deal with anxiety and discomfort.
  2. The author reflects on the positive response to their Twitter threads and news analysis, while also considering potential biases in their thinking.
  3. The author recommends reading investigative reports on Russian propaganda, military-industrial control, and Western companies' involvement in Russia to understand the political landscape better.
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Top Links 587 The American tech R&D surge. The last minute trip to Angola. Missing the Merkel-Obama years & asphyxiatory violence.

Chartbook • 529 implied HN points • 14 Dec 24
🕹 Technology Economics
  1. The American tech industry has seen a big increase in research and development recently. This growth is helping to drive innovation and improve technology.
  2. There was a recent important visit to Angola, which may signify growing international ties or interests. Such trips can highlight shifts in foreign policy or economic focus.
  3. Many people are reflecting on the past leadership of Merkel and Obama. They are compared to current times, hinting at lessons learned or changes in political climate.

Top Links 567 How Trump's moves against EV subsidies play into Tesla's hands. Why R&D spending does not raise productivity & Kazakhstan’s Golden Man.

Chartbook • 572 implied HN points • 21 Nov 24
🇺🇸 U.S. Politics Economics
  1. Trump's actions against electric vehicle (EV) subsidies might actually benefit Tesla. This could give Tesla an advantage in the market while affecting other EV makers.
  2. Research and Development (R&D) spending does not always lead to higher productivity. It's important to consider how the investment is managed and applied.
  3. Recent changes in tax credits for EVs are causing a drop in stock prices for renewable energy companies in the US. This suggests that policy changes can significantly impact the market.

Economics Links, 2/2/2025

In My Tribe • 410 implied HN points • 02 Feb 25
💰 Finance Economics
  1. The rising 10-year Treasury yield means higher costs for government debt and could hurt stock prices as investors change their expectations.
  2. Traders need to be careful with market momentum, as it can shift unexpectedly, leading to losses when everyone stops buying at high prices.
  3. Renewable energy projects face high costs to connect to the grid, and large battery systems have limitations, raising questions about their reliability.

The Bear Cave #253

The Bear Cave • 489 implied HN points • 22 Dec 24
💼 Business Economics
  1. There are serious concerns about Aegon's sales tactics, which some say look like a multi-level marketing scheme.
  2. Recent investigations show JOYY's app Bigo Live is facing major issues after being removed by Google and Apple due to child abuse allegations.
  3. Multiple companies have seen rapid executive turnover, with several CEOs and CFOs resigning or being replaced in just a short time.

Pricing power, revisited

Asian Century Stocks • 314 implied HN points • 26 Oct 23
💼 Business Economics
  1. Companies can raise prices by making customers feel positive about a purchase.
  2. Economic moats give companies the power to raise prices without losing business to competitors.
  3. Lowering the risk or perceived pain of purchase, creating positive emotions, and promoting a sense of community are key pricing strategies for successful companies.

Deepseek Meets Li Qiang, Data Labeling Subsidies, Taiwan's Debt, Automation Optimism

ChinaTalk • 429 implied HN points • 24 Jan 25
🕹 Technology Economics
  1. DeepSeek, a major player in China's AI sector, recently caught the attention of government leaders, highlighting its rise as a 'national champion.' This may lead to more funding but also increased scrutiny from the government.
  2. China is putting effort into developing the data labeling industry as a key part of its AI advancements, offering tax breaks and support to help businesses in this area grow. High-quality data is essential for effective AI development.
  3. Taiwan needs to rethink its strict debt policy to invest more in military and energy security due to rising threats from China. Maintaining a low debt level could limit Taiwan's ability to strengthen its defense.

Understanding Inequality: Can Gini Coefficients Be Fruitfully Demystified? (Revised and Expanded)

Brad DeLong's Grasping Reality • 222 implied HN points • 01 Jun 25
🇺🇸 U.S. Politics Economics
  1. Gini Coefficients are complex measures of inequality that many people struggle to understand. It might be better to use simpler measures based on income percentiles, which are easier for people to relate to.
  2. When discussing income disparity, it's important to connect the data to real-life situations. Relating income differences to the average income helps individuals grasp the extent of inequality more easily.
  3. Income inequality affects people's experiences and social interactions. Understanding this can provide insights into how economic differences impact relationships and feelings of envy or spite among different economic classes.

Top Links 634 Amerikanizm, tariffs and inflation. The UK's productivity stagnation, & the war-risk business.

Chartbook • 414 implied HN points • 30 Jan 25
🇺🇸 U.S. Politics Economics
  1. Amerikanizm can have impacts on tariffs and inflation. This means policies can affect prices and trade in significant ways.
  2. The UK's productivity is not improving much, which suggests challenges in its economy. This stagnation can lead to slower growth and less innovation.
  3. There are increasing risks related to war for businesses. Companies might face uncertainties that could influence their operations and profits.

Letter #84: Sam Zell (1976)

A Letter a Day • 334 implied HN points • 20 May 23
💼 Business Economics
  1. Sam Zell was a successful real estate mogul, starting his career in property management before building a massive real estate empire.
  2. In his 1976 essay, Zell discussed the opportunities in distressed properties, emphasizing the importance of initial investment analysis and financial restructuring.
  3. Investors in distressed properties are motivated by the potential for equity value appreciation and long-term asset value growth, despite initial cash-flow challenges.

Economics Links, 1/25/2025

In My Tribe • 410 implied HN points • 25 Jan 25
💰 Finance Economics
  1. Many experts believe that relying on government decisions can be inefficient because it often favors those with political power instead of addressing real needs.
  2. Inequality is a natural part of society, and efforts to eliminate it through government action can lead to problems, including promoting wokeness.
  3. Economic data can often be misleading due to measurement errors, making it hard to trust figures that inform important decisions like GDP or monetary policies.

Arrêt sur images

L'Atelier Galita • 219 implied HN points • 16 Jan 24
🎭️ Culture Economics
  1. Arrêt sur images is a media platform that critically analyzes news and media narratives.
  2. The economic model of a media outlet can significantly impact its content and societal implications.
  3. Supporting media through reader subscriptions can help maintain independence and quality of reporting.

What is Ethereum for?

Something to Consider • 39 implied HN points • 20 Jun 24
🔮 Crypto Economics
  1. Ethereum is a programmable blockchain, allowing for more than just currency transactions. It's unique because it can create smart contracts that automatically enforce agreed terms.
  2. It’s useful especially when contracts can be clearly defined and don’t require constant human input. Things like online services or products that are fully digital fit this well.
  3. Ethereum has potential for improving access to banking for underserved communities, like in Africa. Its ability to facilitate transactions without traditional banking could help many people who lack basic financial services.

Mining Dashboard Takeaways 2/9/24

Bitcoin Magazine Pro • 157 implied HN points • 09 Feb 24
💰 Finance Economics
  1. Bitcoin miners underperformed in January compared to December due to curtailment.
  2. Some mining companies like Cipher and CLSK significantly increased their BTC holdings.
  3. Hut8 was the worst performer, selling BTC and energizing fewer rigs, impacting their stock price.

Top Links 643 Office vacancies. Peak McDonald's. The case of Ireland and the legend of Ferdinand Piëch.

Chartbook • 386 implied HN points • 08 Feb 25
💼 Business Economics
  1. Office vacancies are at a record high, with about 20.4% of office space in major US cities empty. This shows a big change in how people work now.
  2. The idea of 'Peak McDonald's' suggests that the fast-food giant may have reached its highest point in growth and popularity. It's interesting to think about how even big brands can change over time.
  3. The story of Ferdinand Piëch and the case of Ireland may provide lessons on leadership and innovation in business. These narratives help us understand how organizations can evolve or face challenges.

Walk in the Pines #144

Pinecone Weekly Brief • 196 implied HN points • 07 Jan 24
💰 Finance Economics
  1. The post includes a list of recommended reads, listens, and watches for the week.
  2. The content covers a wide range of topics such as economics, finance, and learning.
  3. There are links provided for further exploration of the recommended content.

The ROI Problem of AI: Dazzling Capabilities, But Powerful Market Incentives Blocking Bottom-Line Corporate-Profit Gains

Brad DeLong's Grasping Reality • 176 implied HN points • 30 Jun 25
🕹 Technology Economics
  1. AI technology is advancing quickly, but companies are struggling to turn that technology into real profits. Just having cool tech doesn't mean money will follow.
  2. When many companies are trying to give away AI services for free, it makes it hard for anyone to make a profit. This can lead to a situation where only a few big players survive.
  3. While users benefit a lot from new AI tools, the business world may not see the same gains. So, businesses need to be careful and think long-term about making money.

Top Links 600 Fiscal battles in the Trump camp. Could Hong Kong form the hub of an offshore dollar system? Writing the 18th.

Chartbook • 457 implied HN points • 27 Dec 24
🇺🇸 U.S. Politics Economics
  1. There are ongoing debates about the future of tax and debt policies within the Trump campaign. Some people think there's no need to worry about the US debt due to the dollar's strong position.
  2. There's talk about Hong Kong possibly becoming a center for offshore dollar transactions. This could change how the dollar is used globally.
  3. The discussions reflect larger economic trends and concerns that could impact both the US and global financial systems.

Talkin’ bout an AI Revolution: 3 scenarios

Faster, Please! • 365 implied HN points • 26 Feb 25
🕹 Technology Economics
  1. By 2030, we might still be at the start of a major AI development period. It's okay because this means we have a lot of exciting advancements ahead.
  2. More traditional institutions, like big banks, are now seriously talking about AI. This shows that AI is becoming a big deal in the mainstream world, not just in tech circles.
  3. Experts believe that as AI keeps getting better, the 2020s could see various new economic and technological changes. This could change how we live and work in many ways.

De-dollarization Attack

Diane Francis • 559 implied HN points • 13 Apr 23
💰 Finance Economics
  1. The US Dollar is seen as a stable and reliable currency globally, much more so than other national currencies and cryptocurrencies. This stability comes from a strong economy and the trust in its government.
  2. Russia's attempts to promote the use of the Chinese Yuan and create a new currency are unlikely to weaken the dominance of the US Dollar. In fact, they may end up increasing China's dependency on dollar reserves for stability.
  3. While there is some competition in global currencies, none are poised to replace the dollar until they are backed by strong, dynamic economies that have military power and stable governments.

Top Links 578 Airline profits. Global migration. Virtue capitalists & Norwich v. the Soviet Union.

Chartbook • 500 implied HN points • 03 Dec 24
💼 Business Economics
  1. Airline profits have rebounded recently, indicating a recovery in the travel industry. This shows that more people are flying again after tough times.
  2. Global migration trends are changing, with more people moving for various reasons. This affects economies and cultures around the world.
  3. There is a discussion around 'virtue capitalists,' who focus on social values while making money, and their impact compared to historical examples like Norwich and the Soviet Union.

Hotel REITs

Warden Capital • 275 implied HN points • 08 Nov 23
💰 Finance Economics
  1. Hotel REITs in the public markets have high yields and are trading at 8-10+% cap rates, making them a potentially lucrative investment option.
  2. Compared to other real estate asset classes like multifamily and industrial, hotel REITs offer superior yields and lower capex burdens, making them a cost-effective choice for investors.
  3. The hotel industry has faced challenges post-COVID, especially in urban markets, but with the recovery of leisure, group, and business travel, there is significant potential for growth and investment opportunities.

Why Usher Will Get Paid $0 to Headline the Super Bowl LVIII Halftime Show—and Why That's OK

The Take (by Jon Miltimore) • 178 implied HN points • 11 Feb 24
💼 Business Economics
  1. Artists like Usher may headline the Super Bowl halftime show for free, but they benefit from increased record sales and exposure.
  2. The NFL's unique arrangement with performers makes sense from an economic perspective, as the exposure during the halftime show can lead to millions of dollars worth of value for the artists.
  3. Despite not receiving payment from the NFL, artists still have direct financial incentives to perform due to the significant spike in record sales and other subsequent opportunities.

One Funeral at a Time

MD&A • 453 implied HN points • 31 Dec 24
💼 Business Economics
  1. People often stick to familiar ideas, even if they're wrong, because those ideas feel comfortable. Just like in science, new information can be hard to accept.
  2. Seeing the world differently can lead to better investment opportunities. Those who challenge common beliefs can find hidden chances in the market.
  3. Making simple changes can solve big problems. Just like washing hands helped reduce childbed fever, allowing more housing construction might help lower rising costs.

what makes labor valuable?

bad cattitude • 145 implied HN points • 22 Jul 25
💼 Business Economics
  1. There are too many college graduates for the available jobs, leading to higher unemployment rates among young graduates. This makes college less reliable for job security and opportunities.
  2. Jobs that involve specialized skills, like architecture or professional sports, can be tough as there are many people competing for a few positions. This can drive wages down.
  3. To make your labor valuable, it's important to have many buyers and limited competition. Developing practical skills in trades may be a smarter choice than pursuing a degree in an oversaturated field.

Is it crazy to pay Juan Soto $765 million?

Silver Bulletin • 486 implied HN points • 14 Dec 24
🎾 Sports Economics
  1. The New York sports market is very big, and winning teams bring in a lot of money from fans. People in New York are willing to pay for tickets to see successful teams.
  2. Juan Soto's huge contract of $765 million has raised eyebrows, but it's not just about the money—it's also about attracting fans and maintaining a competitive edge.
  3. The Mets needed a star player to improve their popularity and attendance, especially when compared to the more successful Yankees. This contract might be a gamble, but it could pay off in the long run.

The future of advertising and cinema is under threat, and what happens next feels inevitable.

The Social Juice • 36 implied HN points • 05 Dec 25
💼 Business Economics
  1. The advertising industry is facing significant challenges, with major companies like Omnicom cutting thousands of jobs due to mergers. This points to a tough future for many working in media and advertising.
  2. Netflix's recent acquisition of Warner Bros for $72 billion marks a huge shift in the entertainment landscape, showing how major players are consolidating power in the media industry.
  3. Consumer preferences are changing as shown by the rising importance of festive ads. A majority of adults feel that these ads impact their shopping choices during the holiday season.

The Misuse and Abuse of "Market Failure"

Knowledge Problem • 314 implied HN points • 10 Aug 23
🚌 Education Economics
  1. Market failure is often casually used to criticize outcomes not liked, but in economics, it has specific technical meanings like external costs or benefits.
  2. The concept of market failure is misused and misunderstood in policy analysis, leading to inaccurate criticisms of market outcomes.
  3. Critiques of market failure should consider the imperfections of government interventions as well, and focus on reducing transactions costs to enhance resource allocation.

Don’t Be Stupid

The Better Letter • 314 implied HN points • 30 Mar 23
💰 Finance Economics
  1. Not being stupid matters more than being smart in investing.
  2. Avoiding errors is more important than making good choices.
  3. In loser's games like investing, not being stupid matters more than being smart.

Two papers about Wassily Leontief

Origins of Our Time • 314 implied HN points • 04 Apr 23
🚌 Education Economics
  1. Wassily Leontief invented input-output economics, using double-entry matrices to analyze economic sectors.
  2. Leontief's work could be used in various economic systems and his techniques faced opposition from business interests.
  3. Leontief's papers from 2016 gained more interest due to relevance in industrial policy and investment planning.

Top Links 644 Buffett's filthy power plants. Inflation dynamics. Indian wars, Zazous & Pet Shop Boys

Chartbook • 371 implied HN points • 09 Feb 25
💼 Business Economics
  1. Buffett's company, Berkshire Hathaway, runs some of the dirtiest coal power plants in the US. This highlights concerns about environmental responsibility.
  2. There are interesting discussions about inflation dynamics. Understanding these can help us navigate economic changes.
  3. The mention of Indian wars, Zazous, and Pet Shop Boys suggests a mix of cultural and historical themes worth exploring. Each has its unique impact on society.

Questions Concerning Technology; Arendt, 50 years later; Ukraine's Agony

Unpopular Front • 29 implied HN points • 07 Dec 25
💼 Business Economics
  1. Technological development is a key factor that influences competition among firms and affects economic performance. New techniques of production can help certain companies or countries to gain an edge over others.
  2. There's ongoing debate about whether profits have actually declined in advanced capitalist economies. Some economists argue there’s evidence for stagnation and low growth since the 1970s, despite high corporate profits.
  3. Investment trends in advanced economies show a decrease, with many companies focusing on shareholder payouts rather than investing back into their businesses. This raises concerns about long-term economic growth.

Top Links 573 US bank failures. Gas-powered trucks. The Suriname debt crisis & the underground struggle in Colombia.

Chartbook • 500 implied HN points • 27 Nov 24
💰 Finance Economics
  1. There have been 573 bank failures in the US, which is a significant number. This may affect the economy and people's trust in banking.
  2. Gas-powered trucks are still widely used, indicating ongoing reliance on fossil fuels. This might have implications for environmental discussions and policies.
  3. The Suriname debt crisis and struggles in Colombia show that economic challenges are not only local but also global. These situations need attention and understanding from a broader perspective.

⏩🔬 Good news: We know how to accelerate the US economy

Faster, Please! • 1188 implied HN points • 16 Feb 24
💼 Business Economics
  1. Increasing public money for R&D can boost business productivity and private sector investment.
  2. Historically, technological innovation and public R&D have played a significant role in driving economic growth.
  3. There is a correlation between higher public investments in nondefense R&D and long-term increases in total factor productivity (TFP) in the business sector.