Apple is now the world's biggest dividend payer with its $13 billion dividend payout and surpasses ExxonMobil's dividend payout record. Despite the

The Phillips curve becomes the Phillips cloud with no inexorable trade-off between inflation and unemployment. Stanford finance professor John Cochrane disa

CEO overconfidence and corporate performance Malmendier and Tate (JFE 2008, JF 2005) argue that overconfident CEOs are more likely to initiate mergers an

The new semiconductor microchip demand-supply imbalance remains quite severe for the U.S. tech and auto industries.  Our current fundamental macro a

Trump and Xi meet in the most important summit on earth this year. Trump has promised to retaliate against China's currency misalignment, steel trade

From 1927 to 2017, the U.S. stock market has delivered a hefty average return of about 11% per annum. The U.S. average stock market return is high in stark