Weekend Reads - Jul 05, 2025

Is the Decline of Democracy Inevitable?; Enhancing Momentum Strategies;Removing Crash Risk from the Carry Trade; Rethinking FX Carry; and more...

• Is the Decline of Democracy Inevitable? (Mainly Macro)

• Enhancing Momentum Strategies (Alpha Architect)

• Removing Crash Risk from the Carry Trade (Klement on Investing)

• Lost Decades are Even Rarer Than You Think (Of Dollars and Data)

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

• Dan Villalon, Global Co-Head of Portfolio Solutions, AQR Capital Management (🎧 Alpha Exchange)

• Andrej Karpathy: Software Is Changing (Again) (📺 YC)

• Rethinking FX Carry (Verdad)

• Just Follow the Recipe (Methods to the Madness)

• Very Bad Advice (Collaborative Fund)

• Don’t Over-Engineer your Trading Business… Make Money Instead (Robot Wealth)

• Using Skewness and Kurtosis to Enhance Trading and Risk Management (Relative Value Arbitrage)

• The Long-Run Performance of Public Pension Funds in the United States by Ennis (PMR)

• Momentum Investing: A Systematic Literature Review and Bibliometric Analysis by Singh and Walia (MRQ)

• Carry Trades and Debt Imbalances by Eriksen and Kjaer (SSRN)

• Portfolio Optimization under Shifted and Markov-Modulated Shifted Wishart Processes by Arian et al. (SSRN)

• Uncertainty-Aware Strategies: A Model-agnostic Framework for Robust Financial Optimization Through Subsampling by Buehler et al. (SSRN)

• Persistent Anomalies and Nonstandard Errors by Coqueret and Pérignon (SSRN)