Why You Won't Spend Your Own Money
Your balance tells you what you have. The label shapes what you'll actually use. And you're the one who wrote it.The Federal Reserve asked Americans two versions of the same question. 70% said they co...
25 Aug 32min
You Can Copy The Key, Not The Locksmith: Nick Sleep's 921% Manual Is Free
Two men, no analysts, no leverage, two letters a year. Twelve and a quarter years later: 921.1% against 116.9% for the MSCI World. A dollar became $10.21. Then they closed the fund, handed the capital...
13 Aug 37min
Can You Survive Being Right Too Early?
In late July, the market decided the AI build-out had gone too far. The Nasdaq fell into its second correction of the year, the Philadelphia Semiconductor Index dropped into a technical bear market, a...
6 Aug 32min
The Number That Isn't Your Return
A Vermont gas station attendant died in 2014 holding $8 million and a five-inch stack of stock certificates. That same year, a former Merrill Lynch executive who once ran the firm's Latin America arm ...
30 Jul 39min
He Knew Better. He Did It Anyway
In March 2000, Stanley Druckenmiller had the internet bubble exactly right. He had shorted it, written the thesis, and run money for two decades without a losing year. Then he watched two junior trade...
23 Jul 33min
Deferred Maintenance: Cash, Muscle, Sleep
The four biggest tech companies are planning as much as $725 billion of capital spending this year — up 77% in a single year — much of it on machines that never have to sleep. The people underwriting ...
16 Jul 39min
The Rulebook You Never Read
At Monday's close, funds tracking the Nasdaq-100 lined up to buy an estimated $4 billion of SpaceX stock. Nobody at those funds decided SpaceX was worth owning — a rulebook decided. And three weeks ea...
9 Jul 32min
The Four Cards You're Not Playing
79% of professional large-cap fund managers lost to the S&P 500 last year. Stretch the window to fifteen years and the failure rate hits roughly 90%. The internet's favorite conclusion: if the pros ca...
1 Jul 28min
