Weekend Reads - Oct 18, 2025

How GDP Hides Industrial Decline; Where Factors Speak Loudest; Why Genius Failed: The LTCM Postmortem; and more...

• How GDP Hides Industrial Decline (Palladium)

• Where Factors Speak Loudest (Verdad)

• Why Genius Failed: The LTCM Postmortem (Enterprise Value)

• Has Environmental Regulation Gone Too Far? (Klement on Investing)

• Tariffs, Technology, and Transition (PIMCO)

• Aaron Judge, Mean Reversion, and Staying in the Game (The Falling Knife)

• Shorting Volatility (Larry’s Substack)

• David Puritz, Founder and Chief Investment Officer, Shaolin Capital Management (🎧 Alpha Exchange)

• Hierarchical Reasoning Model: Substance or Hype? (📺 Julia Turc)

• What India Learned (and Missed) from 30 Years of Reform (📺 Foundation for Economic Development)

• MAGA → MEGA (DB)

• Identifying and Characterizing Market Regimes Across Asset Classes (Relative Value Arbitrage)

• Asset Embeddings (Quant Trading Rules)

• Why Everyone’s Been Simulating the Heston Model Wrong for 20 Years (Alpha Diary)

• Why People Follow Rules by Gächter et al. (Nature)

• Beliefs and Stock Market Fluctuations: New Evidence from the Past Seven Decades by Thesmar and Verner (SSRN)

• Strategic Style Allocation: Absolute or Relative? by Vliet (SSRN)

• What the Stock Market Can Teach Us About Private Equity by Ennis and Rasmussen (SSRN)