My company, Newfound Research, turned 15 today. Coming up on this anniversary, I reflected quite a bit on my career.  I’m not sure why, but this milestone feels larger than I would've expected. So I decided to write something. 15 Ideas, Frameworks, and Lessons from 15 Years

The Militia Long/Short Equity ETF has launched! The ticker symbol is $ORR and it just began trading. The strategy is similar to my hedge fund, investing in global stocks up to 150% long and 100% short. This strategy will typically have lower correlation and beta to the market

FUN FACT: the Tiger Cubs have all badly underperformed the market return compounded from 21 (including standout Maverick) with tech leading the way. props to the IR teams at these places

I’ve got bad news. The AI cycle is over—for now. I’ve been an unapologetic AI maximalist since the first time I tricked GPT-4 into writing a working Python back-test for a volatility strategy back in early 2023. I’m still convinced it will take the wider economy years—maybe

Excellent new Michael Cembalest note on the healthcare sector, which up until 2020 had performed just as well as the tech sector in the stock market, but has since moved sideways. assets.jpmprivatebank.com/content/dam/jp…

Had never thought of this before, but it seems straightforwardly true. It likely applies even to formal writing in addition to “posts.”

The people wanted a covered calls / option selling mega-thread, a one-click response to all the charlatans out there trying to farm retail investors. Systematically, blindly selling options is a BAD IDEA. Underperforms owning equities by a lot. Let's go through why and how.

$UNH market cap up ~25 billion after hours on news Berkshire took a position. That position is just a bit larger than the interest Berkshire makes on its cash pile each month…

My latest Colossus on the complicated man putting an end to school as we've known it for 200 years and, IMO, replacing it with something better. The mind-boggling and moving story of Alpha School and Joe Liemandt, his first interview in 25 years: joincolossus.com/article/joe-li…

Some really impressive returns from some of Verdad’s (Dan Rasmussen) funds this year. Japan fund and Deephaven mkt neutral look interesting.

Good read. Also, given how awful the YieldMax ETFs are, I expected the short borrow cost to be much higher, but some of these are only 1-2% (lower than the ER…). Why? Example: Naive Long NVDA, short NVDY since inception. ~33% CAGR…

Rough period for managed futures (AQO is a shorter-term trend follower). And to be fair, the fund has been called AlphaQuest Original for a long time…

Looks like I’m a $CSU.TO shareholder again at ~3600…

Think this every time someone talks about “generational wealth.”

$GLD outperfoming $SPY since it launched in 2004 is mind-melting.. flies in the face of so much conventional wisdom.

Reminder you can still sell 5500 Mar SPX puts and buy 7300 SPX calls for literally a credit because people are dumb as shit