Weekend Reads - Jul 26, 2025

Why Financial Independence is Overrated; The Elite Overproduction Hypothesis; How Did We Get Here? A Brief History of Expected Returns Formation; The Integration of Factors Advantage; and more...

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

• The Elite Overproduction Hypothesis (Noahpinion)

• How Did We Get Here? A Brief History of Expected Returns Formation (AQR)

• The Integration of Factors Advantage (Larry's Substack)

• When Private Funds Are Publicly Traded (Verdad)

• The US Dollar and Why International Stocks are Outperforming YTD (Johnson Financial Group)

• Don’t Just Trend It, Curve It (Methods to the Madness)

• What These Labels Mean (🎧 Everything is Everything)

• The Fiscal Tightrope (UBS)

• Will AI outsmart human intelligence? - with 'Godfather of AI' Geoffrey Hinton (📺 The Royal Institution)

• Private Capital in Sports: PE Is Up to Bat (PitchBook)

• Leaning Into the Turbulence: Private Equity Midyear Report 2025 (Bain & Company)

• Is the Worst of Both Worlds Returning? Understanding Stagflation Risk – a Stagflation Primer (Meketa)

• The Waiting Place (TCW)

• The Research Behavior of Individual Investors by Laarits and Wurgler (NBER)

• Your Brain on ChatGPT: Accumulation of Cognitive Debt when Using an AI Assistant for Essay Writing Task by Kosmyna et al. (arXiv)

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

• Like Great-Grandparent, Like Great-Grandchild? Multigenerational Mobility in American History by Ward et al. (NBER)