This week’s best investing news:

Hedge fund titan Bill Ackman shares the secret that got him through his lowest moments (Fortune)

Cliff Asness – (So) What If You Miss the Market’s N Best Days? (AQR)

How to win: Steve Cohen on markets and the Mets (MS)

The Institutional Cost Mirage (Verdad)

Mohnish Pabrai’s Sessions at UNO on May 2, 2025 and Columbia Business School (MP)

Ray Dalio – How Countries Go Broke: The Big Cycle In a 5-Minute Read (LinkedIn)

The Motley Fool Interviews Howard Marks (MF)

Jim Chanos on Bull Market, Tesla, Carvana and Michael Saylor (Bloomberg)

David Dredge: The models are wrong (Havenstein)

Ken Griffin Slams Trump’s Tax Bill, Tariffs And The $36 Trillion Debt Crisis (Forbes)

This year’s historic stock market swing brings attention to an unsettling trend (TKer)

What is Market Timing? (BI)

John Huber on the Magnificent 7, $COST, $GOOG, China, Small Caps and Small Banks (AP)

Gundlach on Treasuries, Gold, Fed, AI, Private Credit, Trump (Bloomberg)

Very Bad Advice (CF)

Paul Tudor Jones: AI poses an imminent threat to humanity in our lifetime (CNBC

‘What Does Regime Change Look Like?’ (Felder)

The Gift and The Curse of Staying Private with Bill Gurley (ILTB)

Tesla Short Seller Jim Chanos Reveals New Short Positions (Forbes)

The Future Ain’t What It Used to Be for These Funds (Jason Zweig)

Pandemic Babies & a Bull Market in Risk (Ben Carlson)

Bryon Lake, Goldman Sachs Asset Management’s Chief Transformation Officer (MiB)

Why investors lack a theory of everything (Economist)

Sophisticated investors and market efficiency (DSGMV)

Weitz 2025 Annual Shareholder Meeting (Weitz)

June Views from First Eagle Global Value Team (FEIM)

This week’s best value investing news:

MASTERCLASS on Value Investing with Prof. Sanjay Bakshi (India Opportunity)

Ivey Business School’s Value Investing Program | Adam Waterous (Ivey)

International Value Stocks Present Opportunity, Dividends Best Avoided: Meb Faber (Contrarian)

This week’s Fear & Greed Index:

This week’s best investing podcasts:

Finding Great GARP Stocks with David Giroux (Excess Returns)

Bill Gurley – The Gift and The Curse of Staying Private (ILTB)

Kim Flynn – Unlocking Alternative Investments (Meb)

The Value Perspective with Herb Greenberg (VP)

Constructing a Software Investing Thesis in the Age of AI with Ben Brostoff (PlanetMC)

#232 Reed Hastings: The Netflix Playbook for Culture, Judgment, and Scale (KP)

Paul Ashworth: ‘Forecasting Is Difficult at the Best of Times, and This Is not the Best of Times’ (LV)

This week’s Buffett Indicator:

Overvalued

This week’s best investing research:

Concentrated Stock Risk, Tax Drag, and a Smarter Path Forward (AA)

The Evolution of Private Credit (AllAboutAlpha)

Search Funds: A Strategic Investment in Underserved Markets (CFA)

This week’s best investing tweet:

’25 analyst earnings expectations are decelerating quickly. pic.twitter.com/PQzdNw1NM4

— Bob Elliott (@BobEUnlimited) June 12, 2025

This week’s best investing graphic:

Mapped: U.S. Federal Tax Revenue Per Person, by State (Visual Capitalist)

This week’s best investing news:

Einhorn on How Value Investing Has Changed (Rubenstein)

Billionaire Bill Ackman’s Key to Long Term Investment Success (Forbes)

Terry Smith Interview with Bentleigh Reid (BR)

Ray Dalio on AI: ‘The days of people making decisions in their own heads are ending’ (Fortune)

Mohnish Pabrai’s Interview at the Investors Podcast (MP)

The Acquirer’s Multiple: Tobias Carlisle and Jake Taylor (Havenstein)

Is Private Equity Becoming a Money Trap? (Verdad)

2025 Reunion: CEO Conversation – Tom Gayner and Jennifer Mann, Coca Cola (Markel)

Cliff Asness on Buying Opportunities, Markets, Tarirffs (Bloomberg)

Navigating a Sea of Investment-Grade Credit (GMO)

Identifying winning stocks is hard. Holding winning stocks is a nightmare (YKer)

Fireside Chat with JPMorgan Chase Chairman & CEO Mr. Jamie Dimon (Reagan Foundation)

QAV with Tobias Carlisle – Huawei to Hell: Investing When the World’s Upside Down (CR)

Rob Arnott Explains Why More Spending Doesn’t Equal More Growth (Excess Returns)

Aswath Damodaran: Ratings Redux: The Moody’s US Ratings Downgrade and Aftermath (AD)

Dodge & Cox: The Case for International Equities (D&C)

On the Inevitability of Bear Markets (Ben Carlson)

Why This Stock Market Makes So Many of Us Want to Scream (WSJ)

Most Stocks Suck (Michael Batnick)

The trouble with home bias (Archie)

Innovation: Lessons from the early 1900s (Novel)

Identifying winning stocks is hard. Holding winning stocks is a nightmare (TKer)

What is the Behaviour Gap and How Can Investors Close it? (BI)

MiB: Tom Barkin, Richmond Federal Reserve President & CEO (MiB)

Pzena Investment Management: Value vs Value Light (Pzena)

This week’s best value investing news:

Ivey Business School’s Value Investing Program | Adam Waterous (Ivey)

Einhorn on How Value Investing Has Changed (Rubenstein)

Michael Mauboussin’s presentation at Ivey Business School’s Value Investing Program: Intangibles and Modern Value Investing (Ivey)

This week’s Fear & Greed Index:

This week’s best investing podcasts:

Mark Higgins, CFA: Private Credit, Caution, and the Lessons of Financial History (EI)

Inside a Top Quant’s Playbook | Joe Gubler on the Hidden Drivers of Alpha (ER)

Three Aussie stocks that break the boring stereotype (Equity Mates)

In The Future China Will Be Dominant & the US Irrelevant | Kyle Chan (HF)

Cole Wilcox on The Power Law of Investing (Meb)

John Zito – Inside Apollo (ILTB)

Inside IAC: Chris Halpin on Unlocking Value in Turo, Dotdash Meredith, and the Future of Digital Media (Boyar)

Andrew Freedman – AI Insights, Integration, and Best Practices (Business Brew)

#231 Outliers: Harvey Firestone – Men and Rubber (KP)

This week’s Buffett Indicator:

Overvalued

This week’s best investing research:

Unlocking Cross-Asset Potential: A New Approach to Portfolio Construction (AlphaArchitect)

Tariffs, Inflation, and Returns: How Investments Respond to Supply Shocks (CFA)

Beyond the Divide: The Value Continuum (AllAboutAlpha)

This week’s best investing tweet:

Greg Abel being handed the reins as Berkshire Hathaway CEO by Warren Buffett during Warren’s lifetime was the ideal way to transition leadership. Perhaps as important to maintaining Berkshire’s culture and vast competitive advantage is who eventually replaces Ajit Jain in… pic.twitter.com/7yGHgA1wyQ

— Christopher Bloomstran (@ChrisBloomstran) May 31, 2025

This week’s best investing graphic:

Ranked: Top 25 Countries With the Highest Life Expectancy (Visual Capitalist)