Wednesday Reading List

I think it’s safe to say the most glaring market excesses were corrected in 2022 and aren’t hanging over us now. 

Howard Marks – Lessons from Silicon Valley Bank

The Real Deal Economy: Q1 2023 by Heritage Financial

Our team launched our inaugural episode of “The Real Deal Economy”. In this quarterly video series Michael Waldron, Heritage Financial’s Director of Portfolio Management, digs into the most recent economic news making headlines and breaks down which data points matter for your investments, and which ones are noise that you can largely ignore.

Buffett Raises His Japanese Bets, as Prospects for Beaten-Down Stocks Brighten by Barron’s

The legend is loading up on cheap Japanese stocks and the Barron’s team breaks down why it might make sense for you too.

Chart of the Week

Investors are moving money into international equities this year as non-U.S. stocks are outperforming U.S. ones.

Year-to-Date International Equity Net Flows
Source: Morningstar

Will We Ever See Affordable Housing Prices Again? by A Wealth of Common Sense (Ben Carlson)

Household formation and demographics are a big reason why housing prices aren’t falling as much as some people would like.

Yellen says U.S. banks may tighten lending and negate need for more Fed rate hikes by CNBC

Thus, possibly negating the need for further Federal Reserve interest rate hikes.

Mixed (Inflation) Signals by Charles Schwab Asset Management

Liz Ann Sonders’ latest shares that headline inflation continues to show signs of improvement, but core measures and those most watched by the Fed are proving stubborn in their path toward cooling.

The one number that determines how today’s policies will affect our grandchildren by Vox

Explaining discount rates, which basically tells us how to value the future versus the present — and thus has tremendous implications for the policies we enact today and is a key concept for investors to understand.

What Makes You Happy by Collaborative Fund (Morgan Housel)

When you realize how powerful expectations are, you put as much effort into keeping them low as you do into improving your circumstances. Happiness, contentment, joy … all of those things come from experiencing a gap between expectations and reality.

Lessons from Silicon Valley Bank by Oaktree

Howard Marks’ latest memo on the investor lessons from SVB.

Podcast version here.

LeBron by Jeff Benedict

From the #1 New York Times bestselling author of The Dynasty and Tiger Woodscomes the definitive biography of basketball superstar LeBron James, based on three years of exhaustive research and more than 250 interviews.