Weekend Reading – US vs Rest of the World: 3 Different Views
Weekend Reading is a collection of Investment Research and Lifestyle topics from all corners of the Web. We source the highest quality insights from Wall Street and Main Street that you may apply to your investment process. Unlike the rest of Bankeronwheels.com, this series is provided without additional guidance. As usual, everything is to be used at your own risk. Below is the type of content we shortlist:
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Featured
How To Slow Down Time & Make Yourself More Flexible (Banker on Wheels)
A few years ago, my friend and colleague Eric decided to leave his job and travel the world for a year—something we had often contemplated over coffees and dinners. He was the first to pull the trigger. Stéphane—one of our team leaders—offered him parting words that were both sincere and slightly sarcastic: “Enjoy the year off, and let us know if you figure out a way.” A way to find deeper meaning in life? A way to alter his well-defined career path? It turns out that finding meaning makes every moment feel more vivid—and last just a bit longer. Here is what the research says.
Portfolio Construction
Asset Allocation
US vs ex-US Stocks Part 1: Staying Invested in US Equities Versus Non-US Equities (Goldman Sachs)
The two key themes that have underpinned our investment recommendations since the trough of the global financial crisis (GFC)—US Preeminence and Stay Invested—remain intact. In fact, in 2024, the gap between the US and the rest of the world across key economic and financial market metrics widened further. Inevitably, after such a long run of US equity outperformance, our clients are asking a number of questions about our strategic and tactical asset allocation views.
- US vs ex-US Stocks Part 2: Do You Need to Own International Stocks? (Of Dollars and Data)
- US vs ex-US Stocks Part 3: Explaining International Valuations (Verdad)
- Brew the Best Version of the Three-Fund Portfolio (Portfolio Charts)
- Does Buy the Dip Work? (A Wealth of Common Sense)
- Are Bonds Hedges or Risky Opportunities? (John H.Cochrane)
Understand Financial Markets
In this episode, Jack Forehand and Matt Zeigler discuss their fascinating interview with AQR founder Cliff Asness. They explore several key topics from their conversation, including: Cliff's humorous take on morning routines and why correlation doesn't equal causation when it comes to success habits The "Less Efficient Market Hypothesis" and why Cliff believes markets may be becoming less efficient over time, particularly evident in the dot-com bubble and 2019-2020 market events A thoughtful discussion on passive investing's impact on markets, including Cliff's perspective on what percentage of passive investing might be sustainable
The Pyramid of S&P 500 Returns (1874-2024) (Visual Capitalist)
The S&P 500 soared 23% in 2024, beating virtually every forecast as AI enthusiasm and the tech sector fueled returns. Over the past two years, the index has climbed 53%, marking one of its strongest two-year performances since the late 1990s. This has pushed the S&P 500’s cyclically adjusted price-to-earnings ratio (CAPE) to near-record levels, but despite these valuations, many analysts remain cautiously optimistic for the year ahead.
How To Invest
Active Investing
Factor Investing
This week, we speak with Brian Hurst, the Founder and Chief Investment Officer of ClearAlpha. As a senior portfolio manager, he was in charge of over $15 billion in hedge fund assets. He brought 9over the same skill set and acumen to Clear Alpha. He explains how portable Alpha developed and why multi-strategy, multi-manager risk is the future of hedge funds. Multi-strategy risk is not only more diversified but also has much better risk management than single-manager, single-strategy shops.
Discretionary Investing
Alternative Asset Classes
Why This Nobel Economist Thinks Bitcoin Is Going to Zero, with Eugene Fama (Capital isnt)
In December 2024, Bitcoin, one of the earliest cryptocurrencies and undoubtedly the most famous, hit $2 trillion in market capitalization, bigger than Tesla, Meta, and Saudi Aramco. In this episode, Nobel Prize-winning economist and Chicago Booth finance professor Eugene Fama—widely considered the “Father of Modern Finance”—predicts it will go to zero within ten years.
- How much British homeowners make when they sell revealed - and why profits are shrinking (This is money)
- Interest rates higher for longer has important implications for private markets (Apollo)
- Strategic portfolio allocations for financial resilience: a counterfactual analysis of Bitcoin and gold in US state Rainy Day Funds (SSRN)
- An Investment Perspective on Tokenization (CFA Institute)
Wall Street
Crazy Story Of A Citigroup Trader (Insider)
Gary Stevenson, the author of “The Trading Game,” spent his early 20s trading trillions of dollars for Citibank in London and Tokyo. He says that he won the job playing a card game and that he eventually became Citibank’s most profitable trader. While some of his colleagues lived a life fueled by partying and cocaine, Gary earned millions betting against the global economy.
ETFs
UCITS ETFs
US ETFs
Wealth Management
Personal Finance
House for All: Access to Affordable and Quality Housing for All People (Espon)
The European Research Project “Access to affordable and quality housing for all people” (House4All) aims to provide a comprehensive and comparative overview of how housing policies are delivered across the ESPON territory and develop a comprehensive definition of housing affordability at the EU level, taking into account a broad range of indicators and the diversity of European territories and their specificities. In addition, the project investigates and maps the current public policies regarding affordable and quality housing in Europe.
(Early) Retirement
How Retirees Can Determine a Safe Withdrawal Rate in 2025 (Morningstar)
The headline safe withdrawal rate from Morningstar’s 2024 retirement income research was dispiriting: We pegged 3.7% as a baseline safe starting withdrawal percentage for people who are just embarking on retirement. Does that mean all retirees should automatically adjust their withdrawals to 3.7% for 2025? Definitely not.
- Getting Personal With Personal Finance Laura And Ginger (ChooseFi)
- Countries With the Most Pension Wealth in 2025 (Visual Capitalist)
- How Much Do You Need to Retire Comfortably? (Key Benchmarks and Milestones Explained) (Peter Lazaroff)
- Coast FIRE: A Relaxed Approach to Early Financial Independence (Physician on FIRE)
Financial Advice
Design Your Lifestyle
Personal Development
Aaron Stupple (@astupple) is the author of The Sovereign Child: How a Forgotten Philosophy Can Liberate Kids and Their Parents. Naval Ravikant (@naval) is the co-founder of AngelList. He has invested in more than 100 companies, including many mega-successes, such as Twitter, Uber, Notion, Opendoor, Postmates, and Wish. Stick around after the end of our three-person conversation to listen to an exclusive bonus segment that Naval and Aaron recorded with extra practical tips, as well as incremental, day-to-day experiments you can test and apply. It’s super tactical, so you won’t want to miss it. It begins at 02:17:01.
Health & Wellness
Money can buy a longer life....to a point (Wall Street Journal)
The rich get richer—and older. People with high salaries and net worth tend to live longer lives, research shows. Once Americans make it to their late 50s, the wealthiest 10% live to a median age of around 86 years, roughly 14 years longer than the least wealthy 10%, according to a study published in 2024 in JAMA Internal Medicine. People with more money can afford healthier food, more healthcare and homes in safer, less-polluted neighborhoods, says Kathryn Himmelstein, a co-author of the study and a medical director at the Boston Public Health Commission.
Careers & Entrepreneurship
Travel
Japan Sakura Forecast (Source)
🌸Sakura season is almost upon us! Maximise your hanami (flower viewing) experience in Japan this spring 2025!🌷🌺 *Please note that these dates are based on predictions and are subject to change due to weather conditions. Stay updated for the most accurate information before you visit Japan. (Information from the first cherry blossom forecast update by the Japan Meteorological Corporation on 9th Jan 2025)
Tech & Economy
Economy
World Economic Forum - A Global Cult | 2025 Documentary. (FinAIus)
Let’s peel back the curtain of Davos, where global elites gather under Klaus Schwab’s vision of a unified future. Behind the promises of progress lies a web of power, influence, and controversy. This 2025 documentary unveils the untold history of the World Economic Forum—its origins, ambitions, and hidden agendas.
Deutsche Bank Report: Tariffs primer (Deutsche Bank)
Tariffs Primer provides an overview of U.S. trade protectionism, legal pathways for trade actions, and the economic impacts of tariffs. It discusses historical tariff policies, the 2018-2019 trade war, and potential future trade strategies under a new Trump administration, including universal tariffs, reciprocal tariffs, and targeted measures against China, Europe, and BRIC nations.
Tech & Science
And Finally
Good Luck and Keep’em* Rolling!
(* Wheels & Dividends)
Trade Wars, Real Wars, but Equities Close To All-Time Highs: Is It A Good Time To Invest?
7 Reasons Why Japan May Be Your Next Cycling Adventure
Nomads in 2026: Genki vs SafetyWing – Which Travel Insurance Wins?
How You Can Cycle The World – A Practical Guide
Weekend Reading – Vanguard Cuts Fees across 15 ETFs & IBKR launches prediction markets
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