News & Insights

ChatGPT, when first released back in late 2022, made a splash. AI technologies, and more specifically the large language models (LLMs) they are based on, had been around for years. But this AI chatbot was one of the first easy-to-use products capable of generating a range of written content in response to prompts – and […]

Those aren’t my words. I heard them from Shuntaro Takeuchi, a portfolio manager at Matthews Asia, and he wasn’t referring to the 1980 pop song by the Vapors, but to how aging around the globe is making the rest of the developed world look more like Japan. With 30% of its population over 65, Japan […]

In 1831, 26-year-old Alexis de Tocqueville spent ten months in America and Canada. Returning to France, he wrote Democracy in America (1835-1840), a book of observations about America and what aristocratic Europe might learn from it. Tocqueville admired the stability of the American economy, the popularity of churches, and how the spirit of religion and […]

Our lives over the last 20 years have moved increasingly online as everything from newspapers to banking have gone digital. Every year more people make all of their daily purchases via credit cards. Fewer than 14% of Americans in 2022 made all or almost all their purchases in a typical week with cash versus 41% […]

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 […]