Articles
Everything we have published.
14 pieces, publishing since August 2026. Newest first.
Real estate submarkets
One county per piece: the permit count, the tax rate, the port or plant or base that pays the bills.
Taylor County: the builders leave, the bombers stay
Abilene repriced a fifth in a year on a data center workforce that is now leaving. Dyess and the B21 are the floor. We rate Taylor County overvalued.
Williamson County: where Austin's growth went
A county that grew 23.6 percent in five years, a $37 billion chip fab arriving in 2027, and the first market on our scorecard to rate undervalued.
Brazoria County: where Texas began and Houston ends
Pearland on one end, Dow and Freeport LNG on the other, and the deepest channel on the Gulf in between. Two counties in one, read together.
Cameron County: a trillion dollar neighbor and 100 new jobs
SpaceX is headquartered here and LNG trains are rising on the ship channel. The Brownsville metro added 100 jobs in a year.
San Antonio: the Texas metro that skipped the boom
Bexar County never had a 2022 price spike, so it has no 2026 correction. It has a $3.6 billion truck plant, the largest joint base, and an arena fight.
Houston: two sellers for every buyer, and the port just set a record
Harris County has the widest seller to buyer gap of any large metro in the country. The correction is in the listings. Everything else is at a record.
Corpus Christi: a record port on an eight percent reservoir
The third largest port in America just posted its two best quarters ever. The city behind it is rationing water. Both facts are the submarket.
Dallas: the brand moved out and the money stayed
Most of what the country calls Dallas happens outside Dallas County. Inside the line is the second largest finance labor market in America.
Austin: a market reset might just be what it needed
Travis County lost the migration story and a fifth of its peak home price. What stayed: a trillion dollar company, a full lake, and 131,000 downtown jobs.
Fredericksburg: a demand story with no cheap way in
Gillespie County trades at a multiple of its own region, the lodging market has turned, and the two easy entry points are closed.
Public equities
One company per piece, read from the filing and the price, closing on a rating and a stated position.
SpaceX: three businesses, one balance sheet
Starlink pays the bills, compute drives the growth, Starship carries the story. Our first company coverage reads the Q3 report, the price, and Texas.
Macro and trade
The economy, trade, policy, and anything else that is not one place or one company.
Texas: the quarter the refiners took
Twenty seven Texas companies reported. Energy, power, and freight raised guidance. Housing cut it. One state, two economies, and the line between them.
Texas housing: what is overvalued, fair, and cheap
Eight Texas markets scored the same way on income, rent, supply, the 2022 peak, and demand. Four come out overvalued, four fair, and none cheap.
Texas: supplier of last resort, buyer of first resort
The state set a power demand record in July while shipping record crude and LNG to a world short of both. What is pulling the other way, and how hard.