Enterprising Investor
Practical analysis for investment professionals

The Little-Known Credit Holding Up the Clean Fuel Market

D3 RINs reveal clean fuel bottlenecks and investor risks as tight supply, rising mandates, and policy shifts drive up prices in the energy transition.

Private Credit’s Surge Has Investors Excited and Regulators Concerned

Private credit's accelerated growth raises critical questions about liquidity, transparency, and systemic risk.

Currency Coordination Looks Riskier Today

This post examines the potential consequences of coordinated dollar depreciation today -- from FX volatility and insurance risk to broader macroeconomic impacts.

Maladapted Industries: The Risk of Artificial Selection by the State

From Europe’s steelmakers to global EV producers, "pet industries" rely on state support to survive, but as political winds shift, their future looks increasingly fragile.

Think We’ve Seen the Last +1,000-BPS High Yield Spread? Think Again

Think +1,000-bps high yield spreads are history? Marty Fridson shows why they could still hit that mark in the next recession.

Tariffs, Inflation, and Returns: How Investments Respond to Supply Shocks

Learn how tariff-related inflation shocks ripple through markets—and which assets have historically helped investors navigate the turbulence.

Women in Alts: Leading with Inspiration, Intuition, and Impact

Women investors are redefining alternatives with bold leadership, values-driven decisions, and long-term impact.

The Downgrade Is Done. The Investor Response Is Just Beginning

The US downgrade won’t upend markets—but it may reshape sovereign risk models and investor assumptions. Here’s what to watch next.

Tariffs and Returns: Lessons from 150 Years of Market History

What 150 years of market data reveal about tariffs, growth, and investment returns—and how equity factors have historically delivered resilience.

Vices, Virtues, and a Little Humor: 30 Quotes from Financial History

This collection of quotes from US financial history offers timeless lessons in vice, virtue, and investing wisdom for every generation.