- Nice tool from Harvard visualising the complexity of trade flows around the world by product.
- Here for example is copper exports.
Tools
Evergreen resources and for the voracious learner.
Pershing Square Presentation
- Latest deck from Bill Ackman’s trust.
- New position in GOOG.
- Announcement of listing of a new closed-end fund in US (on NYSE) and a fee cut on the UK/NL funds.
AI for Economists
- Useful guide to prompts and other resources for economics using AI.
- Some good links to papers further down for applications to finance.
2024 Investment Outlook Reports
- If you are into this sort of thing, a fairly comprehensive list of investment outlook reports from both sellside and buyside, composed by the FT.
Greenlight Q3 2023 Letter
- The latest letter from David Einhorn’s fund (which is up nearly 30% this year).
- Interestingly he is betting on a cocktail of geopolitics, rising oil prices, and a recession all in the 2024 election year.
Job Posting Tracker
Markets and Central Banks
- As markets look to peak policy rates and beyond, this newsletter has been a really useful one-stop shop to get a detailed overview of central bank action and markets.
- For example the declining Clevland Fed nowcast of inflation (source).
Holiday Break
Investment Quotes
- “There seems to be an unwritten rule on Wall Street: If you don’t understand it, then put your life savings into it.” Lynch.
- “If you’re not willing to react with equanimity to a market price decline of 50% two or three times a century, you’re not fit to be a common shareholder and you deserve the mediocre result you’re going to get.” Munger.
- “When you want to test the depths of the stream, don’t use both feet.” Chinese proverb.
- And more.
How to read well
- Read mostly fiction. Why? “Careful descriptions and summaries miss too much of the world. Hard distinctions make bad philosophy“.
- Read slowly.
- Start many books, but complete only a few.
- Buy on a whim – “If you create a home library it should act as one: It is there for you to discover and rediscover, to get lost in” – an anti-library.
- And a few more ideas.
How to Search Well
- A useful collection of internet search tips from basics, to the domain-specific, and how to deal with paywalls.
Support Snippet Finance
- Snippet is entirely free and plans to remain so.
- However, there are costs to running the site that keep growing.
- If you have been finding Snippet informative and inspiring for your daily work, please consider supporting the site.
- Thank you in advance. Your support makes all the difference.
Reddit Search
- A useful tool to search Reddit for information.
Intangible Assets
Investment DD Questions
- 100 checklist questions to get to the bottom of any investment (private or public).
Factor Investing
- Comprehensive article on factor investing by AQR.
- Useful read for both systematic and fundamental investors.
- “Ilmanen et al. (2021) examine the out-of-sample performance of the main factors we focus on—value, momentum, carry, and defensive—using a century of data across multiple markets and asset classes.“
- “Exhibit 2 highlights the results from their study, which shows that these factors work uniformly across all markets and asset classes and their performance is stable over the periods before and after the original sample period, with little degradation from the original sample period.“
Investment Principles and Checklists
- Comprehensive 148-page tome containing a collection of principles from great investors.
- Not to be read all at once but more as a reference document for sound process.
PMI Global Heatmap
- U.K. and US are seeing some improvement, while Germany continues deeper in the red.
- Taken from this comprehensive and user friendly newsletter – a veritable tour of everything macro. Well worth subscribing.
ChatGPT Prompts
- Giving ChatGPT the correct prompts makes all the difference.
- Here is a useful repository on GitHub for countless use cases.