News & Insights

No – nobody is dumb here. We are just trying to simplify the complex U.S. economy. Real economic growth (growth after taking out inflation) is what drives hiring and corporate profits, allows for wage increases, and spurs the stock market. It’s important. So an obvious question is, what drives economic growth? It is a function […]

Taiwan Semiconductor Manufacturing Company, or TSMC, the world’s largest contract maker of semiconductors, has long exercised world domination in the manufacture of leading-edge chips from the small island of Taiwan. Only in recent years — as geopolitical rivalry has intensified — has TSMC started venturing beyond Taiwan and its two lesser facilities in mainland China. […]

In last month’s issue, we examined the concept of economic “moats” and how we use them to help identify and value potential portfolio investments. While the term is not new, its popularity has grown over the years. Investors’ love affair with companies possessing wide moats, or durable competitive advantages, comes as no surprise given results […]

Over the last month, universities and colleges across the U.S. bid farewell to the Class of 2024. Much has been written about their character, but an underappreciated observation might be this: the Class of 2024 has proven its adaptability and resilience. With the advent of COVID-19 and related lockdowns, members of the Class of 2024 […]

Obituaries are not a regular part of our newsletter. In fact, this is our very first page highlighting recent obituaries. These three people are very different but they each made unique contributions to our world. Amnon Weinstein’s father, a Jew, escaped to British-run Palestine just before World War II. The family was lucky but not […]

At Hanson + Doremus, one of the primary qualities we screen for in prospective companies is the presence of an economic moat. While I am still relatively new here, I spent the last nine years as a senior equity analyst at Morningstar where moats are so highly thought of that the concept forms the foundation […]

The NFL Draft was held last month in Detroit to record-breaking fanfare. Over 770,000 fans attended in person and the event was broadcast on multiple networks and media platforms. But it’s not just spectacle, the draft has evolved into a highly strategic event and a dynamic marketplace for new players. As investors, when we see […]

Price increases have moderated this year, to a 3.5% increase on an annual basis. That’s good news. But consumers are still glum. They remember the 8%-9% annual increases back in mid-2022 and are still struggling to digest the consequences. When there was plenty of Covid money around this was not such a big issue. But […]

With the recent conclusion of March Madness and its associated bracket pools, many Americans will not place another sports bet until the Super Bowl next year. However, since the 2018 Supreme Court decision, legalized sports betting has expanded to 38 states (and D.C.), including Vermont, this year. This tremendous geographic expansion has made it easier […]

In 600 words I am not going to try sum up Generation Z, those born between 1997 and 2012, who are now aged 12 to 27. But I will lay out a big concern about them and also a big reason to be heartened. First the concern. Gen Z is the first generation to grow […]

Welcome to the 38th year of the Hanson Index, our annual snapshot of prices in the local Vermont economy. From an espresso at Leunig’s to a trip on the new Amtrak route from Burlington to New York City, our index provides a non-scientific yet insightful view of inflation trends. Inflation rates in the United States […]

With the freshly minted 2024 edition of the Hanson Index (see page 2), inflation is on our minds. Surging used car prices got a lot of attention during the pandemic. While prices at the dealership have moderated, the all-in cost of car ownership has crept steadily higher (chart on right). As it turns out, each […]