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Quant stuff The case for upping the complexity of your models. (alphaarchitect.com) Some recent academic research including 'Bond Factor Momentum and Its Predictability for Stock Returns.' (alphainacademia.substack.com) A review of "Reminiscences of a Bond Operator: A Guide to Investing in Corporate Debt" by Mark A. Rieder. (blogs.cfainstitute.org) Research Why profitability matters.
Markets The impact of macro events can take longer than you think. (mrzepczynski.blogspot.com) Why gold has a unique reputation among investors. (humbledollar.com) 2025 is not that unusual stock-market wise. (awealthofcommonsense.com) Berkshire Hathaway How Berkshire Hathaway ($BRK.A) came to own a big chunk of Apple ($AAPL). (readtrung.com) Berkshire Hathaway ($BRK.A) is living with the downside of success.
Also on the site How to contribute to the Jonathan Clements Getting Going on Savings Initiative. (abnormalreturns.com) The gold dilemma isn't going anywhere. (abnormalreturns.com) Top clicks this week You are NOT Warren Buffett. How to be a better you. (ritholtz.com) Why municipal bonds are underperforming in 2025. (morningstar.com) What you are saying when you bet on individual stocks.
Listening YouTube IS television. (vanityfair.com) Spotify ($SPOT) has paid more than $100 million to podcast publishers and creators YTD. (nytimes.com) The best podcasts of 2025, so far, including 'Odd Lots.' (vulture.com) Why Pete Buttigieg went on 'Flagrant.' (petebuttigieg.substack.com) Ken Rogoff Josh Brown talks with Ken Rogoff, author of "Our Dollar, Your Problem: An Insider's View of Seven Turbulent Decades of Global Finance and What's Ahead.
Markets The U.S. stock market still isn't cheap. (institutionalinvestor.com) Whose stock market is this? (axios.com) Exchanges Europe's stock market is shrinking due to M&A. (giftarticle.ft.com) How NYSE Chicago/Texas makes money. (joesaluzzi.substack.com) SPACs are bouncing back. (news.crunchbase.com) Fund management Target-date funds do what they say they do.
Quant stuff A curated list of the best finance and investment blogs, tools, and webpages broken down by category. (snippet.finance) Some recent academic research including 'Auctions, Announcements, and Abnormal Returns.' (alphainacademia.substack.com) Fund flows How fund flow seasonality is affecting bond ETFs. (on.ft.com) Fund flow volatility highlights bad investor behavior.
Markets Over the past 15 years, investors have become comfortable with stocks going up. (ritholtz.com) Retail investors just keep buying. (sherwood.news) Fund management Why bother with active management, when there's an ETF that does it cheaper (and better). (bloomberg.com) Cliffwater is a standout in the interval fund space. (morningstar.com) When you start buying gold mines you have been gold-pilled.
Podcasts Michael Kitces talks with Vanessa N. Martinez, CEO of Expressive Wealth, about legacy planning. (kitces.com) Cameron Passmore and Benjamin Felix talk with Jason Pereira about the true role of a financial planner. (rationalreminder.libsyn.com) Custodians Altruist has raised $152 million in a Series F round that values the registered investment advisor custodian at $1.9 billion.
Markets U.S. stocks haven't underperformed foreign stocks this badly since 1993. (ft.com) Why muni bonds look attractive. (barrons.com) Strategy Investors shouldn't think bullish or bearish, but risk and reward. (awealthofcommonsense.com) Why 100% US stocks doesn't make sense. (humbledollar.com) Trends Companies are not yet seeing a drop off in expectations.
Top clicks this week Three keys to successful investing including 'Trying to time the market is a losers game.' (larryswedroe.substack.com) Volatility clusters. (tker.co) Why private assets are no portfolio panacea. (wsj.com) What earnings estimates are doing, depends on your time horizon. (tker.co) Being less stupid is easier than getting smarter. (betterletter.substack.com) What earnings estimates are doing, depends on your time horizon.
Podcasts Peter Lazaroff talks with Christine Benz about the most overlooked parts of a retirement plan. (peterlazaroff.com) Steve Chen talks all things Social Security with Devin Carroll, author of "Social Security Basics." (podcasts.apple.com) Jason and Jeff talk with Ben Carlson about navigating market noise and more. (podcasts.apple.com) Taxes Roth 401(k) rollovers are tricky.
Markets Gold is a crowded trade. (sherwood.news) Why the move in gold matters. (priceactionlab.com) How portfolio diversification has worked in 2025. (morningstar.com) Bonds Treasury bonds have never been risk free. (bloomberg.com) Are bonds still a good diversifier? (morningstar.com) Private assets Tariffs are only going to make things harder for startups.
Podcasts Michael Kitces talks with Cameron Passmore, the CEO of PWL Capital, and of the 'Rational Remind' podcast. (kitces.com) Peter Lazaroff talks with Christine Benz about the most overlooked parts of a retirement plan. (peterlazaroff.com) Charles Schwab Despite some trepidation, Charles Schwab ($SCHW) is inching toward offering spot crypto trading.
Decision making Barry Ritholtz, "There is an endless assortment of ways to make mistakes that hurt your portfolio." (ritholtz.com) Not every problem can (or should) be solved by math. (timharford.com) ETFs Investors love CLO ETFs like the AAA CLO ETF ($JAAA). (on.ft.com) Still no sign that traders are giving up on leveraged ETFs. (bloomberg.com) Companies A second judge has ruled Google ($GOOGL) has acted as a monopolist.
Books An excerpt from "Everything is Tuberculosis" by John Green. (theatlantic.com) A Q&A with Eunji Kim author of "The American Mirage: How Reality TV Upholds the Myth of Meritocracy." (niemanlab.org) An excerpt from Sophie Gilberts new book, "Girl on Girl: How Pop Culture Turned a Generation of Women Against Themselves." (theatlantic.com) An excerpt from "Flight of the Godwit: Tracking Epic Shorebird Migrations" by Bruce M.
Podcasts Christine Benz and Amy Arnott talk with Jean Chatzky about what women need to do different with their money. (morningstar.com) Barry Ritholtz talks with the Slate Money crew about "How NOT to Invest." (ritholtz.com) Adam Grant talks with Dan Gilbert about why we are often wrong about what will make us happy. (podcasts.apple.com) Investing If your portfolio is too risky, take less risk.
Top clicks this week Why this is different than the GFC. (morningstar.com) What is the basis trade? (apolloacademy.com) 'Sell America' includes selling Treasurys. (morningstar.com) How long does it take for the stock market to recover from a bear market? (ofdollarsanddata.com) How often do corrections turn into bear markets? (awealthofcommonsense.com) Markets are moving faster than ever before.
Podcasts Jim Dahle talks with Rob Orman about building a resilient, long-lasting career. (whitecoatinvestor.com) Christine Benz and Amy Arnott talk with Jay Zigmont, the author of a new book called "The Childfree Guide to Life and Money." (morningstar.com) Dan Haylett talks with Riley Moynes about the four phases of retirement. (humansvsretirement.com) Housing Not every financial decision has to make perfect sense.
Markets During periods of market stress rumors have the power to move markets. (sherwood.news) How long does it take for the stock market to recover? (ofdollarsanddata.com) Basis trade What is the basis trade? (apolloacademy.com) Why the basis trade is so important to Treasury market liquidity. (ft.com) Strategy How strategy diversification helps you hold on through tough times.
Quant stuff The case for simple models using more data. (mrzepczynski.blogspot.com) Are researchers building portfolios all wrong? (papers.ssrn.com) Portfolio rebalancing The benefits of portfolio rebalancing are overstated. (roberthuebscher.substack.com) Your portfolio rebalancing frequency doesn't matter all that much. (elmwealth.com) Alternatives Private equity performance degrades with asset growth.
Markets Why this is different than the GFC. (morningstar.com) Markets are discounting lower future cash flows. (ritholtz.com) What would earnings have to do to justify the move down? (klementoninvesting.substack.com) Strategy Why you need a plan, now more than ever. (fortunesandfrictions.com) What to do during a stock market downturn. (obliviousinvestor.com) It's okay to feel anxious.
Podcasts Michael Kitces talks with Nick Rodkin, managing partner of Stoic Financial, about working with client couples. (kitces.com) Matt Zeigler talks with Danika Waddell, founder of Xena Financial Planning. (epsilontheory.com) Aging How financial literacy declines with age. (knowledge.wharton.upenn.edu) Why advisers may spot dementia in clients first.
Markets Earnings estimates have plenty of room to come down. (theirrelevantinvestor.com) It looks like we will have two 5-sigma daily moves in a row. (priceactionlab.com) Investors are trying to hide out in consumer staples. (ft.com) Strategy Don't do anything you might regret during a period of market stress. (wsj.com) The chances of you making a good decision under stress are slim.
Money management Shane Parrish talks with Brookfield CEO Bruce Flatt. (fs.blog) Barry Ritholtz talks with Lisa Shalett, Chief Investment Officer at Morgan Stanley. (bloomberg.com) Meb Faber talks with Mark Haefele, Chief Investment Officer of UBS Global Wealth Management. (podcasts.apple.com) David Senra looks for lessons in the rise of Ken Griffin, founder of Citadel.
Podcasts Cameron Passmore and Benjamin Felix talk lifecycle investing with Professor Scott Cederburg. (rationalreminder.libsyn.com) Bogumil Baranowski talks with Alex Morris author of "Buffett and Munger Unscripted." (podcasts.apple.com) Dan Haylett talks purpose in retirement with David Marlow, author of "The Ikagi Way" (humansvsretirement.com) Housing What is the best case for housing affordability?
Rates Why the Treasury bond market matters. (econofact.org) How increased bond indexing has changed how bonds trade. (papers.ssrn.com) Why term premia models disagree. (ft.com) Research Don't pay alpha fees for beta exposure. (aqr.com) Where stock market returns have come from. (marginalrevolution.com) Why is the real price of gold rising? (mrzepczynski.blogspot.com) Checking in on spot Bitcoin ETFs one year in.
Podcasts Michael Kitces talks with AJ Ayers, co-founder of Brooklyn Fi, about building a remote firm focused on equity comp. (kitces.com) Brendan Frazier talks with Kathleen Burns Kingsbury, of KBK Wealth Connection and author of Breaking Money Silence. (podcasts.apple.com) Bogumil Baranowski talks family money dynamics with Emily Bouchrad, founder of Blended Families Flourishing and Bouchard Bespoke Consulting.
Listening Peter Kafka talks the business of podcasting with PJ Vogt of Search Engine fame. (podcasts.apple.com) Nilay Patel talks AI and music with Kakul Srivastava, CEO of music creation platform Splice. (theverge.com) Business David Rosenthal and Benjamin Gilbert take a deep dive into the Indian Premier Cricket League. (acquired.fm) David Senra discusses lessons from Raising Crane's Founder Todd Graves.
Crypto Fidelity Investments is planning to launch its own stablecoin. (ft.com) Gamestop ($GME) has joined the Bitcoin balance sheet trend. (sherwood.news) Private equity Private equity will not rest until they have access to your 401(k) account. (bloomberg.com) McKinsey & Co. with their 2025 report on private equity performance. (mckinsey.com) ETFs Buffer ETFs are no great innovation.
Crypto Strategy ($MSTR) now owns more than 500,000 Bitcoin. (theblock.co) Tornado Cash is used by cybercriminals. The U.S. has removed sanctions on it. (axios.com) How Solana became synonymous with memecoins. (msn.com) Global America's allies are rethinking their purchase of U.S. arms systems. (wapo.st) Members of the administration are using Signal to coordinate military actions.
AI Advisers are warming to AI. (thinkadvisor.com) How AI startup FINNY came to be. (riabiz.com) Zocks, which is focused on advisor-client meetings, raised a Series A. (citywire.com) What would an agentic AI solution look like for a financial advisor? (advisorperspectives.com) Ranking the adviser AI note taking apps. (kitces.com) Aging Older Americans have a bad sense of the risk of long-term care costs.
Markets Nvidia ($NVDA) stock is struggling. (sherwood.news) European stocks are not struggling. (ft.com) Strategy How to think about liquid alternatives in a portfolio (morningstar.com) Barry Ritholtz's "How NOT to Invest" is a master class for investors. (disciplinefunds.com) ETFs The major players are rushing to launch money market fund ETFs. (riabiz.com) ETF traders are now seeing the downside of leverage.
Markets Markets are largely shrugging off the destruction of norms. (ft.com) S&P 500 companies returned a record amount of capital in 2024. (axios.com) The U.S. stock market is a standout in 2025, and not in a good way. (capitalspectator.com) Which sectors look cheap after this correction? (morningstar.com) Books Barry Ritholtzs "How Not to Invest" is a 'very informative book about investing that is most importantly a lot of fun.
Books An excerpt from "Abundance" by Ezra Klein and Derek Thompson. (theatlantic.com) An excerpt from Clay Risens new book "Red Scare: Blacklists, McCarthyism, and the Making of Modern America." (slate.com) An excerpt from John Green's new book "Everything is Tuberculosis." (theatlantic.com) An excerpt from "Me, But Better: The Science and Promise of Personality Change" by Olga Khazan.
Markets Credit spreads are not screaming recession. (ft.com) Earnings estimates are coming down. (sherwood.news) Long Europe, short US is the consensus trade. (on.ft.com) How Not to Invest Ten insights from Barry Ritholtz's new book "How Not to Invest: The Ideas, Numbers, and Behaviors That Destroy Wealth - and How to Avoid Them." (ritholtz.com) Everybody makes financial mistakes, even the most accomplished.
Tune Out the Noise You can now watch the Errol Morris documentary 'Tune Out the Noise.' (youtube.com) Why DFA helped make the movie. (institutionalinvestor.com) Quant stuff Almost all quants owe a debt to the late Barr Rosenberg. (on.ft.com) Some recent academic research including 'Wikipedia Page Views and Stock Performance.' (alphainacademia.substack.com) The case against chartists.
Markets Corrections happen more often than you remember. (optimisticallie.com) Market moves just happen faster these days. (awealthofcommonsense.com) Books "Buffett and Munger Unscripted: Three Decades of Investment and Business Insights from the Berkshire Hathaway Shareholder Meetings" by Alex Morris is a good refresher course. (newsletter.rationalwalk.com) A review of "The Art of Uncertainty: How to Navigate Chance, Ignorance, Risk and Luck" by Davie Spiegelhalter.
Podcasts Diana Britton talks with Mary Saylor who is the director of wealth management at Choreo. (wealthmanagement.com) Brendan Frazier talks with Dennis Moseley-William explains how to elevate your client experience to create fans and grow your business. (podcasts.apple.com) Advisortech Trust & Will raised another round of capital. (citywire.com) FINNY uses AI to identify and message prospects.
Top clicks this week Are we finally seeing an opening for international diversification? (awealthofcommonsense.com) The last ten years in the stock market visualized. (sherwood.news) It's been a awhile since the Nasdaq traded below its 200 day moving average. (bilello.blog) The stock market is a big distraction to the business of investing. (albertbridgecapital.com) Another example, why the stock market is not a level playing field.
Markets In the face of uncertainty, the stock market shoots first, asks questions later. (downtownjoshbrown.com) Just how much are the threat of tariffs driving the stock market? (morningstar.com) A 10% correction is a blip. (disciplinefunds.com) Strategy If you are going commit the sin of market timing, sin only a little. (monevator.com) How bad investment decisions feed on themselves.
Listening Is AI the future of dubbing? (fastcompany.com) Bill Simmons has re-upped with Spotify ($SPOT). (hollywoodreporter.com) Spotify ($SPOT) will start publishing independent audiobooks. (techcrunch.com) Pocket Casts is making its podcast player free. (arstechnica.com) Economy Derek Thompson talks Gen Z with Kyla Scanlon, author of "In This Economy?
Strategy The stock market is a big distraction to the business of investing. (albertbridgecapital.com) Six reasons to avoid hedge funds, including high fees. (blogs.cfainstitute.org) Companies Jamie Dimon is no fan of Institutional Shareholder Services and Glass Lewis. (semafor.com) The DEI backlash as seen in corporate filings. (nytimes.com) Lego's operating margins are falling.
Books An excerpt from "Abundance: How We Build a Better Future" by Ezra Klein and Derek Thompson. (nytimes.com) A Q&A with Thor Hanson author of "Close to Home: The Wonders of Nature Just Outside Your Door." (grist.org) History Pardoning insurrectionists doesn't have a good historical track record. (theconversation.com) How the postal service shaped America.
Markets A reminder that degenerate traders are not confined to the U.S. (acadian-asset.com) Another example, why the stock market is not a level playing field. (ft.com) Palantir Palantir ($PLTR) CEO Alex Karp is selling a lot of shares. (ft.com) The index inclusion boost is now in the rearview mirror for Palantir ($PLTR). (institutionalinvestor.com) Air travel Why Delta's ($DAL) profit warning matters.
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