Miscellaneous

Miscellaneous
January 2026

A Mystery Trader Made $400,000 Betting on Maduro’s Downfall

The Wall Street Journal

Alexander Osipovich, Caitlin Ostroff

Article

3 Pages

A mystery trader made $400,000 betting on Maduro’s downfall, doubling down with a final bet on Polymarket at 9:58 p.m., shortly before President Trump ordered the military to strike.

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Alternative Assets
December 2025

The Financing Gap in Sports: Unlocking a $2.5 Trillion Opportunity

Apollo

Al Tylis

Research

15 Pages

Apollo explores how professional sports have become a large, underlevered asset class with a financing gap around $2.5 trillion. They argue that structured and private credit can help owners unlock liquidity while preserving control and long term franchise value.

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Financial History
December 2025

Global Housing Returns, Discount Rates, and the Emergence of the Safe Asset, 1465 2024

Paul Schmelzing

Research

77 Pages

Boston College reconstructs centuries of housing returns and discount rates to understand how real estate and sovereign bonds evolved as core assets.

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Miscellaneous
December 2025

The Untold Story of Charlie Munger’s Final Years

The Wall Street Journal

Gregory Zuckerman

Article

3 Pages

Gregory Zuckerman recounts how Charlie Munger spent his final years still learning, investing and mentoring rather than quietly retiring.

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Miscellaneous
November 2025

Thanksgiving Message from Warren Buffett

Berkshire Hathaway

Warren Buffett

Research

8 Pages

Warren Buffett’s farewell style Thanksgiving letter as he prepares to hand day to day leadership to Greg Abel.

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Markets
March 2025

Global Investment Returns Yearbook 2025 (GIRY)

UBS

Elroy Dimson, Dr. Mike Staunton, Paul Marsh

Research

22 Pages

UBS updated their annual GIRY, which highlights the evolution of global markets over the past 125 years. The summary edition can be downloaded in the link above.

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Miscellaneous
March 2025

2025 Annual Shareholder Letter

Berkshire Hathaway

Warren Buffett

Research

15 Pages

Warren Buffett’s annual letter touches on the performance of US & Japanese investments, the rationale behind Berkshire’s investments and acquisitions, and more.

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Miscellaneous
February 2025

Probabilities and Payoffs

Morgan Stanley

Michael Mauboussin

Research

49 Pages

Michael Mauboussin explains how quantifying scenario probabilities and mapping them to potential payoffs can improve investment strategies.

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Markets
November 2024

Our Active Purpose: Lessons Learned From 100 Years of Investing

MFS

Research

8 Pages

MFS reflects on the firm's century-long investment journey, emphasizing the enduring value of long-term, fundamentals-driven active management.

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Markets
November 2024

Pricing of Corporate Bonds: Evidence From a Century-Long Cross-Section

Research

48 Pages

This study presents a comprehensive corporate bond return database covering 128 years of U.S. financial history, offering insights into pricing patterns and risk factors that were previously obscured by shorter data samples.

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Miscellaneous
October 2024

Ruminating on Asset Allocation

Oaktree

Howard Marks

Research

9 Pages

Howard Marks outlines a foundational approach to asset allocation, emphasizing the core choice between ownership and lending, and how investors should consciously balance offense and defense based on their personal risk appetite and market conditions.

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Miscellaneous
September 2024

Quarterly Report

Baron Funds

Ron Baron

Research

10 Pages

Ron Baron’s does a 50 year look back on why he liked McDonald’s in 1970 (so much so that he named his dog Big-Mac), along with his current thoughts on the impact of AI and the benefit of long-term compounding.

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Markets
June 2024

The Life Cycle of Market Champions

Bridgewater

Bob Prince, Thomas Maisonneuve, Khia Kurtenbach

Research

12 Pages

Bridgewater takes a historical look at how market champions of the past and if there are insights into how today’s market champions may perform in the next decade.

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Markets
May 2024

Learn from Last Tech Bubble to Embrace GenAI Mania

Research Affiliates

Que Nguyen

Research

8 Pages

Research Affiliates studies the internet bubble of the 1990s as a guide for how to think about the AI craze today.

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Miscellaneous
April 2024

The Indispensability of Risk

Oaktree

Howard Marks

Research

4 Pages

Howard Marks shared how he thinks about taking, and not taking, risk.

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Investor Letters
February 2024

Annual Letter to Shareholders

Berkshire Hathaway

Warren Buffett

Research

16 Pages

Warren Buffett reflects on Berkshire Hathaway’s strong 2023 performance, highlighting disciplined capital management, record cash levels, and the company’s readiness to act when opportunities arise.

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Markets
February 2024

Principles for Investing Success

Vanguard

Research

32 Pages

Vanguard shares a guide to help investors focus on what’s important and give them the best chance for investment success.

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Miscellaneous
January 2024

The Intellectual Rot of the Industrially Necessary University

Ben Hunt

Research

29 Pages

Ben Hunt critiques the transformation of modern American universities into rigid, bureaucratic entities that prioritize institutional survival and status over intellectual vitality and public service.

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Investor Letters
February 2023

Shareholder Letter

Berkshire Hathaway

Warren Buffett

Research

10 Pages

Berkshire Hathaway reflects on business performance, capital allocation, and owner mindset, emphasizing endurance, discipline, and partnership.

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Markets
November 2017

The Rate of Return on Everything, 1870–2015

Federal Reserve Bank

Research

123 Pages

The study investigates historical returns across major asset classes since 1870, finding that both housing and equities have generated similar returns, though housing shows lower volatility. It also highlights that, globally, the weighted rate of return on capital was twice as high as the growth rate in the past 150 years.

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