The Ultimate Investing Formula
+ 2025 Outlooks, Dating Trends, Felix Zulauf, Dan Rasmussen, Micky Malka & More
“If you personalize losses, you can't trade.”
— Bruce Kovner
Research
Robeco - Formula Investing (13 pages)
Robeco did a fun study to evaluate the effectiveness of four popular investing formulas—the F-Score, Magic Formula, Acquirer’s Multiple, and Conservative Formula.
Federal Reserve Bank of St. Louis - Marriage Market Sorting in the U.S. (51 pages)
A Fed study examined the shifts in the U.S. marriage market, assessing how online dating, demographic changes, and evolving societal norms influence mate choice and broader sorting trends. It found that the changes in mate preferences and increased assortativeness by skill and education since 1960 account for about half of the increased income inequality among households.
State Street - Diversification properties and risk-adjusted performance of security lending (29 pages)
State Street does a deep dive on securities lending, noting that while the returns may seem small on an absolute basis, it provides strong risk-adjusted returns, offers diversification benefits due to low correlation with other investments, and performs especially well during market crises.
Goldman Sachs - UK Equities: New York Calling (19 pages)
Goldman covers the state of the UK market and the growing valuation gap with US counterparts.
2025 Outlooks
Vanguard - Vanguard economic and market outlook for 2025: Beyond the landing Link
Robeco - 5-Year Expected Returns: Atlas Lifted Link
KKR - 2025 Outlook: Glass Still Half Full Link
J.P. Morgan Asset Management - 2025 Year-Ahead Investment Outlook: Out of the Cyclical Storm and into the Policy Fog Link
Goldman Sachs - Macro Outlook: Tailwinds (Probably) Trump Tariffs Link
Goldman Sachs - 2025 Global Equity Outlook: The Year of the Alpha Bet Link
Richard Bernstein Advisors - Certainties for an uncertain world Link
Charles Schwab - 2025 U.S. Stocks and Economy Outlook Link
UBS - The CEO Macro Briefing Book: 12 Questions Ahead of 2025 Link
Apollo - 2025 Economic Outlook: Firing on All Cylinders Link
Podcasts
Invest Like The Best - Micky Malka - Building Ribbit: Ribbit Capital’s founder covers the founding principles behind Ribbit's mission to innovate financial services, the possibilities enabled by the intersection of crypto and AI, and more. [12/10/24 - 92 minutes - 53 minutes] Apple | Spotify
Infinite Loops: Nir Eyal — How To Become An Indistractable Force (EP.235): Eyal gives a masterclass on understanding the psychology behind our impulses and how you can better manage boith your time and your life. [9/26/24 - 69 minutes] Apple | Spotify | YouTube
Excess Returns: Dispelling Big Investing Myths | Dan Rasmussen: Rasmussen covers a few topics, including U.S. market outperformance since the GFC, the set up for stocks in Japan & the UK, private equity return dispersion & more. [12/12/24 - 55 minutes] Apple | Spotify | YouTube
What Else Is Happening
Meb Faber spoke with Felix Zulauf about his 2025 outlook for markets. Apple | Spotify | YouTube
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