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Larry’s Substack

Larry Swedroe
Hundreds of paid subscribers

My personal Substack

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Substack
PricingFreemiumPublishesDaily
Issues314Foundeda year agoLast Issue4 days ago
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Latest Issues

The Forecasting Fix That Wall Street Missed

Ask any finance professor what drives stock prices, and the standard answer is discount rates—the expected return investors demand for holding risky assets. When investors become more fearful, they demand a higher return, and prices fall....

4 days ago
2

Is the Stock Market Actually in a Bubble? A New Way to Measure It

It’s easy to say prices went down, so it must have been a bubble, after the fact.

It’s easy to say prices went down, so it must have been a bubble, after the fact. I think most bubbles are twenty-twenty hindsight. — Eugene Fama, 2010 New Y...

5 days ago
6
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Is Private Credit Actually Calm, or Just Slow to Tell You It Isn’t?

Are private credit valuations based on quarterly appraisals creating a structural lag between market conditions and reported performance? That matters because private credit has grown into a $3.5 trillion market.

In his June 16, 2026 paper...

7 days ago
8

Active Management’s Persistent Failure: A 2025 Perspective

Charles Ellis’s classic work, Winning the Loser’s Game—first published as a book in 1985, building on his landmark 1975 Financial Analysts Journal article— highlighted a sobering reality for investors: only about 20% of actively managed fun...

10 days ago
14

Gaming the IPO Window

New academic research reveals that private companies time their public listings to exploit temporary mispricings in comparable public stocks.

New academic research reveals that private companies time their public listings to exploit tempor...

10 days ago
3
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Authors

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  • Larry Swedroe

    Authored or co-authored 18 books on investing with the latest being Enrich Your Future. I regularly review the findings of peer-reviewed financial journals, evaluating the outcomes, and letting investors know what to do with the information.

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