Markets & Economic Liberty · Daily
A daily brief for investors who believe free people and free markets allocate capital better than governments do — and who would rather have that conviction tested against evidence than flattered.
A publication with a declared worldview is more useful than one hiding the same worldview behind a claim of objectivity. You know what to discount.
One email, every weekday morning. Free, and easy to leave.
General market commentary only — never personalized investment advice. We don't sell your address, and we accept no money from political committees or candidates.
What A Point Of View Is Not
Having a worldview does not mean telling you what you want to hear. When a policy we dislike is good for a sector, we say so. When a company aligned with our readers' politics is a bad business, we say that too — and the market has produced plenty of them.
When a claim circulating in our part of the internet is false, we say it is false. A brief that launders bad information is worthless to the person acting on it, and expensive.
Investors who let political identity pick their positions lose money doing it. That happens right across the political spectrum, and being right about the politics is no protection whatsoever.
What We Watch
Deficits, entitlement trajectories, and tax policy read as what they are for an investor — claims on future output, and a constraint on achievable returns meanwhile.
What rules cost the businesses that must follow them, which incumbents quietly benefit from barriers to entry, and where compliance is displacing productive investment.
Energy, manufacturing, logistics, agriculture, and the industrial base. Unfashionable sectors with real assets and customers who cannot easily stop buying.
Inside Each Issue
A policy, a market move, or an industry shift — followed to what it means for capital.
Named specifically. "Bad for the economy" is not analysis; a cost borne by someone is.
Filings, published rules, budget documents, data series — not commentary about them.
Stated properly, not as a strawman we knock over on the way to the conclusion.
Specific and checkable. A view that nothing could falsify is not a view.
If anyone connected to a company we mention paid us, it says so at the top.
Standards
Because we have told you where we stand, we owe you more on sourcing, not less.
If we cannot point to the filing, the published rule, or the data series, we do not publish the claim.
Errors are named in the next issue — especially the ones that happened to suit our priors. Those are the ones that matter.
Something circulating widely on our side of the internet is not evidence. We will say when a popular claim is wrong.
We accept nothing from political committees, candidates, or advocacy groups, and we run no fundraising. Commercial advertising only, always labelled.
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