On business and investing

Into the last quarter of 2026

The core question for Q4 is simple: can earnings growth outrun a higher hurdle rate It's important to pay close attention to S&P, NASDAQ and in particularly, AI valuations. With long term yields sustained above 5% (the previous anchor), oil prices still elevated since the war

Coming soon

This is The Direction, a brand new site by Elisa Kuang that's just getting started. I like to write about business and investing. Things will be up and running here shortly, but you can subscribe in the meantime if you'd like to stay up to date