Weekend Reads - Jul 19, 2025

Hedge or Not to Hedge, and How to Hedge; Why Investors Underperform and How Not To; Why Financial Independence is Overrated; The Fragmentation Era; and more...

• To Hedge or Not to Hedge, and How to Hedge (Klement on Investing)

• Why Investors Underperform and How Not To (Optimal Momentum)

• Why Financial Independence is Overrated (Of Dollars and Data)

• The Fragmentation Era (PIMCO)

• Growth Equity: Private Capital's Overlooked Sweet Spot (Cliffwater)

• Should Investors Combine or Separate Their Factor Exposures? (Alpha Architect)

• Making the Most of Market Volatility (Verdad)

• Seizing Fundamental and Quant Alpha in Developed Equity Markets (Robeco)

• Does Trend Following Work in Stocks? with Cole Wilcox (📺 Alpha Architect)

• Understanding Middle Market Direct Lending: Opportunities, Advantages and Misperceptions (PGIM)

• Expand Your Mind and Your Commodity Universe (Research Affiliates)

• Ray Dalio with David Rubenstein: How Countries Go Broke (📺 The 92nd Street Y, New York)

• Gappy Paleologo Interview (🎧 Money Stuff: The Podcast)

• Benn Eifert Interview (🎧 Alpha Exchange)

• The Science and Practice of Trend-following Systems by Sepp (SSRN)

• Factoring in the Low-Volatility Factor by Soebhag et al. (SSRN)

• Multivariable Kelly Criterion and Leverage by Smirnov and Dapporto (SSRN)

• Sourcing all the Eggs from one Basket: Trade Dependencies and Import Prices by Balteanu et al. (SSRN)