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(The categories Charts and Market Stories are currently inactive, but previous postings are available in the archives.)

Most recent postings

Second-Order Effects, Thinking Ahead, and Changing PE Beliefs 06/02/25 Fortnightly

A surfeit of readings in addition to those referenced in the title, including target-date funds, digging for nuggets, NAV juicers, boutique managers, evergreen funds, teamwork, “big money in Boston,” and more.
Trend Following, Playing a Bigger Game, and White Smoke 05/19/25 Fortnightly

A variety of good readings are offered, including ones on asset manager consolidation, PMs as entrepreneurs, skin in the game, the endowment model reimagined, lessons learned, questions asked, and a long-ago look at the structure of mutual funds.
Regime Changes, NAV Loans, and the Private Equity Storm 05/05/25 Fortnightly

It’s the first Fortnightly in quite a while, full of the kind of good content you’ve come to expect.
Credit, Alternatives, Three Innovators, and Trading Networks 03/17/25 Fortnightly

Some of the readings in this edition concern women portfolio managers, Berkshire wannabes, the “collaborative model,” stagflation and the RIA model, the Russell index capping, and megatrends.
Expected Value, Fessing Up, Highly Engineered Profits, and the Natural Language of Finance 03/03/25 Fortnightly

This edition has sections on the topics in the title, plus ETFs mixing public and private investments, a new CAPE ratio, and echoes of the financial crisis. Plus, a bunch of other good reads.
A Panoramic Look at the Corporate Life Cycle 03/01/25 Learning Curve

A book by Aswath Damodaran provides a useful framework to analyze companies, their stories, their financial policies, and their managers, as well as the philosophies and methods of investors.
Using LLMs, GP Stakes, Litigation Finance, and the Market Data Industry 02/17/25 Fortnightly

Lots of great reads, from those highlighted in the title to ones on playing-it-safe endowments, rebalancing profits, legacy asset managers, portfolio construction, rethinking PE due diligence, and more. Plus comparing the wacky valuations of yesteryear with today’s.
Common Practices, Best Practices, and Next Practices 02/14/25 The Research Puzzle

With all the talk about best practices, here is a practical way to frame an analysis about where you really are.
The Conviction Mirage, Pretzel Logic, Primitive Portfolios, and That Stage of the Market 02/03/25 Fortnightly

The DeepSeek bomb, a puzzling (and important) court decision, scattershot diversification, rebalancing, active management, OCIO performance, harking, creditor-on-creditor violence, two kinds of venture, a mutual fund performance surprise, and still more!
The Pedestal of Popularity, Analyst Angst, and Blowing in the Political Winds 01/20/25 Fortnightly

In addition to the topics mentioned in the title, there are readings on new online investment sources, public funds, and the rise of private credit, hedge fund risk shifting, proxies, due diligence, investment meetings, growth guidance, and more. Plus two pictures that tell a story.
Analyzing the Due Diligence Process to Produce Better Outcomes 01/19/25 Due Diligence

This posting consists of two parts: A review of a paper that tries to measure in-person due diligence meetings in venture capital and ideas about improving the assessment of due diligence practices.
Investing Around the Clock? With Formulas? With Multiagent Systems? 01/06/25 Fortnightly

Lots of great reads in this edition. A few of them deal with the push to get alternatives to retail investors, investing formulas, revaluation alpha, skin in the game for general partners, endowment returns, CEO succession, rivers of money, and a report from 2035!
Sipping From the River of Academic Research 01/04/25 Learning Curve

This posting offers some questions for practitioners in response to recent academic papers, many of them which leverage artificial intelligence in some way.

A Potpourri of Popular Postings 12/23/24 Fortnightly

This retrospective provides links to and excerpts from some of the most read postings published in 2024.
Institutional Imperatives, Family Offices, and Securities Lending 12/09/24 Fortnightly

Sentiment checks on public and private equity markets lead this edition. Also: sell-side analysts, alts for the masses, the Law of One Price (violated), a whiz kid (years on), mutual funds and unicorns, the worst time to do due diligence, hedge fund evolution, and still more.
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