The hottest Investing Substack posts right now

And their main takeaways
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Top Finance Topics

This Ticker is the New Game

Malt Liquidity • 17 implied HN points • 14 Dec 24
💰 Finance Investing
  1. The value of things is often based on attention rather than real productivity. People might buy trendy items as a bet on their popularity instead of actual worth.
  2. Change can lead to uncertainty, and while it may feel uncomfortable, it can also create opportunities for innovation and improvement.
  3. Social media has shifted how people perceive discussions and opinions, sometimes prioritizing profit over rational thought and leading to unhealthy behaviors in society.

Back to Earth or Temporary Setback? Revisiting the FANGAM Stocks

Musings on Markets • 59 implied HN points • 12 Feb 22
💰 Finance Investing
  1. The FANGAM stocks have been key players in the US stock market, but their recent performance has been mixed. Companies like Netflix and Facebook saw big drops, while Amazon and Google surprised with strong results.
  2. Valuations of these companies suggest that Facebook is the most undervalued, as it struggles with its story and user numbers. In contrast, Netflix appears overvalued as it grapples with slowing growth and high content costs.
  3. Companies like Microsoft and Apple managed to stay out of controversies and continued to grow. Microsoft's recent acquisition of Activision shows its ambition, while Apple is benefiting from being seen as a privacy protector.

Let me know if you intend to go to the movies this weekend

Klement on Investing • 1 implied HN point • 12 Dec 25
💰 Finance Investing
  1. Higher box office revenues often show up when investor sentiment is weakening, and they can act as an early warning of poorer stock market returns.
  2. This may happen because people choose cheaper entertainment like movies when money is tight, or because they look for escapism when they feel gloomy.
  3. The relationship might be spurious and could change as streaming replaces theatre-going, so it’s risky to rely on box office as a reliable signal going forward.

My Interview With We Study Markets

Spilled Coffee • 20 implied HN points • 30 Oct 24
💰 Finance Investing
  1. Holding onto winning stocks for the long run is often the best strategy. Eric learned this after selling Microsoft too early and regrets it.
  2. Investing is about personal choices. Everyone should invest in what makes sense to them, rather than following others blindly.
  3. Celebrating small wins in life can make a big difference. Eric enjoys special breakfasts and dinners to reward himself for his hard work.

Interview: QTR's Take On The Election Results, Macroeconomics & More

QTR’s Fringe Finance • 19 implied HN points • 10 Nov 24
💰 Finance Investing
  1. Mainstream media and universities often promote ideas that don't reflect real-world logic. It's important to think critically about what we're being told.
  2. Identity politics can distract from true merit and qualifications in leadership. Focusing on skills and experience is more beneficial for progress.
  3. I prefer to get news from independent sources. This helps me find a wider range of viewpoints and avoid echo chambers.
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Investing Update: Is Mag 7 Leadership Returning?

Spilled Coffee • 20 implied HN points • 26 Oct 24
💰 Finance Investing
  1. The stock market is having a strong run, especially the Nasdaq, which has been up for seven weeks in a row. The Dow and S&P 500 ended their winning streak after six weeks.
  2. Investors seem confident, adding a lot of money to stocks recently, even with the upcoming elections. Earnings from major companies will be more relevant to the market than the election results.
  3. Expect some market ups and downs as the election approaches, but focusing on earnings reports will be more important for making investment decisions.

Clouded Judgement 7.4.25 - Happy 4th!

Clouded Judgement • 6 implied HN points • 04 Jul 25
💰 Finance Investing
  1. Cloud software companies are valued based on their revenue forecasts. With many not making profits yet, revenue multiples are a key way to compare them.
  2. High growth software firms often have much higher revenue multiples than those growing at slower rates. This can help investors spot which companies are likely to grow more in the future.
  3. SaaS companies aim for long-term profits by focusing on growth in their early years. Metrics like cash flow from operations are important to understand a company’s financial health.

$INTC Doubling Down, Again

More Than Moore • 70 implied HN points • 11 May 23
💼 Business Investing
  1. Intel's financial quarter showcased significant drop in revenue and margins.
  2. Changes in reporting structures for different business units, like CGFX, AXG, Silicon Photonics, and Automotive Foundry.
  3. Intel provided guidance for Q2, including lower revenue and gross margins compared to the previous year.

Silicon Valley Bank, Dead of Maturity Mismatch

Unfashionable • 76 implied HN points • 14 Mar 23
💰 Finance Investing
  1. Maturity transformation in banking can lead to risks like maturity mismatch.
  2. Banks borrowing short and lending long can face insolvency if assets lose value.
  3. Fixing the underlying issue of maturity mismatch in banking is crucial for stability, and some believe Bitcoin can help in this regard.

Robinhood’s Smile

Net Interest • 12 implied HN points • 14 Feb 25
💰 Finance Investing
  1. Robinhood changed the investing game by making it easy and fun, allowing people to trade with no fees. They even added features like free stock for completing tasks to keep users engaged.
  2. After a boom during the meme-stock craze, Robinhood faced challenges as the market dropped, causing many users to lose money and stop trading. Despite this, they found a new way to earn money through higher interest rates.
  3. Now, Robinhood is at a point where they need to decide their future. They can keep focusing on trading like a game or expand into a wider range of financial services.

What even is a data asset?

Entry Level Investing • 16 implied HN points • 10 Dec 24
💼 Business Investing
  1. AI companies are focusing more on improving data instead of just making bigger models. They realize that using better, unique data can give them an edge.
  2. Having unique data, known as a 'data asset,' means owning valuable information that others can't easily get. This can be essential for success in AI.
  3. Startups are finding creative ways to gather exclusive data, like partnering with others or creating synthetic data. This helps them stand out in a crowded market.

Quant Letter: August 2025, Week-2

The Parlour • 4 implied HN points • 12 Aug 25
💰 Finance Investing
  1. Prymer.ai is a new tool that quickly generates detailed reports for stocks, making the process much faster and easier.
  2. Recent research shows that social media sentiment can help predict financial trends, which might be useful for investors.
  3. A study found that there are potential risk-free profit opportunities in real markets, challenging the common belief that they don't exist.

Searching for von Neumann

Malt Liquidity • 12 implied HN points • 14 Feb 25
💰 Finance Investing
  1. Finding purpose and fulfillment can be hard, especially when success feels empty. It's important to keep moving and searching for what truly matters in life.
  2. Recognizing our intellectual heroes, like John von Neumann, can inspire us, but it’s also crucial to understand that not everyone's contributions are widely acknowledged.
  3. The changing perception of careers and value in society can lead to a more significant transformation. Future views on work, retirement, and success may look very different.

Replicating Buffett

Net Interest • 13 implied HN points • 17 Jan 25
💼 Business Investing
  1. Warren Buffett took control of a struggling company, Berkshire Hathaway, after realizing its potential value despite its problems. He initially bought shares to gain influence.
  2. Buffett's experience with Berkshire taught him important lessons about organizational structure and the value of permanent capital for investments.
  3. Now, investors like Bill Ackman are trying to create companies similar to Berkshire Hathaway, but it's hard to replicate its successful model because it takes time and patience.

Malta Liquidity

Malt Liquidity • 12 implied HN points • 08 Feb 25
💰 Finance Investing
  1. Travel can often feel like work, and it's not always enjoyable. Sometimes it’s more about experiencing new places than actually immersing oneself in them.
  2. Taking breaks is essential for clear thinking. Finding time to think deeply without distractions can help improve creativity and problem-solving skills.
  3. Retirement is more about having the freedom to choose how you spend your time. It’s not just about money; it's about being content with how you live your life.

Portfolio Update

Spilled Coffee • 16 implied HN points • 27 Nov 24
💰 Finance Investing
  1. The author sold shares from a major stock to invest in a favorite stock. This shows a strategy of reallocating assets for potentially better returns.
  2. It's important to regularly update and adjust your investment portfolio based on personal preferences.
  3. The update was shared with paid subscribers, indicating a focus on providing value to a dedicated audience.

Funding Mr Bates

Net Interest • 36 implied HN points • 09 Feb 24
💼 Business Investing
  1. A TV series sparked public attention in the UK by shedding light on the Post Office scandal and the struggle of subpostmasters for justice.
  2. Litigation finance, as seen in the case of Mr. Alan Bates, is an important avenue for funding legal battles when individuals lack resources.
  3. Specialist funders, like Therium, provide financial support for legal cases in exchange for a share of the compensation if the case is won, creating a growing industry of litigation financing.

Investing Update: Hedge Fund Buys & Holdings

Spilled Coffee • 16 implied HN points • 23 Nov 24
💰 Finance Investing
  1. The stock market is doing really well recently, with all major indices up for the week. The S&P 500 is up 25.1% and the Nasdaq is leading with a 26.6% increase this year.
  2. Historically, there's a trend of market rallies during November and towards the end of the year. Many investors are looking forward to a possible Thanksgiving rally and the annual Santa Claus Rally ahead.
  3. Some data shows that less than half of the S&P 500 stocks are trending up, which could indicate some weakness. However, the current low percentage of large-cap stocks down 20% or more suggests investors are still optimistic.

Investing Update: Signs Of A Market Top?

Spilled Coffee • 16 implied HN points • 16 Nov 24
💰 Finance Investing
  1. The S&P 500 reached its 51st all-time high this year, showing strong market performance. However, it ended the week lower, with declines seen across major stock indices.
  2. Inflation is stabilizing, with recent data showing it remains under control. Wage gains have also outpaced inflation for the past 18 months, which is good news for consumers.
  3. Post-election market surges are common, and this trend has continued in 2024. Historically, stock markets tend to do well under a unified government, which seems to be the case now.

The Anti-Acc Revolution

Malt Liquidity • 13 implied HN points • 05 Jan 25
💰 Finance Investing
  1. The economy is facing serious issues and many people lack trust in institutions. There's a need for immediate change to prevent further decline.
  2. The relationship between major figures like Elon Musk and Donald Trump could shape the future of technology and business. Their actions might determine which companies thrive or struggle.
  3. Current educational and financial systems are broken. There should be better pathways for young people to learn skills and contribute, rather than being overwhelmed by debt and unhelpful degrees.

A conversation with Harry Stebbings, The Twenty Minute VC

next big thing • 48 implied HN points • 06 Sep 23
💼 Business Investing
  1. The post is a conversation with Harry Stebbings about venture capital, investing, AI-first companies, and more.
  2. The discussion covers topics like small funds outperforming large funds, the importance of product-market fit, and the hype cycle in AI.
  3. The post highlights the personal connection between the author and Harry Stebbings, spanning over 7 years.

Investing Update: Year-End Rally Underway?

Spilled Coffee • 16 implied HN points • 09 Nov 24
💰 Finance Investing
  1. The stock market saw significant growth after the recent elections, with major indices like the Dow and S&P 500 hitting all-time highs. This growth was boosted by the Federal Reserve's decision to cut interest rates.
  2. We are currently in a 'baby bull' market phase, and historically, November to January are the strongest months for stocks. This might indicate a potential year-end rally ahead.
  3. Political factors have less control over the stock market than many believe. Over the long run, markets tend to perform well regardless of which party is in power.

Clouded Judgement 6.6.25 - How to Spot ERR

Clouded Judgement • 6 implied HN points • 06 Jun 25
💼 Business Investing
  1. It's important for companies to know the difference between ARR (annual recurring revenue) and ERR (experimental run rate revenue). ARR is more stable while ERR can fluctuate a lot, which can affect business decisions.
  2. Some signs of ERR include using products on a trial basis or having fuzzy ROI expectations. Companies should look out for these signs to understand if their revenue is dependable.
  3. Businesses should pay attention to where budgets come from and how contracts are structured. Knowing these details can help avoid unexpected revenue drops.

What is a “Prepared Mind” and why does it matter?

Equal Ventures • 59 implied HN points • 18 Apr 21
💼 Business Investing
  1. Having a "prepared mind" means having an informed perspective in a specific industry or space, enabling meaningful partnerships with founders.
  2. In traditional venture capital, past experiences of VCs in specific industries were crucial for adding value to startups.
  3. As venture expands to new sectors, having a "prepared mind" tailored to those industries becomes essential for effective support and investment.

Quant Letter: July 2025, Week-4

The Parlour • 4 implied HN points • 25 Jul 25
💰 Finance Investing
  1. Neural networks can help price complex financial options more accurately and quickly than older methods. This means better tools for traders.
  2. Research is exploring how to optimize trading strategies considering the impact of prices on market dynamics. It's all about making smarter investment choices.
  3. Staying updated with the latest studies in finance can guide investment decisions and improve trading skills. Knowledge is power in the finance world.

Let Bitcoin Cook

QTR’s Fringe Finance • 32 implied HN points • 01 Mar 24
💰 Finance Investing
  1. Let Bitcoin cook - Allow Bitcoin to develop without unnecessary interruption, like letting someone keep working when they're on a roll.
  2. Celebrate modestly - Acknowledge success with humility and prepare for potential challenges; avoid excessive bragging or taunting.
  3. Encourage organic interest - Rather than forcing ideas, allow individuals to discover and understand Bitcoin naturally to build genuine, long-term adoption.

AgFunder's reading list for new VC analysts & associates

Rob Leclerc • 79 implied HN points • 05 Feb 21
💼 Business Investing
  1. Venture capital can be challenging to understand and may take new analysts 6-18 months to fully grasp.
  2. Books, essays, interviews, videos, podcasts, websites, and blogs are great resources for new VC analysts to learn about the industry.
  3. Understanding the history, culture, and frameworks of venture capital is crucial for new VC analysts and associates.

On financial freedom

Austin's Analects • 59 implied HN points • 12 May 21
💰 Finance Investing
  1. Financial independence is about having enough income to pay for your living expenses without being employed or dependent on others. It's a goal that allows you to work on your own projects and time.
  2. To achieve financial independence, focus on building a diverse income stream, maximizing investments like a 401k and Roth IRA, starting a side business, and exploring opportunities like self-storage facilities and crypto.
  3. Learning from books, starting businesses, getting a good job, and continually seeking ways to increase income are steps on the journey to financial independence. Share your struggles and seek motivation from like-minded individuals.

Quant Letter: December 2024, Week-3

The Parlour • 12 implied HN points • 18 Dec 24
💰 Finance Investing
  1. This week had exciting new research in quant finance, especially on generative AI and crypto forecasting. It shows that this field is active and evolving even during the holiday season.
  2. Recent studies highlighted the influence of machine learning on portfolio management, making it possible to choose better predictors and lower risks. This can help investors make smarter choices.
  3. Insights about investor behavior suggest that emotions and external factors can weigh heavily on trading volume and financial decisions. Understanding these factors can lead to better investment strategies.

The golden age of informal securities

Gray Mirror • 59 implied HN points • 17 Mar 23
💰 Finance Investing
  1. The banking system relies on continuously increasing systemic debt which is never repaid.
  2. Modeling fiat currency as state equity and deposit insurance as informal securities has complex implications.
  3. The financial system's stability is a concern due to pressure building with uncertain outcomes, indicating a need for changes.