The dot-com stock bubble taught Howard Marks about markets

The dot-com boom sent tech stocks soaring before a historic collapse

A look at the dot-com bubble, when investors poured money into unproven internet startups, driving the Nasdaq to dizzying heights before it crashed by more than 80% after 2000, showing how new technologies can detach markets from reality.

Read Berkshire Hathaway shareholder letters from 1977 on

Each year, Berkshire Hathaway’s shareholder letters are eagerly anticipated by employees and Buffett fans alike. A resource lists every single letter from 1977 and is great for anyone seeking a peek behind the curtain into Buffett’s brain through years of stock market booms and busts.

Eleven of modern history's greatest investors

The greatest investors have all made a fortune off of their success and, in many cases, have helped millions of others achieve similar returns. Read about the lives and approaches of Carl Icahn, Warren Buffett, George Soros, and more.

Warren Buffett has said not investing in Google or Amazon early enough was a mistake on his part

After avoiding investing in tech stocks during the dot-com boom, Buffett's stance on investing in tech was widely criticized. Buffett later shared his thoughts on why he regrets not investing early enough.

Euphoric narratives are just one indicator of an economic bubble

A conversation with investor Jeremy Grantham outlines the indicators he watches for bubbles, including extreme valuations. He then compares those signals to today’s AI boom, arguing it shows several early signs of classic speculative excess.

Hear why one short seller thinks short selling is now more important than ever

Carson Block runs an investment research firm and hedge fund, Muddy Waters Research and Muddy Waters Capital. Block is known for being an activist investor focused on identifying fundamental business problems that might cause a stock to be overvalued. Block says a decrease in investigative financial journalism, deregulation, and less oversight of businesses overall have increased the scope and scale of fraud, making short sellers that suss out overvalued stocks incredibly important.

Some companies like to make their IPO day antics unique

An article details some of the wildest bell-ringing day stunts in recent history, from Clifford the Big Red Dog ringing the opening bell to one company's employees roasting marshmallows in a campfire on Wall Street as it went public.

Who is Michael Burry?

Michael Burry is best known for shorting the mortgage bond market in 2007. Before the Great Recession, the legendary investor’s firm took a stake in GameStop and argued the company was being undervalued in 2019. Learn more about Burry’s historical impact on markets here.

One $100 investment in the Medallion Fund skyrockets over time

The Medallion Fund, the famously secretive quant fund that invests billions of dollars for the partners and employees of a single firm with a legendary track record, has trounced the market for more than three decades. While its results are an extreme outlier, this visualization showcases the power of compound interest.

Robinhood's pivot from everyday investors to hyperactive traders

The platform was conceived as a hub for first-time investors looking to get into trading. After criticism in 2021, the company pivoted to focus on more regular, daily traders, among whom the company's CEO has now become a cult hero.

Dow Theory laid the groundwork for modern market analysis

Developed by Charles Dow in the late 19th century, Dow Theory argued that markets move in trends. Its principles—confirmation, trends and volume—still influence technical analysis today.

Legendary venture capitalist Peter Thiel once wrote that 'competition is for losers'

With Peter Thiel's "Monopoly Theory," the Founders Fund partner argued that investing in companies that create new categories, rather than those that compete with other businesses in existing ones, is a best practice in venture capital.

Watch Ray Dalio explain how the economy works

Dalio describes the economy as a machine that runs on three main cycles: productivity growth, the short-term debt cycle, and the long-term debt cycle. Dalio says layering these three cycles on top of each other essentially creates a template for understanding changes in the economy.

What happens when a hedge fund grows too big, too fast?

Dmitry Balyasny, who heads what has become one of the top US hedge fund firms, got a crash course in finance as a teenager, when he started trading stocks—and started losing money. Balyasny went on to lose a whole lot more money. But, this time, it wasn’t his to lose. To find out more about his firm’s remarkable comeback, read this article.

Play a game that reveals if investors with a crystal ball make better trades

The "crystal ball" game reveals how well you would do trading stocks and bonds if you could see the front page of the Wall Street Journal one day in advance.

The collapse of Archegos Capital Management drew scrutiny to family offices

Archegos, which managed the assets of Bill Hwang, wasn’t subject to the same oversight as traditional investment firms when it collapsed.

40 key stock market terms, explained

Liquidity. Forex. Capitalization. Blue chip stocks. These are just a few pieces of stock market vocabulary most people who don't spend all day on a trading floor might not know. Thankfully, we found a fun infographic that makes it easier to learn what 40 key stock market terms mean and why each of them matters.

How Jim Chanos used a Wall Street Journal article to uncover Enron's fraud

After seeing an article in the Wall Street Journal about the unclear financials of energy companies, Chanos' firm Kynikos Associates began investigating the finances and accounting of Enron, an American energy corporation that was the seventh-largest company at the time. The firm ended up making $500M on its short positions against Enron.

Learn how to read a prospectus, the juicy document that any company must file with the SEC before going public.

A star investment banker was fired, launching a decade-long court fight

Star bankers are the core of an investment banking firm's business, so when Perella Weinberg let their restructuring guru Mike Kramer go in 2015, he sued, launching a ten-year legal fight.

Read about the 'gatekeeper' of the stock market, former index chair at S&P Global

David Blitzer, the former index chair at S&P Global, earned the nickname "gatekeeper" of the stock market after helping decide which companies made it into the S&P 500 for 24 years. Blitzer became a legend in the world of indexing and has a reputation for being even-tempered and always wearing a bow tie.

Airbnb's Brian Chesky explains 'Founder Mode' and how he took back control

The short-term rental CEO learned hard lessons through the pandemic, specifically around a culture focused on management and not building products. In the fall of 2024, Chesky gave a well-received speech at a startup conference that prompted debate in the startup world. He summarizes the talk here.

Y Combinator cofounder Paul Graham keeps a public archive of his insightful essays

In addition to cofounding Y Combinator and other companies before it, Paul Graham is a prolific writer and artist. He chronicled many of his thoughts while building Y Combinator in a series of dozens of candid essays, all of which you can read in an online archive.

Warren Buffett's former professor Benjamin Graham is known as the 'father of value investing,' a strategy in which investors seek to buy stocks trading below their intrinsic worth.

Explore how fine jewelry investing works

Experts recommend that fine jewelry investors focus on the most in-demand brands like Cartier, and on trends, time periods, and stones with staying power.

Why cryptocurrency matters from Andreesen Horowitz general partner

In this hourlong video, Andreessen Horowitz (a16z) General Partner Chris Dixon discusses “Crypto Networks and Why They Matter,” giving an overview of the cryptocurrency space, the transformative implications of its technology, and the potential for cryptocurrency networks to lead a new wave of innovation.

Hedge funds, the private investment firms that trade a wide swath of financial assets, make money by imposing steep fees on investors and from the fund's investment performance.

Apple’s third cofounder was its angel investor

Steve Jobs and Steve Wozniak are well-known for cofounding Apple, but the company had a third founder who acted as an angel investor: Mike Markkula, who invested $250K in 1977.

Watch this video that uses Lego bricks to explain how venture capital works.

The Nasdaq's 'Magnificent 7' companies are responsible for roughly 40% of the Nasdaq 100 index's gains, while the remaining 93 companies account for the other 60%.

Dozens of S&P 500 stocks, including Coca-Cola and Walmart—known as the dividend aristocrats—have increased dividends every year for 25 years

A Yale student wrote a profound essay about the consulting industry's influence on elite college students that was published in a book of her writing after she died in a post-graduation car accident.

Netflix profits when you're not watching, and its movies are designed that way—read a detail-rich critical essay exposing lesser-known Netflix takes

The name 'Silicon Valley' arose from the founding of Shockley Semiconductor Laboratory in Fairchild Semiconductor in 1956-57, founded near Stanford University in Palo Alto

How Amazon operates a 'flywheel' business model, a self-reinforcing cycle that drives continuous growth

The idea for the Federal Reserve was conceived in secret in 1910—with bankers donning duck hunt gear for disguise while traveling to a remote country club on Georgia's Jekyll Island

Frank Lloyd Wright's houses are historically hard to sell because they're old, subject to local landmark commissions, and often unfashionable

Memecoins are a type of cryptocurrency—a form of digital currency with a wide variety of uses—created around popular 'memes,' or viral internet jokes.

A century of Billboard issues documenting the evolution of popular music.

Exploring the Larry Bird punch that almost changed March Madness

US consumers collectively owe more than $1T to credit card companies—almost as much as they owe in auto loans.

Mark Twain spent decades feuding with the US Postal Service, convinced its costs and regulations were bureaucratic overreach.

Art theft is the third-largest source of criminal revenues worldwide, thanks in part to the subjective nature of valuing a work of art.

American short story writer Flannery O'Connor raised 40 peacocks, which became potent symbols for her fiction's elegant violence

How the most famous Ebola book, The Hot Zone, which sold 3.5 million copies and was translated into 30 languages, got aspects of the disease so wrong.

When a Paris department store hesitated to sell Estée Lauder's perfume, she 'accidentally' broke a bottle, causing the smell to spread throughout the store and shoppers to start asking to buy the scent.

Double world record holder Hunter Ewen helped conquer his fear of balloons, called globophobia, by training to win Guinness World Record titles for balloon inflation.

SpongeBob exemplifies Aristotle's philosophy for living well because he understands that happiness doesn't come from external factors like money, recognition, or power.

After her fellow cult members tried to kill her with an LSD-infused hamburger, one member of the Manson Family, the murderous cult led by Charles Manson, decided to testify against the group's leader.

Chaos theory—informally known as the butterfly effect—is the reason why weather forecasts are presented with probabilities rather than certainties.