On Markets & Investing

Useful resources to expand your knowledge and grow competence

14 April 2024
As regular readers know, about every quarter I share some interesting materials that I come across on the Internet. The idea is to keep expanding the boundaries of your knowledge and growing your competence, which is essential for successful investing.

This time, there are eight new materials. The most interesting, in my view, is Joachim Klement’s 320-page comprehensive study on the impact of geopolitical conflicts on investing.

The other two resources are various reports on the payment industry. I reviewed them as part of my analysis of Fiserv and Corpay (former Fleetcor).

Another interesting study I decided to share is a new review of stock performance from 1792. This longer study concludes that returns delivered by US stocks in the last century are not indicative of their longer-term track record.

A paper by Fed economist Michael Smolyansky looks at the top-down drivers behind US stock returns over the past 40 years, concluding that lower interest rates and taxes had a disproportional impact on total returns.

I also added a link to the latest edition of Poor Charlie’s Almanack, which is free to read online.

You can also find the twenty most interesting quotes from the studies and lectures of Daniel Kahneman, who passed away last month. He revolutionised our understanding of human decision making and his work is essential for anyone making investment decisions.

Finally, you may find interesting an article by a well-known VC investor, Paul Graham, on superlinear returns. While this concept is not new, the article goes beyond a general description and looks into situations where exponential growth is more common and how we can position ourselves to benefit from such situations.

I hope you find this useful.

Happy reading!

PS: Knowledge compounds over time, even if sometimes you feel that you are not getting anywhere. This is why I try to read as much as I can and add the most insightful pieces to the Library, which you can access for free.