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

Fortnightly postings

The Hunt is On, The Drinking Game, and Unexceptionalism 08/25/25 Fortnightly

Also, hedge funds, buffer funds, individual investor power, price and value, hyperscaling private credit, angel investing, fees and performance, cash, infrastructure assets, and talking your book.
A Modern Financial Tale, Succession, and That Time of the Year 08/11/25 Fortnightly

It’s the slow season, until it becomes the slow-then-fast season and you have to start scrambling. For now, enjoy this great mix of readings from around the investment ecosystem.
The Illusion of Readiness, Language Barriers, and Foie Gras 07/28/25 Fortnightly

Don’t just stop after the headline items. Also: high conviction, growth and value, muni marks, semiliquid funds, venture, AI, growth equity, Bitcoin corporate treasury, and still more.
Total Portfolio Approach, X Games, and Vigilantes on the Horizon 07/14/25 Fortnightly

Good readings about when to cash out buyout funds via secondaries, The “bad bet” of active mutual funds, a possible credit bubble building, effective questioning of general partners, a look back at Lehman “risk management,” and a number of other worthwhile ideas.
Cognitive Diversity, the Due Diligence Dilemma, and an All-Time Indicator 06/30/25 Fortnightly

Among other topics: Hedge funds as mimetic organizations, the power of model portfolios, private equity and sports, thesis drift, false precision, the index effect in corporate bonds, and permeable analytical standards.
Performance Disputes, Passive Aggressive, and a Ratings Factory 06/16/25 Fortnightly

From moats to risk management, valuable quant code to the mysteries of the markets, and much more, here is the range of worthwhile content that you’ve come to expect from the Fortnightly.
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.
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.
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.
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!