The Capital Note: Forward Guidance & the Fate of Cities

On the menu today: the Fed’s forward guidance, the fate of cities, and the use of collateral in emerging markets.

The Capital Note: Lockdowns & Lumber

Small business, work from home, how a lumber shortage is increasing the size of one university’s endowment, and more.

The Capital Note: Individual Investors, Inflation & the Invisible Hand

The Role of Robinhood, Inflation-Adjusted Capital-Gains Taxes, Shakespeare’s Influence on Adam Smith, and more.

The Capital Note: Kodak’s Slide & Adam Smith’s Kidnapping

Higher home ownership rates, unpacking Kodak’s mismanagement of government funds, and the (likely apocryphal) kidnapping of Adam Smith.