Murray’s Musings

• Banks, Exchanges, and Stablecoins 

Industry Thoughts

• The Cash Flow of Exchanges 

Facts & Figures

• Exchanges by the Numbers 

Featured Companies

• Johnson & Johnson (JNJ)
• Medtronic, PLC (MDT)
• DuPont de Nemours, Inc. (DD)
• The Kraft Heinz Company (KHC) 

Post-Musings

• Bank Weighting in the S&P 500 

From the Readers

• More Thoughts on Stablecoins 

Appendices

• The Wealth Index (RCH)
• Money Manager Index
• International Money Manager Index 

Murray’s Musings

• The Implications of ChatGPT

Industry Thoughts

• Utilities and Future Electric Power Demand

Facts & Figures

• Water Consumption in Thermal Power Generation
• Vistra Power Production
• Power Consumption by Nation

Featured Companies

• Ralliant Corp. (RAL)
• Amrize AG (AMRZ)
• IAC, Inc. (IAC)
• Costamare Bulkers Holding, Ltd. (CMDB)

Post-Musings

• The Rising Global Demand for Electricity

From the Readers

• Updating the Grid
• Possible Purchasers of U.S. Cement Companies
• The Price of Water

Appendices

• The Wealth Index (RCH)
• Money Manager Index
• International Money Manager Index

Murray’s Musings

• Private Equity and the Russell Indexes

Industry Thoughts

• Understanding Bitcoin Treasury Companies 

Facts & Figures

• MSCI’s Global Digital Asset Indexes 
• Bitcoin Network Transaction Volume History 

Featured Companies

• Intel Corp. (INTC)
• Five Point Holdings, LLC (FPH)
• South Bow Corp. (SOBO)
• Curbline Properties Corp. (CURB) 

Post-Musings

• Servicing Digital Assets

Appendices

• The Wealth Index (RCH)
• Money Manager Index
• International Money Manager Index 

Murray’s Musings

• The Reasonability of the MSCI ACWI

Industry Thoughts

• Media’s Evaporating Moat and Failed Spin-Offs

Facts & Figures

• The S&P 500’s Top 10 over Time 

Featured Companies

• DuPont de Nemours Inc. (DD)
• FedEx Corp. (FDX)
• Honeywell International Inc. (HON)
• AMC Networks Inc. (AMCX) 

Post-Musings

• Corporate Longevity in Europe vs. the U.S. 

From the Readers

• Data Centers of the Future
• Bitcoin Mining and Spinning Reserve 

Appendices

• The Wealth Index (RCH)
• Money Manager Index
• International Money Manager Index 

Murray’s Musings

• The Anomaly of China in Global Asset Allocation

Industry Thoughts

• Is Apple an Industry?

Facts & Figures

• Top R&D Spenders, by Company
• Auto Industry R&D Spending
• Auto Industry Market Capitalization
• High Technology R&D Spending in China

Featured Companies

• Intel Corporation (INTC) Spinoff of Semiconductor Foundry Business
• Intel Corporation (INTC) Post-Spinoff Chip Design Business
• Lennar Corporation (LEN) Spinoff of Land Business (Millrose Properties)
• MDU Resources Group (MDU) Spinoff of Everus Construction Group

Post-Musings

• R&D Expenditure vs. Market Capitalization

From the Readers

• The Prospects of Millrose Properties

Appendices

• The Wealth Index (RCH)
• Money Manager Index
• International Money Manager Index

Murray’s Musings

• Big Pharma and the Limitations of Indexation

Industry Thoughts

• The Difficulty of Drug Development

Facts & Figures

• The iShares U.S. Healthcare ETF vs. the S&P 500
• Annual Drug Prescriptions in the U.S.
• Number of Drug Stores in the U.S.

Featured Companies

• Haleon PLC (HLN LN)
• ZimVie Inc. (ZIMV)
• Zimmer Biomet Holdings Inc. (ZBH)
• Enovis Corp. (ENOV)

Post-Musings

• Insurance, the Medical Industry, and U.S. GDP

The following topics are discussed in this month’s compendium:

• Murray’s Musings
  • S&P 500 Index Weightings
• Industry Thoughts
  • The Growth of Data Centers
• Facts & Figures
  • The Cost of Data Centers
  • Equinix Data Centers
  • End-User Spending on the Cloud
• Featured Companies
  • Solventum Corp. (SOLV)
  • Baxter International Inc. (BAX)
  • Berry Global Group, Inc. (BERY)
  • Jacobs Solutions Inc. (J)
• Post-Musings
  • The S&P Revenue Weighted Index
• From the Readers
  • The Fate of Indexes 

The following topics are discussed in this month’s compendium:

• Murray’s Musings
  • Interest and Debt
• Industry Thoughts
  • Silver’s Shifting Demand
• Facts & Figures
  • Mineral Use Per Person, Per Year
  • Comparing Energy Density
  • Historical Deflation and Unemployment
  • Frequency of Dramatic Inflation Over Time
• Featured Companies
  • Consol Energy Inc. (CEIX)
  • CNX Resources Corp. (CNX)
  • Outfront Media Inc. (OUT)
  • Vista Outdoor Inc. (VSTO)
• Post-Musings
  • Government and “Soft Liabilities”
• From the Readers
  • Interest Rates and Money Creation
  • Wages and the World Reserve Currency
  • Book Recommendation: This Time Is Different

The following topics are discussed in this month’s compendium:

• Murray’s Musings
  • Index Investing in a Mature Industrial Society
• Industry Thoughts
  • The Banking Crisis and the Fed Policy Choices
• Facts & Figures
  • Recent Median Sales Prices for New U.S. Homes
  • Asset Growth at the Federal Reserve
  • Comparative U.S. Military Spending and Weapons Readiness
• Featured Companies
  • General Electric Company (GE)
  • GE Renewable Energy
  • GE HealthCare Technologies Inc. (GEHC)
  • 3M Health Care Business
• Post-Musings
  • Non-Pharmaceutical Medical Technology Innovation
• From the Readers
  • The Bank Funding Crisis and Its Implications

The following topics are discussed in this month’s compendium:

• Murray’s Musings
  • BRICS v. G7
• Industry Thoughts
  • Iron
• Facts & Figures
  • Iron Ore Prices
• Featured Companies
  • Telephone & Data Systems, Inc. (TDS)
  • United States Cellular Corporation (USM)
  • Churchill Downs, Inc. (CHDN)
  • Affiliated Managers Group, Inc. (AMG)
• Post-Musings
  • Iron Ore
• From the Readers
  • Iron Ore