Friday Fast Five - 3/20/2026
by Hodges Investment Team, on March 20, 2026
Five interesting things that Hodges Capital research analysts discovered this week...
#1 BOOKWORM DEMISE: A recent YouGov survey reports that 40% of Americans did not read a single book in 2025. Among those who did read, most completed only one or two books, while a small minority accounted for the majority of total reading volume. A Gallup poll similarly indicates a 50% decline in book readership since 1999, with streaming and social media often cited as contributing factors.
#2 CASUAL DINING TRENDS: Freedom Capital Markets published a recent survey indicating that same-store sales for casual dining restaurants remained slightly positive in the second week of March. The data suggests that same-store sales comps were up 0.5%, while traffic declined 2.0%. However, these positive trends could be offset by higher gasoline prices in the weeks ahead.
#3 BIG AI IS BIGGER IN TEXAS: In a recent investor meeting with Rystad Energy (a private company), we learned that Texas is expected to soon overtake Virginia as the largest data center market in the U.S., driven by its abundant power supply. Texas has the most utility-scale natural gas, solar, and wind capacity of any state in the union. Moreover, ERCOT’s relatively favorable regulatory environment appears to be attracting data centers to the Lone Star State.
#4 2026 TAX REFUNDS: This week, the IRS released statistics for the week ending March 6, 2026, indicating that the cumulative average refund amount for 2025 returns is up 10.6% to $3,676. Total refunds distributed through March 16, 2026, rose by $15.8 billion year over year to $160.8 billion.
#5 EYE ON PRIVATE CREDIT: The private credit market has grown significantly in recent years and has become an area of concern for some major institutions. While problems in private credit have been isolated so far, the market remains small relative to public credit markets. According to Morgan Stanley, the U.S. and global private credit market is estimated at roughly $2–3 trillion in assets, compared to approximately $60–70 trillion in outstanding public credit markets (including U.S. bonds and bank loans).
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