Bradford Cornell's Notes on Investing
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CAPE at the Crossroads: What Valuations Say About Future Returns
History suggests the era of effortless outsized returns is ending—investors should prepare for a new return landscape.
Sep 23
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Bradford Cornell
1
The Mechanics of Market Melt-Ups
Evidence from the post-tariff surge of 2025
Sep 21
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Bradford Cornell
1
Inflation vs. Relative Prices: Why the Difference Matters
A simple way to see the difference between inflation and relative prices
Sep 17
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Bradford Cornell
Inflation Isn’t About Rising Prices — It’s About the Shrinking Dollar
What we call inflation is the dollar losing value.
Sep 15
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Bradford Cornell
Real Interest Rates And Equity Valuations
What investors miss when they only look at nominal headline rates
Sep 13
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Bradford Cornell
1
What Really Sets Stock Prices
Why every share must always have an owner — and what that means for stock prices.
Sep 8
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Bradford Cornell
Does the Market Really Bounce After a Dip?
Buy the dip has become one of the mantras of the modern bull market.
Sep 6
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Bradford Cornell
1
What Buffett Knows About Cash That Most Investors Don’t
Few investors think about cash as strategically as Warren Buffett.
Sep 5
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Bradford Cornell
Returns, Returns Everywhere
Introduction
Sep 3
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Bradford Cornell
August 2025
Baby You Can Drive My Car: Carvana Versus CarMax
Carvana and CarMax are in the same business — buying and selling used cars — but their market valuations have taken radically different paths.
Aug 26
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Bradford Cornell
1
Amazon, Alibaba and American Exceptionalism
The Alibaba Group and Amazon Inc.
Aug 25
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Bradford Cornell
The Growing Burden of Government Debt and Its Market Consequences
In my previous post, I showed how U.S.
Aug 18
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Bradford Cornell
2
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