Independent Research and Economic Insight
Sakonnet Research provides independent research and analysis focused on the forces shaping the economy, consumer behavior, and business performance. Led by Adam Josephson, CFA, Sakonnet combines economic data, industry knowledge and practical analysis to provide clear insight into changing market conditions.
Learn more about Sakonnet Research
WHAT WE DO:
- Analyze all manner of consumer companies, including their historical volume and price trends
- Analyze bank lending (and deposit) data and how it affects the aforementioned consumer companies
- Analyze Fed/central bank data given their importance to the banking system and economy
- Analyze broker-dealer data given their importance as intermediaries in the Treasury market
October 16, 2026
Foreign Governments Continue to Reduce Their Treasury Holdings, Down to Early 2012 Levels
I wrote earlier today about ongoing declines in foreign governments’ U.S. Treasury holdings (link) as part of a piece on the worsening structural problems in the Treasury market, which also include huge U.S. budget deficits…
October 16, 2026
Margin Debt Hits $1.48 Trillion in September, Near a Record High
I last wrote about soaring financial leverage yesterday (link) and this morning (link), and as if on cue, FINRA released margin debt data for September. The amount of money investors have borrowed to buy securities…
October 16, 2026
The Structural Problems in the Treasury Market Are Only Worsening
As the Financial Times reported this morning (link), U.S. Treasurys are headed for their best week since February owing at least in part to growing concerns about the AI trade, as investors have been dumping…
October 15, 2026
The Limits of a Debt-Fueled Economic and Stock Market Expansion
I’ve written extensively about the starring role that record-high financial leverage (at least in many cases) has played in the U.S. stock market advance in recent years. The latest evidence came this morning in the…
MEDIA APPEARANCES
Wall Street expects US to issue about $1tn of short-term debt as borrowing costs climb
9/20/26
By Ian Smith, Claire Jones, and Kate Duguid
Timber Was Gold in the South — Until a Market Collapse Crushed the Forest Economy
8/27/26
By Ryan Dezember
Used box businesses eye opportunity amid rising containerboard prices
8/25/26
By April Reese
‘Drop in the bucket’: Why Wall Street will shrug off Bessent’s bond market plans
8/19/26
By Sam Sutton and Victoria Guida
Iran War Pushes Companies to Raise Prices on Beer, Paint, Fries and More
7/31/26
By Ryan Dezember
From Walmart to Wall Street: Who is Really Winning in This Economy?
5/17/26
By Miriam Gottfried & Telis Demos
The Iran war is hitting packaging supply chains. Are the impacts temporary?
3/19/26
By Katie Pyzyk
Adam Josephson started Sakonnet Research after the launch of his Substack titled “As the Consumer Turns,” which focuses on the consumer spending economy and on banks.
Previously, he worked in sell-side equity research at KeyBanc Capital Markets for over 15 years covering paper & packaging, precious metals, packaged food, and technology services companies. His Substack research has been cited in The Financial Times, and while a sell-side analyst he was quoted in such publications as The Wall Street Journal.
He’s a CFA charterholder and studied at Brown University and the University of North Carolina at Chapel Hill.
SERVICES
Sakonnet Research provides the following services:
- Customized data on sales/volume trends for retailers, CPG companies, restaurant chains, packaging companies, etc.
- Customized data on banks, broker-dealers, primary dealers’ holdings and transactions, central banks, etc.
- Consulting on request
Please contact Adam for consulting requests.
