Explainer
Industries
Follow the industries and physical systems that underpin the American economy — energy, health, real estate, transport, defense and the infrastructure the rest of it runs on.
Generation is comparatively quick to build. The queue to connect it, and the transmission to move it, are where projects stall.
Explainer
How Commercial Real Estate Is Valued, and Why Values Move So Sharply
Property values rest on two numbers: the income a building produces and the yield investors demand. Small changes in the second move the first a long way.
Explainer
How Freight Rates Are Set, and Why They Swing So Violently
Shipping capacity is ordered years before it arrives and cannot be reduced quickly. That single fact explains most of the industry's volatility.
