“As media and tech analyst Benedict Evans writes, the industry moves through cycles. ‘People will bundle different Substacks into single subscriptions (and then print them out and mail them once a month - ho! ho!), and unbundle verticals from the NY Times or Instagram.’ It’s all magazines? Always has been. ”

“Is there a Sully in the Eccles building?”

“Years of ultralow interest rates hurt insurers in two ways, first by reducing investment returns and second, by expanding insurance-underwriting capacity.” i don't quite understand the latter part, it has do with investors who are searching for yield buying lots of catastrophe bonds and insurance-linked securities, which adds to the capital pil... See more

as of 9/15/23: — S&P trades at 17.9 times earnings — the insurance portion trades at 11.8 times earnings — last time it was that wide of a delta was in 2008 and 2020

Chubb specializes in XoL (excess of loss) trade credit insurance, which means that the insured company agrees in the policy to take a significant loss before “coverage” kicks in. This is different than ground-up insurers like Atradius, Allianz, and Coface, who will insure entire losses (also known as “ground-up”.)

In a consumer survey last year, the Federal Reserve found that 37% of Americans lacked the savings to cover an unantici- pated $400 expense.

Assume, again, a one percentage- point drop in the bonds’ respective yields. In that case, the U.S. Treasury 1.875s of 2051 would rally by 24%, to 74.30 from 60.15, and the on-the-run 30-year Treasury, the 4.125s of 2053, by 19%, to 116.69 from 97.91.