Market concentration Market concentration is just a fact of life right now for investors. (morningstar.com) Concentrated market performance is tough for hedge funds. (axios.com) Finance How Navan ($NAVN) went public in a government shutdown....

Books An excerpt from “The Second Estate: How the Tax Code Made an American Aristocracy” by Ray D. Madoff. (vox.com) An excerpt from “The Hypocrisy Trap: How Changing What We Criticize Can Improve Our Lives” by Michael...

Strategy There is a reason why people talk about the 60/40 portfolio. (mrzepczynski.blogspot.com) Attending an investment conference might be fun, but don’t expect any alpha. (harveysawikin.substack.com) Finance OpenAI has transformed into a...

The Art of Spending Michael and Ben talk with Morgan Housel, author of “The Art of Spending Money.” (podcasts.thecompoundnews.com) Ted Seides talks with Morgan Housel, author of “The Art of Spending Money.” (capitalallocators.com) Podcasts Sam Dogen...

Strategy Investors who spend all their time worrying about a big market dip, often miss out on the upside in the meantime. (awealthofcommonsense.com) Why investors can’t help themselves when it comes to trying to time the...

Round-ups A round-up of recent academic research including ‘Overpaid Lottery and Overpaid Protection: Evidence from Retail Structured Products.’ (alphainacademia.substack.com) A round of recent research including ‘Extreme-weather risk...

Rates How much the yield curve has steepened. (mrzepczynski.blogspot.com) How worried should we be about tighter credit spreads? (bloomberg.com) High yield index duration is falling. (apolloacademy.com) Crypto Why the pardon of Changpeng Zhao, the founder...

Podcasts Ben Carlson talks with Nick Downer, Head of Advisory Services at Opto Investments. (youtube.com) Frazier Rice talks family office security with Edward Marshall, CEO of Presage Global. (podcasts.apple.com) Private assets How to do due diligence...

Markets A short history of bubbles. (ritholtz.com) Bubbles aren’t historically called out by so many people. (awealthofcommonsense.com) Cullen Roche, “you can’t asset allocate your way out of an unsustainable liability...

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