If after more than 60 years of academics hectoring investors not to do something, and yet they still do it, perhaps it's the academics who need to rethink their assumptions? All the gorey details in The Ownership Dividend. H/t @spencerjakab.bsky.social www.wsj.com/finance/inve...?

Right technology; wrong use. Instead of charging every single user for the natural dings/ scratches that come with renting a car, & making Hertz an even more punishing, if not imprisoning, experience, they should ... share.google/yuLE059YJJB0...

Yes, excess carbon is doing in the planet, but is it possible that the real cause of our demographic demise is right in front of us, staring us in the face, the cellphone? Not implausible. www.thetimes.com/life-style/s...

I suppose my publisher has to make up for putting out books on financial history/dividend-focused investing.

Turgenev's take on R's view of negotiations with Ukr? From Julian Barnes' gripping novel-bio of Shostakovich.

H/t to @tj-terwilliger.bsky.social for not only paying attention, but also restating the argument better than in the original, at least more succinctly.

To non-specialists, R's behavior in recent years appears puzzling. Alexander Peris explains some of the "why?", particularly why, despite the enormous costs it has incurred, R has little interest in dialing back its war on U. aperis004.substack.com/p/war-and-pe...?

On changing careers from historian of Modern Russia to buy-side investor, where dividends went, why you should care about academic musings from the 1950-1960s, what happens when rates stop going down after 40 years, why Total Return isn't ... Thank you Anjon Roy. podcasts.apple.com/us/podcast/p...

Two very good graphs from Markham's bio of Napoleon. And both apply outside of their specific contexts, the mark of history well written.

The too taxing idea of taxing buybacks...

Two posts from another platform linking to a short YouTube video, all about @newbooksnetwork.bsky.social Please listen; please support. youtu.be/XHIutaAFfOY?

Photo of the year? It depends on the outcome. High stakes for both, though only one knows it.

Not part of the MBA or finance curriculum, but it should be. (From a retired colleague)

Agree with him or not, it is always a pleasure to read /hear James Grant. open.substack.com/pub/bariweis...?

Fair question from another platform. I don't know what research they may be using. In TOD, two chapters cover the pro/anti camps. But the anti has been much more prominent over the decades. In the end, however, it comes down to philosophy, not finance. 1/3 danielxperis.substack.com/p/when-total...

On standing out in a (job-seeking) crowd.... www.linkedin.com/posts/daniel...?

I have it on good authority that this time is different. But in case it is not, you should listen to Jeffrey Lee Funk discuss the AI investment boom in his new Unicorns, Hype & Bubbles on @leev.bsky.social /@newbooksnetwork.bsky.social Profitable use cases? newbooksnetwork.com/unicorns-hyp...

Regardless of what the new administration does, it will take a long time to unwind the US soft power implications of a Singapore taxi driver humming along to the Carpenters Top of the World playing on the local pop station. 😀😃

Signs of life in the universe: some modest evidence of the relationship between business success (or falling short) & a profit-sharing plan for company owners. Gives one hope....

The "market" has sold off year-to-date. But hold on, what is the market really? Dr. Frankenstein chimes in. danielxperis.substack.com/p/dr-franken...

Spotted in the wild at my new favorite bookstore in Kuala Lumpur!!

Some fan mail. T/y. I would read in reverse--1st Orange(2024) on what happens when rates stop going down after 40 yrs. Then Green(2018) on the arc of MPT/CAPM, asking whether models from the 50/60s still make sense 60-70 yrs later. Red(2013)/Blue(2011) books have their moments but are more dated.

Perfect symmetry? Barbell political economy?

Knife fight or garden party? Well, it depends on who is representing the sides. Alexander Peris sizes up the two negotiating delegations. aperis004.substack.com/p/whos-playi...

Mag7 going deep on capital expenditures, some $300 billion deep in 2025 alone. It begs the question, "Who's minding the store?" danielxperis.substack.com/p/whos-mindi...

One year later, the response to The Ownership Dividend has been all about Philosophy, not Finance. danielxperis.substack.com/p/philosophy...

History & culture matters. Putin channeling Dostoevsky's Raskolnikov. Psychological history from @radchenko.bsky.social . 18 minutes very well spent. H/t @engelsbergideas.bsky.social podcasts.apple.com/gb/podcast/e...

Your brief friendly reminder that there's nothing wrong, and a lot right, with being a minority owner of businesses thru the stock market, and being paid in cash. www.youtube.com/watch?v=QDYd...

Dust off your globe; pull out your atlas. Geography is making a comeback. danielxperis.substack.com/p/making-geo...

Can't/don't want to monetize social media, but it is flattering all the same to see the occasional pledge come in. Thank you.

Great point from @tj-terwilliger.bsky.social. This can't be said enough.

Follow Tuesday: @historyinvestor.bsky.social and @batmancapital.bsky.social are criminally underfollowed. You should all be ashamed.

Must-read work from @craigkennedy.bsky.social on Russia's economy. Things are not as they appear. open.substack.com/pub/navigati...?

Yogi Berra & John Maynard Keynes join me to assess the outlook for the stock market in 2025. danielxperis.substack.com/p/its-tough-...

R talking heads falling over one another to echo/ approve T's territorial rhetoric. See it as an oppty to retake all that has been lost since 1914 (Finland, Poland, Baltics, etc). 1/x youtu.be/eqggp7m5GZI?...

Huge symbolism here, even if practical impact more limited. The rise & inevitable economic fall of a hegemon occurring in real time. Near-term invasions/ expansion can't mask long-term decline geographical retreat/ contraction. Cf. Rus Empire 1914 & Sov Un 1945. www.bloomberg.com/news/article...

Over-the-top fascinating intro to It's a Wonderful Life by the multi-faceted Russell Napier / @libraryofmistakes You've seen the movie 100 times. But after his short intro, you'll be seeing it completely anew. youtu.be/9Oyq7cqUr8Q

Super convo on the current macro, market, & geo-pol paradigm shift. A bit wonky on capital flows, but clear, cautionary conclusions for long-term investors. H/t Russell Napier/ @libraryofmistakes.bsky.social & @kofinas.bsky.social / @hiddenforces.bsky.social hiddenforces.io/podcasts/nat...

R's strategic naval challenge for the past 150 years, in 8 words. It's a long way around....

With a major geo-political reset upon us, expect national borders to move. danielxperis.substack.com/p/zoom-in-ex...

Mr. Market disagreed strongly w/my call for a return of the cash nexus in the US stock market in 2024. 2025 will show whether I was wrong, or just early. H/t @martinfridson /@CFAinstitute for calling attention to the arguments in The Ownership Dividend. blogs.cfainstitute.org/investor/202...

Standard book publicity doesn't last even Warhol's 15 minutes. Build a buzz two months before pub date, then move on. So very gratified to get invites to discuss TOD nearly a year later. Yes, I've been early on the return of the cash nexus, but 2025 is shaping up nicely. youtu.be/J6xEAG3rQfw

A glimpse into the future from @libraryofmistakes.bsky.social / TSGResearch Russell Napier's provocative article in the latest issue of American Affairs. Read carefully & then reread.

"Mr. President, we must not allow a mineshaft gap!" History rhyming hard. youtu.be/ybSzoLCCX-Y

The latest in the R demographic collapse. www.themoscowtimes.com/2024/12/10/1...

Read this; love this. www.ft.com/content/5122...