The hottest Investment Substack posts right now

And their main takeaways
Category
Top Business Topics

Stockholders vs Stakeholders

David Friedman’s Substack • 278 implied HN points • 05 Jul 25
💼 Business Investment
  1. Corporations are supposed to benefit stockholders but often face challenges in making sure that happens. Stockholders can vote out management if they're unhappy, but individual votes often feel insignificant to them.
  2. Stakeholders like customers and employees are already protected by market forces. If they don't like the products or the job conditions, they can easily switch to alternatives without needing special voting rights.
  3. Stockholders face unique risks because their investments can be tied up even if the company isn't performing well. Strengthening stockholder control and removing barriers to takeover bids could help ensure companies focus more on maximizing stockholder value.

Reverse Engineering Crypto's Pain Points

DeFi Education • 659 implied HN points • 26 Jul 23
🔮 Crypto Investment
  1. Crypto faces a big problem with not having enough users. Many people find it really complex to use, which makes them give up before they even start.
  2. There's also the issue of not having enough attractive things to do with crypto. Many projects don't solve real problems, leading to confusion for new users about what to do with it.
  3. Finally, scalability and regulation are major hurdles. Current blockchain networks have trouble handling lots of users without high fees, and regulations are changing, creating a lot of uncertainty.

Top Links 597 Costless disinflation. The world's undersea cable system. South Sudan's calvary & Jarmush takes us on a permanent vacation.

Chartbook • 715 implied HN points • 24 Dec 24
💰 Finance Investment
  1. Costless disinflation is interesting because it suggests ways to reduce inflation without any financial costs. This idea could really impact how economies manage price stability.
  2. Undersea cables are crucial for global internet connections, showing just how interconnected we all are. These cables help transmit information across the world quickly.
  3. South Sudan's cavalry highlights unique aspects of its culture and history. It also points to how different lifestyles and traditions exist around the globe.

AI Roundup 145: Gemini 3

Artificial Ignorance • 71 implied HN points • 21 Nov 25
🕹 Technology Investment
  1. Google launched Gemini 3 Pro, a powerful new AI model that improves planning, coding, and judgment skills, marking a significant step forward in AI technology.
  2. There's growing worry among tech leaders about a potential bubble in AI investments, with CEOs openly questioning the sustainability of soaring valuations and massive spending.
  3. An upcoming Executive Order may give the federal government power to override state AI laws, which could lead to legal battles and political pushback from within the Republican Party.

NMHC on Apartments: "Lower rent growth and higher vacancies" in Q4

CalculatedRisk Newsletter • 19 implied HN points • 22 Jan 26
💼 Business Investment
  1. The Market Tightness Index is 32, well below the breakeven 50, which signals looser market conditions and points to lower rent growth and higher apartment vacancies.
  2. Sales activity has slowed — the Sales Volume Index dropped to 47, indicating a pullback in deal flow even though many respondents saw little change quarter-to-quarter.
  3. Financing is more available: the Debt Financing Index is 75 and the Equity Financing Index is 53, reflecting improved borrowing and capital availability after a modest decline in long-term yields.
Get a weekly roundup of the best Substack posts, by hacker news affinity:

The 3 Marketing Metrics To Rule Them All [Part 3]

Category Pirates • 471 implied HN points • 10 Apr 23
💼 Business Investment
  1. Driving market capitalization for a growth company involves getting people to understand category potential.
  2. Marketing grounded in Category Design helps create economic conditions for a company to win by creating new market categories.
  3. Investors bet on a company's future potential, not just past performance, which relies heavily on understanding and driving the size and growth of its category.

How Low Wages Made Japan A Deficit Addict

Japan Economy Watch • 339 implied HN points • 07 Dec 23
💰 Finance Investment
  1. Low wages in Japan lead to decreased consumer purchasing power, causing a need for government intervention through deficit spending.
  2. Household income in Japan has been declining over the years, affecting consumer spending and economic growth.
  3. Government deficits in Japan are used to finance consumer spending and support the economy due to stagnant wages and decreased savings.

This New Internet Thing, Chapter 31

Life Since the Baby Boom • 691 implied HN points • 19 Dec 24
🕹 Technology Investment
  1. Cassie at Palm is excited about a new product called Touchdown but worries about funding for its launch. They found a partner to help manufacture it, which is a positive step.
  2. Len's career is taking a turn after Netscape's success, leading him to a possible job managing a new Internet-focused mutual fund. He’s starting to realize he enjoys this direction more than retirement.
  3. The bond between Len and his daughter Janet grows as they navigate their new potential successes together. Both are starting to embrace a more ambitious and wealthy future.

A startup is a bundle, and Windsurf broke the bundle

Alex Danco's Newsletter • 234 implied HN points • 18 Jul 25
💼 Business Investment
  1. Startups work like bundles where everyone has different needs. If these bundles break apart, it could hurt collaboration and overall success.
  2. The recent case of Windsurf shows how AI talent is being targeted and bought individually instead of as part of the whole startup. This changes how success is achieved and shared.
  3. If startups become unbundled and everyone seeks their own benefits, founders might struggle more. This could lead to less innovation and more chaos in the startup world.

The Bitcoin ETF launch: not an orange wave but not a sell the news either

Ecoinometrics • 235 implied HN points • 29 Jan 24
💰 Finance Investment
  1. The impact of the Bitcoin ETF launch is not visible yet, but the potential is huge.
  2. Short-term outflows from the Grayscale Bitcoin Trust are currently offsetting any major effects of the ETF launch.
  3. Once the transition stabilizes, more investors like BlackRock and Fidelity may bring steady inflows with the ETFs, potentially opening up Bitcoin to a broader investor base.

Economic Errors

David Friedman’s Substack • 655 implied HN points • 28 Dec 24
💰 Finance Investment
  1. Wealth isn't just cash; it can be land, stocks, or buildings. A person's gain in wealth doesn't mean someone else has to lose money.
  2. When countries trade, it’s not just about wages. The value of currencies affects trade costs, and tariffs can disrupt these complex economic balances.
  3. People often hold on to incorrect economic beliefs because they sound easier or support their self-image. Understanding the real logic behind economics can be complicated but helps us see the true picture.

Why build when you could buy?

Kenny’s Sub • 159 implied HN points • 18 Mar 24
💼 Business Investment
  1. Buying a business takes time and patience. It's important to understand that finding the right one isn't quick and you might go through many options before finding the right fit.
  2. Having clear criteria for what you're looking to buy is crucial. It's better to focus on specific areas that interest you rather than being too broad in your search.
  3. Expect to sift through a lot of possibilities. The process can be frustrating, but staying logical and not letting emotions lead your decisions will help you find the right business.

Our community round has opened—let's fund this book!

The Novelleist • 282 implied HN points • 29 May 25
💼 Business Investment
  1. The community funding round for the book 'We Should Own The Economy' has opened, allowing readers to invest and share in potential profits.
  2. They have already raised almost $60,000 and invite everyone to confirm their investments through a provided link.
  3. There's an open call tonight where participants can ask questions about the book and contribute ideas on how to shape the future of capitalism.

Weekly Dose of Optimism #153

Not Boring by Packy McCormick • 205 implied HN points • 18 Jul 25
🕹 Technology Investment
  1. There are massive investments in AI infrastructure, mainly in Pennsylvania, with companies like Google and Blackstone pledging billions to build data centers. This investment is expected to create many jobs and boost the local economy.
  2. Meta is working on building a huge data center called Hyperion, which will provide lots of power for AI development. They plan to invest around $70 billion in AI this year, which could lead to significant advancements in their products.
  3. A new study shows that a technique called three-person IVF can produce healthy children by combining DNA from three people to prevent genetic diseases. This could change how families with these conditions approach reproduction.

Frax at the Forefront

DeFi Education • 519 implied HN points • 12 Aug 23
🔮 Crypto Investment
  1. Frax Finance is always trying new things and expanding with products and features.
  2. They want to be a go-to place for earning money from three main sources: the US dollar's safe rate, Ethereum staking fees, and interest from borrowers.
  3. This approach combines traditional finance with cryptocurrency to create more earning opportunities.

What Is DWF Labs, Really?

DeFi Education • 419 implied HN points • 21 Sep 23
🔮 Crypto Investment
  1. DWF Labs is a key player in the crypto market, investing heavily even when other investors are pulling back. They reported investing $149 million in the first quarter of 2023.
  2. The firm has been involved in important DeFi deals, like buying $5 million of CRV tokens to help Curve Finance and proposing market making agreements with other projects.
  3. DWF Labs' bold investments raise questions about their funding sources and their reasons for such confidence in a tough market.

Stupid Rules For Stupid People Struck Down

Points And Figures • 639 implied HN points • 12 Dec 24
💼 Business Investment
  1. NASDAQ's rule for corporate board diversity focused too much on identity instead of qualifications. It's more important to have people with varied experiences and perspectives on the board to help businesses succeed.
  2. The legal decision to revoke certain rules about private company disclosures is seen as positive. Regulations that infringe on privacy can deter companies from going public and create unnecessary barriers.
  3. Private markets should be free from excessive regulations. Investors need to keep the identities of their shareholders confidential, and government oversight can lead to more problems than it solves.

A Tale of Three Housing Bubbles

Taipology • 185 implied HN points • 21 Jul 25
💰 Finance Investment
  1. Japan's housing bubble in the 1980s showed how quickly prices can soar, but when it burst, the country faced decades of economic struggles. The banks kept rolling over bad debts, making it hard for healthy businesses to get loans.
  2. In the United States, the housing bubble led to a crisis, but aggressive monetary policies helped stabilize the economy. This also created long-term debt issues, as easy money became a habit, allowing reckless spending.
  3. China is trying to manage its housing bubble differently by avoiding bailouts and redirecting credit to productive industries. While many feel the current pain, this proactive approach aims to prevent a financial crisis like those seen in Japan and the U.S.

Import AI 348: DeepMind defines AGI; the best free LLM is made in China; mind controlling robots

Import AI • 339 implied HN points • 13 Nov 23
🕹 Technology Investment
  1. DeepMind defines AGI levels and the risks they pose, highlighting the potential societal impacts of increasingly autonomous AI systems.
  2. Researchers have created smart glasses with object detection capabilities powered by a miniaturized YOLO model, showcasing the possibilities of on-device AI processing.
  3. Stanford's NOIR project demonstrates how brain-scanning signals can be used to control robots for a variety of tasks, paving the way for a future where humans interact with robotic systems through brain commands.

Trade Surplus Provided All of Japan’s GDP Growth in 2nd Quarter

Japan Economy Watch • 399 implied HN points • 17 Aug 23
💰 Finance Investment
  1. Japan's GDP growth in the 2nd quarter was entirely due to the trade surplus, not internal economic factors like consumption or business investment.
  2. Consumption in Japan shrank, and private demand decreased, highlighting the reliance on trade for economic growth.
  3. Real employee compensation in Japan is stagnant and even lower than pre-Covid levels, raising concerns about overall economic health and consumer spending.

Ne pas écouter ses investisseurs

Venture Prose • 499 implied HN points • 19 Feb 23
💼 Business Investment
  1. Investors may push for hyper-growth, but it's okay to build a company at your own pace.
  2. Investors will critique your execution, but it's important to read between the lines and improve where necessary.
  3. Focus on having the right attitude and work ethic to set the pace for your team, even if it means not always rushing.

The VC Corner 📰 #5

The VC Corner • 259 implied HN points • 22 Dec 23
💼 Business Investment
  1. Venture capital is a great way for people to learn about investing in startups. It's useful for both experienced investors and newcomers.
  2. This newsletter shares important news and information that can help investors stay informed. It's a handy resource for anyone involved in venture capital.
  3. You can try out the newsletter for free for a week. This is a great opportunity to see if it meets your needs before committing.

Grown Rogue Goes Retail

Mindset Value • 216 implied HN points • 18 Jan 24
💼 Business Investment
  1. Grown Rogue is expanding into the retail sector in New Jersey.
  2. The company is investing in retail but maintains focus on its core mission.
  3. Grown Rogue is expected to see significant growth in cash flow and EBITDA in the coming years.

Starting a trade war as the global reserve currency

Deep Pulusani - Risk • 333 implied HN points • 16 Apr 25
💰 Finance Investment
  1. Having a reserve currency gives a country special advantages, like easier borrowing and more power in international trade. This can make things cheaper for its citizens and boost their purchasing power.
  2. However, relying too much on being the reserve currency can hurt domestic industries, leading to job losses and higher inequality. This often pushes the country to adopt protectionist policies to revive local production.
  3. Countries that want to move away from the reserve currency face risks like financial instability. It's hard to balance the benefits of being a reserve nation while fixing domestic economic problems.

Crypto is chain-letter technology

In My Tribe • 470 implied HN points • 26 Jan 25
🔮 Crypto Investment
  1. Cryptocurrencies like Bitcoin can be compared to chain letters, where early participants may make money while later ones might lose everything. It only works as long as new buyers keep joining in.
  2. The American dollar, being a fiat currency, also operates like a chain letter. It's based on trust and belief rather than a physical backing, and its value can decline over time.
  3. Some people view Bitcoin as a safe way to protect against inflation, but switching from the US dollar to Bitcoin may not solve the fundamental issues with trust and value in these systems.

Top Links 653 How US asset managers are muscling into Europe. Japan restarts its reactors. Who buys guns? Mexico's energy revolution.

Chartbook • 429 implied HN points • 18 Feb 25
💰 Finance Investment
  1. US asset managers are starting to play a bigger role in Europe, which could change the market dynamics there.
  2. Japan is bringing its nuclear reactors back online, impacting energy policies and production.
  3. There's a growing discussion about who is buying guns, which raises questions about safety and regulations.

Is Greece’s economy improving?

The Greek Analyst • 419 implied HN points • 17 May 23
💰 Finance Investment
  1. Greece's economy is growing faster than many other advanced economies in Europe, with the GDP showing significant improvement.
  2. Investment in Greece has increased, with a notable rise in Foreign Direct Investment, setting the stage for economic growth.
  3. Employment prospects in Greece are on the rise, with steady increases in total employment, showing a positive trend in the economy.

Demystifying Liquid Staking Derivatives

DeFi Education • 919 implied HN points • 17 Jan 23
🔮 Crypto Investment
  1. Liquid Staking Derivatives (LSDs) allow users to trade tokens that represent staked ETH, giving them easier access to their funds without waiting for upgrades.
  2. Staking directly as a validator helps keep Ethereum decentralized and users can earn yield, but it requires technical skills and a minimum of 32 ETH.
  3. Using a staking service adds risks, so it's safer to stake directly if possible, but many users may choose LSDs for convenience.

"Architecture firm billings remain soft to end the year"

CalculatedRisk Newsletter • 14 implied HN points • 22 Jan 26
💼 Business Investment
  1. Architecture firm billings have been in prolonged decline, with the ABI below 50 for most of the last three years and at 48.5 in December, indicating contracting demand. Because the ABI typically leads CRE investment by 9–12 months, this points to a likely slowdown in commercial real estate investment through 2026.
  2. Multifamily residential billings are especially weak—below 50 for 41 consecutive months and at 45.5—so new multifamily starts are likely to weaken further. This sector looks more vulnerable than institutional or other commercial work.
  3. Overall construction spending is down about 1.0% year‑over‑year, with private residential down 1.3% and private nonresidential down 2.6%, while public construction is up roughly 2.1%. That split means overall construction demand remains fairly soft despite modest public spending gains.

New Jersey Goes Rogue

Mindset Value • 353 implied HN points • 05 Oct 23
💰 Finance Investment
  1. New Jersey has limited licenses for cannabis companies, leading to high prices and lower quality products.
  2. Grown Rogue is entering New Jersey with their high-quality, low-cost cannabis, potentially disrupting the market.
  3. Grown Rogue's operational excellence and efficiency position them as a valuable investment opportunity in the cannabis industry.

"Land & Expand" To Improve Your Odds of Getting to Yes With a VC | VC Remote Jobs & More

Venture Curator • 299 implied HN points • 10 Nov 23
💼 Business Investment
  1. Raising capital from VCs is a sales & marketing process where you're selling trust and confidence in the future of your company. Building trust with VC partners and understanding their decision dynamics can increase your odds of success.
  2. Each VC firm has a unique decision-making process, so it's crucial to know the firm's partner structure, how decisions are made, and the role of non-partner staff. Building relationships with multiple team members before the final decision meeting can improve your chances.
  3. To secure funding from VCs, go beyond just your sponsoring partner - engage with multiple staff members, understand the decision dynamics within the firm, and address biases and concerns in advance. Building broad relationships within the VC firm can increase the likelihood of a positive outcome.

Whither China 5: No, China is not competing with India for Wall Street's attention.

Chartbook • 1316 implied HN points • 12 Feb 24
🌍 World Politics Investment
  1. Wall Street is pulling billions from China's economy and shifting focus to India, creating a significant change in global markets.
  2. Financial flows in China show a trade surplus, with global investors moving away from China and towards India.
  3. Foreign Direct Investment (FDI) into China has drastically decreased since 2022, reflecting investor concerns about geopolitics and domestic policies.

Priced‑In Flaws: from cars to colleagues to couples

Five Links (and three graphs) by Auren Hoffman • 170 implied HN points • 13 Jul 25
💼 Business Investment
  1. When you buy something, like a car, you need to accept its flaws. If you choose an orange car, complaining that it's not blue isn't fair because you knew it was orange all along.
  2. This idea applies to people too. If you hire someone who is great but struggles with deadlines, you can’t blame them for that flaw if you knew about it first.
  3. In relationships, if you accept someone's weaknesses, like being late, you shouldn't complain later. You chose to be with them knowing those flaws were part of the package.

The Business of Venture Capital

Insight Axis • 296 implied HN points • 05 Nov 23
💼 Business Investment
  1. Venture capital began from the dot-com bubble era, where tech entrepreneurs set up investment firms to fund new, high-growth technology companies.
  2. VCs specifically invest in early stage companies with potential for rapid growth and huge profits, aiming to 10x their investment in 5 years.
  3. Venture capital faces challenges like misaligned incentives, high-risk investments, and the need to balance finding unicorns without funding too many duds.

Alphabet

Business Breakdowns • 334 implied HN points • 25 Apr 23
💼 Business Investment
  1. Alphabet, parent company of Google, mainly focuses on search advertising revenue.
  2. Google's search business maintains high margins despite paying a significant amount to ensure default search engine status.
  3. AI advancements, like Microsoft's ChatGPT, pose a potential threat to Google's dominance in search.

Is $TRUMP a Scam?

Common Sense with Bari Weiss • 426 implied HN points • 22 Jan 25
🔮 Crypto Investment
  1. President Trump recently launched a meme coin called $TRUMP that quickly reached a market cap of $14 billion.
  2. There's a lot of debate about whether this coin is a smart investment or a Ponzi scheme.
  3. The launch of $TRUMP and $MELANIA coins has greatly increased the couple's reported net worth, at least on paper.

Bitcoin is worth $100,000. It still doesn't have a single legitimate use case

The Future, Now and Then • 515 implied HN points • 06 Dec 24
🔮 Crypto Investment
  1. Bitcoin is currently priced at $100,000, but it doesn't have any real-world use that justifies that value. It's mainly driven by speculation.
  2. The recent price increase is largely due to wealthy investors betting on Bitcoin, rather than any fundamental economic demand or function.
  3. The cryptocurrency market is being influenced by big players and political backing, making it more about speculation rather than actual utility.