Best Reads CNY 2023 edition. Actually, I don’t have any links directly related to CNY.
May the year of the Water Rabbit bring you peace, prosperity, and happiness!

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The most important equation or why Bitcoin has to average 30% return a year to break even with the S&P 500
(Klement on Investing)

A good read on why we use geometric returns and not the arithmetic mean when calculating investment returns. I’ve heard of the term “volatility drag” but I never really understood it until I read this. Someone in the post’s comments point out that the equation presented in the post is an approximation and if you want to find out more, Kitces has a nice post on this concept. The quick takeaway from this is that you should never ever use the simple average when calculating returns that compound.

Why sanctions fell short of their objectives in the First Gulf War
(LSE blog)

Economic history buffs, this one’s for you. Whether or not this same analysis applies (or the extent that it applies) to Russia is a whole other question.

Bull or Bear?
(The Big Picture)

Barry Ritholtz nicely summarises the current sentiment in the market in one paragraph:

“It is noteworthy that most of the bullish signals are market-based or technical in nature. The bearish signals I am gathering for next week seem to be primarily fundamental or economic in nature…”


A returns quilt for individual countries’ equity returns. I’m surprised that Singapore is in the top half of the list for so many years. 2019-2021 was tough.