Author Archives: Michael Murphy

Flash Alert – Akebia (AKBA) – 10.29.25

29
Oct 25
Akebia Therapeutics (AKBA) announced this morning that in their Type C meeting with the FDA, they learned that the Agency would require “a significantly larger number of patients than proposed, and accordingly would require meaningfully more time and cost to complete.” Therefore, they are not going to pursue a...

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New World Investor – 10.16.25

16
Oct 25
Dear New World Investor: We’ve made a lot of money by being early to the AI boom, and there may be many months or even years to go. But I have two big problems with the current speculation. First, you have to realize that the current Large Language Models...

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New World Investor – 10.2.25

02
Oct 25
Dear New World Investor: Richard Russell wrote his Dow Theory Forecasts until he died at 91 years old. I’ve always planned to write New World Investor longer, but I realized last week it may be as an every-other-week or even monthly letter instead of the grueling weekly schedule I’ve...

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New World Investor – 9.18.25

18
Sep 25
Dear New World Investor: First up, I am overwhelmed with our move and starting our natural burial cemetery, so without many events for the next two weeks and the Fed done, I am going to schedule another two-week interval for New World Investor. The next issue will be...

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New World Investor – 9.11.25

11
Sep 25
Dear New World Investor: Once a year, the Bureau of Labor Statistics benchmarks the March payrolls level to a more accurate but less timely data source called the Quarterly Census of Employment and Wages, which is based on state unemployment insurance tax records and covers nearly all US jobs....

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New World Investor – 9.4.25

04
Sep 25
Dear New World Investor: Last Friday’s Personal Consumption Expenditures Index was pretty much a nothingburger. Prices rose 2.5% year-over-year, the same as June despite President Trump’s broad-based tariffs. The month-over-month increase was 0.2%, down from 0.3% in June. The year-over-year core PCE ticked up from +2.8% in June to...

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New World Investor – 8.28.25

28
Aug 25
Dear New World Investor: Change is in the air. At Fed Chairman Powell’s final Jackson Hole Economic Symposium speech, he said: “Overall, while the labor market appears to be in balance, it is a curious kind of balance that results from a marked slowing in both the supply of...

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New World Investor – 8.14.25

14
Aug 25
Dear New World Investor: NO ISSUE NEXT WEEK! You can call it summer vacation, but we call it finally moving to our Cathedral Trees Sanctuary natural burial ground. July’s Consumer Price Index had either something for everyone or nothing for anyone, depending on your bias. The headline year-over-year number...

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New World Investor – 8.7.25

07
Aug 25
Dear New World Investor: Last Friday’s July payrolls report showed only 73,000 new nonfarm jobs added, much less than the 104,000 expected. That was the lowest number in 10 months and much less than June’s originally reported 147,000 jobs. Click for larger graphic h/t Yahoo Finance As you know,...

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New World Investor – 7.31.25

31
Jul 25
Dear New World Investor: June quarter real GDP was reported Wednesday morning up +3.0%, above the +2.6% consensus. Click for larger graphic h/t Yahoo Finance I’ve been talking about this “surprising” strength for weeks, so I hope you weren’t surprised by that – Fed Chairman Powell certainly wasn’t. The...

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