Aug 20, 2026
The Pension Protection Act turned twenty this month. The anniversary is worth marking because what the law changed was not a set of plan features but the structure of retirement security itself, taking on two of the three risks that the death of pensions had dropped...
Aug 17, 2026
The thesis. This paper anchors the author’s opinion on the public record, in what the new Federal Reserve Chairman, Kevin Warsh, has said in sworn testimony and at his own press conferences, and in what President Trump and Treasury Secretary Bessent have said...
Aug 15, 2026
For the whole of recorded history, being a man came with power. This paper traces the erosion of that power, and the man’s search for a new self. In western society, men, throughout time, have stood above women, and the substance of that standing was power. A...
Jul 25, 2026
EXECUTIVE SUMMARY The death of economist Gao Shanwen in July 2026 has prompted an unusually candid public conversation in China about the country’s economic direction. That debate is a symptom of something larger than one man’s legacy: a reweighting, not...
Jul 15, 2026
Philip Chao’s Q2 2026 commentary examines the growing convergence of fiscal policy, Federal Reserve leadership, artificial intelligence, and global geopolitical developments. He explores how rising government debt, persistent inflation, evolving monetary policy,...
May 19, 2026
Philip Chao’s 2026 Q1 commentary examines how geopolitical conflict, tariff uncertainty, inflation pressures, and AI-driven disruption are reshaping the global economy and investment landscape. From the cascading effects of the Iran conflict and supply chain...
