"The CIO of a pension fund explained that in his 14 years on the job, his fund had never been above the 27th percentile or below the 47th percentile. It was solidly in the second quartile of pension funds. As a result, for 14 years, he was in the 4th percentile."
-Howard Marks, Oaktree Capital
"The person who approaches a problem like an opportunity has an advantage that the person who sees an obstacle will never understand."
-Shane Parrish
If you are like me, you may have read this asking yourself, "WhereTF WAS THE ANTI-TRUST ENFORCEMENT?!"
THIS IS A FANTASTIC STORY
How TTI and Stanley Black & Decker took the same playbook in opposite directions.
www.worseonpurpose.com/p/your-power...
Give yourself bonus points if the word "Absolutism" made your Spidey sense tingle...
Medical researchers say that cancer is typically caused by a complex combination of factors. A guy who snorts cocaine off toilet seats says it's mostly caused by the radiation from offshore windmill farms. For busy Americans, it can be hard to know who to trust.
The extended range EVs date back to the 1900s; a more recent list would include:
GM EV1 hybrid
Renault Kangoo
Chevrolet Volt
Opel/Vauxhall Ampera
Fisker Karma
BMW i3 REx
Cadillac ELR
It's a surprisingly old yet effective technology that dates back a century
www.theatlantic.com/technology/2...
This week in "Nobody Knows Anything"
"In a new report, the World Bank thinks better of its old free-market absolutism."
www.theatlantic.com/ideas/2026/0...
Lots of bonus cash, too little supply:
"Median sales price for the Hamptons surged 18.3% annually to $2.4m - highest on record
For the 3rd time in 5 quarters, a new high was reached. Avg sales price surged 34% to $4.3m highest on record
-Jonathan Miller
housingnotes.com/p/the-1q26-r...
"…I’m not absolutely sure of anything, and there are many things I don’t know anything about." -Richard Feynman
jillianhess.substack.com/p/richard-fe...
I ended up making my own!
The final chapter is below, but you can follow the entire saga by looking at the "previously" at bottom in reverse order...
ritholtz.com/2024/08/911-...
Most people looking to invest focus on what to invest in or how to do it, but the real key to success is knowing what NOT to do.
You need road map to smarter decisions & fewer regrets.
How Not to Invest available in paperback format in the US from May 5th!
Pre-order here lnk.to/hownottoinvest
The Great Mental Models by Shane Parrish just arrived!
I am now fully prepared for summer beach reading~
Ongoing scam is 13F scraping of stock changes -- ours are all Direct Index, and not opinions on individual stocks -- then falsifying quotes about it
No, I have not endorsed $GILD or any other stock
NATIONAL TODAY are the latest grifters to be pushing this...
ritholtz.com/2023/04/buy-...
Spectacular example of Beaux-Arts architecture ( French Renaissance Revival?) at 74th & Broadway
Reminder: NYT OpEd columnist Ross Douthat is not a great writer, but he compensates for this by endorsing terrible ideas...
This nonsense was one year ago:
Tariff Instability May Be Worth It. Here’s Why.
www.nytimes.com/2025/04/10/o...
Battery costs have declined by 99% in the last three decades, making electrified transport a reality.
ourworldindata.org/battery-pric...
FAKE
This is not a real account and its not me...
So, you say betting on the end of the world is not a good trade...?
Polymarket Removes Betting Market on Nuclear Detonation. www.wsj.com/livecoverage...
Not an encouraging sign... this is a solid indicator of future airline prices and CPI inflation.
www.airlines.org/dataset/argu...
If you are solely focused on generating better returns through stock picking and/or market timing, you are leaving a TON OF MONEY on the table.
Get smarter about the many ways you can substantially improve your net, after-tax, total returns...
ritholtz.com/2026/04/evol...
We are coming to San Francisco!
Come talk to us about the Evolution of Alpha, and what this means for your long-term financial health.
ritholtz.com/2026/04/evol...
Rising Interest Rates Was An Unforced Error.
via @jonathanjmiller.bsky.social
• Tariffs are inflationary
• Placing political pressure on the Fed to slash interest rates is inflationary.
• Wars and random bombing of countries are inflationary
housingnotes.com/i/193188202/...
We are coming to San Francisco!
Come talk to us about the Evolution of Alpha, and what this means for your long-term financial health.
ritholtz.com/2026/04/evol...
"In a surprise twist, the Epstein files released the attorney general.”
-Jon Lovett
I am aghast listening to people on TV discuss the NFP report of 178k as "Blowout numbers."
This is an okay number, not as bad as some recent data points, not as good as others.
Call it the soft prejudice of low expectations...
1-year Anniversary of Liberation Day:
-US foreign direct investment is lower
-US factories employ 89,000 fewer people
-US goods trade deficit is UP 2%
-Treasury collected billions but must return it
-Inflation elevated.
-Every court + SCOTUS found them unconstitutional
www.npr.org/2026/04/02/n...
'We don't need the Strait of Hormuz' is the new 'foreigners pay the tariffs.'
Welcome to the story of the Silicon Shield.
Fascinating video on how Taiwan turned its biggest geographical weaknesses into a global monopoly that no one else has been able to copy. On an island with earthquakes, no freshwater and a hostile superpower 100 miles away?
youtu.be/UWBrzzd1_yg?...