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

Fortnightly postings

Who Owns What, Keeping the Faith, and Disruption Afoot 05/25/26 Fortnightly

The title outlines the first three sections. In addition you’ll find great reads on fiduciary responsibility, quants learning to read, private equity, and nine other topics, ending with the all-star tandem of Steve Cohen and Jason Zweig.

The AI Design Problem, In the Weeds, and Voluntary Blindness 05/11/26 Fortnightly

The goal of every edition of the Fortnightly is to provide a range of important ideas from around the investment ecosystem that you may not have seen. How did we do this time?
The Pull of Consensus, the Repocalypse, and Competitive Advantage 04/27/26 Fortnightly

Dive into this great selection of readings about weighty investment matters: decision making, organizational design, company analysis, hedge fund leverage, private credit losses, the impact of AI on software firms, and a new kind of energy security, among other topics.
The Self-Driving Portfolio, the Spreadsheet Challenge, and the Problem with Brainstorming 04/13/26 Fortnightly

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

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.
Endowment Model Principles, Desirable Characteristics, and AI Scenarios 03/16/26 Fortnightly

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

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

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

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

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

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

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.
Questioning the Convergence, Bubble Watch, and Following the Evidence 12/01/25 Fortnightly

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

The title theme fronts sections about credit cockroaches, ESG ratings, gold, a lone wolf analyst, factors and causality, and ten other important ideas.
Asset Owner Governance, Sell-Side Analysts, and the AI Capex Boom 11/03/25 Fortnightly

Danger, danger. Accepting investment practices at face value is risky. That’s true for the title topics, and for other readings in this edition.