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| Fortnightly | ||
| (The categories Charts and Market Stories are currently inactive, but previous postings are available in the archives.) | ||
Most recent postings
| The Self-Driving Portfolio, the Spreadsheet Challenge, and the Problem with Brainstorming 04/13/26 Fortnightly |
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More great reads on private credit, a consequential risk mindset, the future of asset management, mega CEO grants, finding skilled bond managers, investing in emerging managers, and many other topics, including thoughts about the right stuff. |
| Rewiring the Ecosystem, Eyes on Insurance, and Fundsmith, et al. 03/30/26 Fortnightly |
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An Easter basket full of goodies. In addition to the title topics: building a system with AI, the diligence environment, the new conglomerates, investment philosophies, continuation vehicles, and many other readings of note. |
| If Your Actions are Predictable, Will You Generate Alpha? 03/18/26 Asset Manager |
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An academic study looks at how predictable portfolio managers are in their actions and comparing that to performance, prompting some important questions. |
| Endowment Model Principles, Desirable Characteristics, and AI Scenarios 03/16/26 Fortnightly |
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A different thought about the lack of IPOs, the Berkshire letter, more leverage than advertised, the “softwar,” issues with reinsurance, questions for quant managers, and many other articles of note. |
| Thought Exercises, Creatures of the System, and the GP Clawback 03/02/26 Fortnightly |
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In addition to the lead sections, there are readings on a different look at stock market valuation, the total portfolio approach, evolving family offices, oversight for alternative investments, psychic market commentators, and much more. |
| So Many Questions: Evergreen Funds, Private Credit, and AI 02/16/26 Fortnightly |
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In addition to the headlining sections: Princeton scales back its expectations, finding the hidden organization, family office investments, R&D alpha, and eleven other worthwhile reads. |
| BDCs, Creditor Wars, and Hedge Fund Alpha 02/02/26 Fortnightly |
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If you have never checked out a Fortnightly, they’re all like this, full of important reading from around the investment ecosystem. Dig in. |
| Private Equity Data, Boutique Manager Failures, and Mania and Value in ESG 01/19/26 Fortnightly |
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Counterfactuals (there aren’t any), basic red flags being missed, asset management is not a meritocracy, the risk of risk management, and items on a whole range of asset classes and strategies. |
| Spray and Pray, an Equilibrium of Disequilibrium, and Two Sides of Capitalism 12/29/25 Fortnightly |
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The last Fortnightly of the year covers the usual range of great writing about the world of investment. On to 2026! |
| Fairy Tales and Marvels in the Ecosystem 12/15/25 Fortnightly |
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Trillion-dollar market caps, risk 2.0, more bubble talk, active mutual fund portfolios, independent asset managers, venture capital, corporate bonds, and much, much more. |
| The “Professional Strangers” of Due Diligence 12/09/25 Due Diligence |
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Two books help frame some of the interpersonal challenges of understanding people we encounter when doing onsite due diligence. |
| Questioning the Convergence, Bubble Watch, and Following the Evidence 12/01/25 Fortnightly |
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The usual mix of fare can be found in this Fortnightly: themed sections, a set of other reads, a pithy quote, and flashbacks worth revisiting. Plus, a new offering. |
| A Complex Adaptive System (Everywhere You Look) 11/17/25 Fortnightly |
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The title theme fronts sections about credit cockroaches, ESG ratings, gold, a lone wolf analyst, factors and causality, and ten other important ideas. |
| How Do We Know? 11/13/25 Due Diligence |
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Excellence in due diligence stems from mapping the landscape of our understanding, especially by continually asking the title question. |
| Asset Owner Governance, Sell-Side Analysts, and the AI Capex Boom 11/03/25 Fortnightly |
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Danger, danger. Accepting investment practices at face value is risky. That’s true for the title topics, and for other readings in this edition. |