Week 53

Hi Reader,

Political participation is on the rise - people are realizing things just can't be left on auto pilot any more. So Ben Hunt offers the perfect actionable solution. Much more start-up theory to process in addition to another look at the index fund bubble debate. Hope you're enjoying September.

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"So, this was all a long-winded way of saying, at least at the market level, that we do not think that the tail is yet wagging the dog.  We do not believe that passive investing is a bubble, nor do we believe that it is to blame for the underperformance of small caps or value, nor even that they deserve credit for strong equity markets in the US."
- Drew Dickson

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✊ Participation

Ben Hunt wrote Make, Protect, Teach a manifesto for a new form of "political" participation. I'm listing this as the best but under-appreciated political piece of the year. He acutely describes something I've already been doing, participating in different private interest/reading groups related to politics/reading. I think this is a wonderful way to kickstart more participation while avoiding the climb associated with existing party politics.

📈 Investing

Drew Dickson addresses the debate of whether index funds are in a bubble right now. This debate started when Michael Burry (the crazy Big Short guy) was reported to call index funds a bubble.

Trinh Nguyen explains what consensus means in finance and the Bloomberg terminal. A Bloomberg terminal is one piece of great tech I wish I had access to right now.

🚀 Start-ups

Austen Allred shares public facing product roadmaps.

Sukhail reminds us what start-up success feels like.

Todd Goldberg lays out the operator to angel investor pathway.

Garry Tan prescribes good start-up growth rates depending on stage.