This month, we consider the optimal amount of inheritance to leave your children, the critical importance of manager selection in private markets, and how financial journalists can lead investors astray.
2025 Annual Letter
“The ultimate form of preparation is not planning for a specific scenario, but a mindset that can handle uncertainty.” – James Clear “Your family is broken but you’re going to fix the world.” – Naval Ravikant The Ceiling The main challenge of 2025 wasn’t markets,…
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What’s Matt Reading? (Jan 2026)
This month, we explore what historical agricultural data tells us about AI job displacement, why premium Swiss watchmakers intentionally limit growth, and how short sellers help keep market prices efficient.
4Q 2025 Market Overview
The big story for the fourth quarter was continued strength from international stocks (in both relative and absolute terms). Developed and emerging market stock indices finished 2025 up >30% (vs. U.S. stocks up “only” 17% for the year) with help from a weakening U.S. dollar but also from a narrowing of the gap in relative valuation levels (with international stocks still trading below their historical average discount to U.S. stocks).
What’s Matt Reading? (Dec 2025)
This month, we explore the dangers of “fool’s yield” in fixed income, dive into the surprising history of the venture capital industry, and review a Goldman Sachs report offering a positive economic outlook on global aging.
What’s Matt Reading? (Nov 2025)
This month, we look into OpenAI’s financial performance, examine the timeless lessons of human nature from the 1929 market crash, and explore how nuclear energy could power the future of AI data centers.
