Information sources
The exercise of investing is one of knowledge development and management as much as anything. The common threads running through all of Areté's sources of information are that they regularly provide high quality insights and independent thinking. The following include some that we consider most useful.
Substack
The Substack platform has materially changed the environment for journalism in general, but also investment research in particular. For one, it has attracted a wide range of quality content providers that simply could never be aggregated in a single research business. For another, by the very nature of the platform, providers are incentivized to provide their own individual perspectives and unique voices. These characteristics make it nearly ideal for picking and choosing providers in a way that establishes a great deal of perspective and neatly complements existing knowledge domains.
Substack - paid
Capital Flows and Asset Markets (Russell Clark)
PauloMacro's Substack
Nonconsensus (Bob Elliott)
Yes, I Give a Fig (Mike Green)
The Overshoot (Matt Klein)
BIG by Matt Stoller
The Bulwark
Market Vibes
Oil Context Weekly (Rory Johnston)
Reverse Engineering Finance (John Comiskey)
China Boss News (Shannon Brandao)
Conks
PauloMacro's Substack
Nonconsensus (Bob Elliott)
Yes, I Give a Fig (Mike Green)
The Overshoot (Matt Klein)
BIG by Matt Stoller
The Bulwark
Market Vibes
Oil Context Weekly (Rory Johnston)
Reverse Engineering Finance (John Comiskey)
China Boss News (Shannon Brandao)
Conks
Substack - free
Capital Wars (Michael Howell)
Paul Krugman
Bruce Mehlman - Age of Disruption
Civil Discourse with Joyce Vance
Paul Krugman
Bruce Mehlman - Age of Disruption
Civil Discourse with Joyce Vance
Digital newsletters
The FT's Unhedged newsletter (Robert Armstrong)
John Auther's Bloomberg newsletter
The Dispatch
Brent Donnelly's Speedrun report
John Auther's Bloomberg newsletter
The Dispatch
Brent Donnelly's Speedrun report
Old standards
Epsilon Theory
Ben Hunt has significantly expanded his research offerings but his original Epsilon Theory note is still free and still the flagship for investment insights. Described as having a "worldview best understood through the lenses of history, game theory and philosophy", Hunt consistently provides the best insights into the increasingly politicized nature of capital markets and monetary policy. More recently, the professional subscription provides access to
The Financial Times
The Financial Times is the grandaddy of the financial press. Characterized by terrific journalism, a global perspective, thoughtful editorials and excellent research, this is an essential component of any serious investment analyst.
The Economist
Also characterized by terrific journalism, a global perspective, thoughtful editorials and excellent research, the Economist is arguably the single best way to stay on top of the most important happenings in the world. It has an uncanny way of revealing to readers the issues that become major headlines several months later.
Hussman Funds Weekly Market Comment
It is pretty clear after reading Hussman's lucid and analytically rigorous commentary that he was once a professor. Arete's Take is that he is one of the best thinkers in the business and if you are going to make a case against him, you had better have extremely good reasons for doing so. His weekly commentary is a must read.
Grants Interest Rate Observer
The Interest Rate Observer is a newsletter edited by the venerable Jim Grant for thirty years now. He focuses on fixed income and monetary issues and past editions contain some of the best insights available regarding the build up to and culmination of the financial crisis of 2008. More recently he has applied his considerable analytical skills to suggesting interesting stock ideas as well.
Zerohedge
You can find some of the best research on shadow banking, flash crashes, and wisdom from great investment thinkers at zero hedge. Zerohedge has definitely drifted towards more political subjects over the years, but there are still great insights posted there, even if you have to filter through some conspiracy theories once in a while to get there.
Mauldin Economics
John Mauldin has been around the markets for a long time and has built a commendable reputation for talking about the issues that few others dare to and for consistently providing independent thinking. His main newsletters Thoughts from the Frontline and Outside the Box are both free and filled with useful insights.
Federal Reserve Board of St. Louis (FRED)
Trying to make a point about how weak (or strong?) GDP growth has been the last several years? Look no further than FRED - an incredibly accessible amalgam of all the most important economic metrics combined with easy-to-use graphing tools. For the real geeks out there (and that includes us) there are also apps for your mobile devices.
Ben Hunt has significantly expanded his research offerings but his original Epsilon Theory note is still free and still the flagship for investment insights. Described as having a "worldview best understood through the lenses of history, game theory and philosophy", Hunt consistently provides the best insights into the increasingly politicized nature of capital markets and monetary policy. More recently, the professional subscription provides access to
The Financial Times
The Financial Times is the grandaddy of the financial press. Characterized by terrific journalism, a global perspective, thoughtful editorials and excellent research, this is an essential component of any serious investment analyst.
The Economist
Also characterized by terrific journalism, a global perspective, thoughtful editorials and excellent research, the Economist is arguably the single best way to stay on top of the most important happenings in the world. It has an uncanny way of revealing to readers the issues that become major headlines several months later.
Hussman Funds Weekly Market Comment
It is pretty clear after reading Hussman's lucid and analytically rigorous commentary that he was once a professor. Arete's Take is that he is one of the best thinkers in the business and if you are going to make a case against him, you had better have extremely good reasons for doing so. His weekly commentary is a must read.
Grants Interest Rate Observer
The Interest Rate Observer is a newsletter edited by the venerable Jim Grant for thirty years now. He focuses on fixed income and monetary issues and past editions contain some of the best insights available regarding the build up to and culmination of the financial crisis of 2008. More recently he has applied his considerable analytical skills to suggesting interesting stock ideas as well.
Zerohedge
You can find some of the best research on shadow banking, flash crashes, and wisdom from great investment thinkers at zero hedge. Zerohedge has definitely drifted towards more political subjects over the years, but there are still great insights posted there, even if you have to filter through some conspiracy theories once in a while to get there.
Mauldin Economics
John Mauldin has been around the markets for a long time and has built a commendable reputation for talking about the issues that few others dare to and for consistently providing independent thinking. His main newsletters Thoughts from the Frontline and Outside the Box are both free and filled with useful insights.
Federal Reserve Board of St. Louis (FRED)
Trying to make a point about how weak (or strong?) GDP growth has been the last several years? Look no further than FRED - an incredibly accessible amalgam of all the most important economic metrics combined with easy-to-use graphing tools. For the real geeks out there (and that includes us) there are also apps for your mobile devices.
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