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.
What’s Matt Reading? (Oct 2025)
This month, we explore the universal temptation of financial comparison, uncover the surprising history behind the first comprehensive study of overall stock market returns, and analyze whether today’s tech-heavy stock market is actually in a bubble.
3Q 2025 Market Overview
Third quarter performance was strong across every asset class we track led by Emerging Market stocks [international small countries] (+10%) and U.S. stocks (+8%). While geopolitical tensions continued to generate headlines, corporate earnings came in better than expected with quarterly earnings for the S&P 500 coming in much better than expected at +11% higher than last year’s second quarter.
