Thank You
To Our Readers,
In the spirit of Thanksgiving, we wanted to express our sincere thank you to all of you. We are grateful for your continued support, feedback, and engagement over these last 12 months. It is our belief that through rigorous research, intellectual honesty, constructive debate, and humility, great ideas can and will be uncovered, and our community of readers represents this belief in action.
We also wanted to take this opportunity to share our most read research articles from the year and send a quick Verdad business update.
Verdad’s Most Read Research Articles from the Past Year:
Every year at this time, we share the links to our most popular research pieces from the last 12 months.
Our most read piece of the year was “Investing in a Bubble,” in which we looked at how some of the most successful fund managers navigated the 1990s tech bubble and how value and trend-following performed.
Our second most read piece was “The Best Macro Indicator,” in which we articulated our thesis on how the high-yield spread predicts the business cycle.
Our third most read piece was "On Inflation," in which we explored which investments do well in inflationary environments.
Our fourth most read piece was "Weighting on China," which we sent out in early May and warned of the risks to investing in China.
And, finally, our fifth most read piece was our intern syllabus, which contains a collection of readings we assign each summer to our interns..
Verdad Business Update:
Since last fall, we have had several exciting new developments. Below are a few highlights:
We returned capital from our first Opportunity Fund, which we'd launched in the beginning of the COVID recession.
We launched the Verdad Deephaven Fund with over $100M in assets.
We hired a new investment analyst: please join us in welcoming Igor Vasilachi to the Verdad team.
Thank you again from all of us at Verdad. We look forward to another year of research and discussion!
Yours,
Dan Rasmussen