Weekend Reads - Aug 16, 2025

The Illiquidity Premium; Living with Trend Following: Lessons From the Past 25 Years; There Ain’t No Such Thing as a Free Lunch; Liquidity Outlook – Are We Poised for a Rebound?; and more...

• The Illiquidity Premium (Verdad)

• Living with Trend Following: Lessons From the Past 25 Years (Aspect Capital)

• There Ain’t No Such Thing as a Free Lunch (AQR)

• Liquidity Outlook – Are We Poised for a Rebound? (Adams Street)

• Real Estate: Uncovering Value Amid Uncertainty (Neuberger Berman)

• The Power of Combining Value and Momentum Factors (Disciplined Systematic Global Macro Views)

• When Quitting Isn’t an Option: Lessons from an 8-Year-Old at a Chess Championship (Behavioral Value Investor)

• From Defense to Offense: A Tactical Model for All Seasons (Quant Trading Rules)

• Country Risk 2025: The Story behind the Numbers! (📺 Aswath Damodaran)

• This Game Theory Problem Will Change the Way You See the World (📺 Veritasium)

• Why Diversification Beats Concentration Lessons from Blackstone's $380M Private Credit Markdown (Larry's Substack)

• Richard Bernstein on the State of Markets Today (🎧 Masters in Business)

• The 100 Year Pivot | Navigating a Changing Market with Grant Williams (🎧 Excess Returns)

• The Impact of Market Regimes on Stop Loss Performance (Relative Value Arbitrage)

• Retail Investors’ Contrarian Behavior Around News, Attention, and the Momentum Effect by Luo et al. (NBER)

• Do Investors Fully Understand the Seasonality in Accruals? by Choy et al. (SSRN)

• Value and Momentum Leftovers McBride et al. (SSRN)

• Markowitz-Informed Neural Networks (MINNs): An Interpretable Deep Learning Approach to Portfolio Optimization by Smyth et al. (SSRN)