“Look at this generation, with all of its electronic devices and multi-tasking. I will confidently predict less success than Warren, who just focused on reading. If you want wisdom, you’ll get it sitting on your ass.”

— Charlie Munger, American Value Investor & Businessman

Source: Whitney Tilson’s 2007 Wesco meeting notes. As Vice Chairman of Berkshire Hathaway, Munger refers to Chairman and CEO Warren Buffett. Berkshire increased its pre-existing 80% majority holding in Wesco to 100% in 2011.

This article features PiggyBack’s Newsletter Recommendations. Most correspond to our current Substack Recommendations. Publishing it in article form provides a categorized presentation that interested readers can opt-in to revisit. It also allows for adding more, worthy non-Substack publishers over time.

As with our podcast Recommendations, we extend to investing-related complementary perspectives and topic areas.

Last update of Recommendations: August 9, 2022

Note: (1) The categorizations are highly subjective. (2) The order is not a ranking. (3) Recommendations refer to free content value. (The value of the authors’ paid or promoted services is up to each reader to decide.) (4) There may be updates with new, free content publications in due time. (5) Not all Recommendations suit the needs, interests, or tastes of all PiggyBackers. Look at this more as a smorgasbord.

Value-Investing Newsletters

Asian Century Stocks

“Premium Asia Pacific Equity Research. Mr. Fritzell is both a thoughtful investing guide and a picker of the region's best value stocks.”

— Johan Eklund, PiggyBack

Asian Century Stocks

Asian value stocks straight to your inbox. Subscribe below for weekly updates.

By Michael Fritzell

Author / Twitter:
Michael Fritzell, Author of Asian Century Stocks / @AsianCenturyStx, @Fritz844

The Special Situations Report

“A great overview of U.S. special situations. Mr. Paolella provides condensed, current curation of deal rumors, announcements, and implications. The value-tilted equity write-ups hopefully hint at more to come.”

— Johan Eklund, PiggyBack

The Special Situation Report

Weekly reports on under-covered special situations in US public equities.

By David Paolella

Author / Twitter:
David Paolella, Founder & Writer at The Special Situations Report / @SpecialSitEmailm, @InvestedComms

TSOH Investment Research Service

“Compounding high-quality business analysis. Mr. Morris shares his concentrated, long-term, U.S. quality stock investing.”

— Johan Eklund, PiggyBack

TSOH Investment Research Service

A deep dive equity research service from an experienced buyside analyst focused on achieving long-term investment success. Includes 100% portfolio transparency, with quarterly updates and the disclosure of ALL changes before they’re implemented.

By The Science of Hitting

Author / Twitter:
Alex Morris, CFA, Long-term Investor / @TSOH_Investing

Valuabl

“Mr. Simms runs a proper fortnightly (two-week) value investing journal that picks apart just about anything that can be valued. With classic comics and all.”

— Johan Eklund, PiggyBack

Valuabl

An independent, value-oriented journal of financial markets. Delivered fortnightly, Valuabl helps investors pop bubbles, buy low, and sell high.

By Edmund Simms

Author / Twitter:
Edmund Simms, Private Investment Partnership Manager & Author, @ValuablOfficial

Value Situations

“Public value investing through a private equity lens. The free edition of Mr. Maguire's Premium Equity Research offering covers actionable, special situation stocks. U.S. and European Small/Mid cap tilt. For professionals.”

— Johan Eklund, PiggyBack

Value Situations

Value Situations in Public Equities

By Conor Maguire

Author / Twitter / LinkedIn:
Conor Maguire, Author / @ValueSituations / LinkedIn

Value Investing World

“News from around the value investing world and learning inspiration that goes far beyond. The free edition uses the most time-efficient format possible: a link list. With sparse, thoughtful context added by the publication's curator, Mr. Koster.”

— Johan Eklund, PiggyBack

Value Investing World

Curating multidisciplinary investing, business, and other readings.

By Joe Koster

Author / Twitter:
Joe Koster, Founder & Portfolio Manager at Sorfis Investments
/ @VInvestingWorld, @jtkoster

Yet Another Value Blog

“Fast-paced and in-depth on quirky situation value stocks. Mr. Walker’s free edition provides both U.S. thematic and single ticker insights and a podcast on activism and cases.”

— Johan Eklund, PiggyBack

Yet Another Value Blog

Yet Another Value Blog applies a modern value investor's eye to quirky special situations and investing.

By Andrew Walker

Author / Twitter:
Andrew Walker, Portfolio Manager and Head of Research at Rangeley Capital, Part-time podcast host and blogger / @AndrewRangeley

Investing & Trading Newsletters

A Peek Behind the Numbers

“Stock market earnings games put the investing public at a clear disadvantage. Management and IR spin stock storytelling with nonsense ‘headline’ adjustments. Accountants sign off aggressive GAAP management. PBN's analysis helps investors see the underlying earnings quality.”

— Johan Eklund, PiggyBack

A Peek Behind the Numbers

Uncovering earnings manipulation and one-time benefits that Wall Street seldom talks about.

Author / Twitter:
Behind the Numbers / @PeekBTN

Alpha Exchange

“Focused discussion on option-market fundamentals and technicals.”

— Johan Eklund, PiggyBack

Author / Twitter:
Dean Curnutt, CEO Macro Risk Advisors / @Dcurnutt

Alpha Exchange is also featured among PiggyBack’s Podcast Recommendations.

Convexity Maven

“Options opportunities for fundamental macro trades. Derivatives pioneer Mr. Bassman teaches improved upside and limited downside (long convexity) common-sense investing. Risk-reward lessons for long-term investors. Trades for traders and professionals."

— Johan Eklund, PiggyBack

Author / Twitter:
Harley S. Bassman, Managing Partner at Simplify Asset Management / @ConvexityMaven

(Note: Convexity Maven is not published on Substack. Use title headline link.)

Equity Ideas

“Quality business-focused fundamentals in a quick read format. Aspiring investor Mr. Olsson's new newsletter is promising. The initial coverage mixes Nordic and U.S. stocks, with Swedish serial acquirers as a particular interest.”

— Johan Eklund, PiggyBack

Equity Ideas

Equity Ideas with emphasis on Nordic and U.S. company research.

By Markus Olsson

Author / Twitter:
Markus Olsson / @markusolsson

Invariant

“Thoughtful fundamental investing writing leveraging the arts and history.”

— Johan Eklund, PiggyBack

Invariant

Valuation, business analysis, markets, and more. Exploring finance with curiosity, creativity, and skepticism.

By Devin LaSarre

Author / Twitter:
Devin LaSarre, Strategist, Designer & Investor / @DevinLaSarre

Investment Talk

“Investing learning and curation from a clear, value-add voice. Plus Mr. MacNiel’s thoughtful business-oriented equity deep dives.”

— Johan Eklund, PiggyBack

Investment Talk

Expect sporadic write-ups on companies I follow, as well as broader market commentary and curated bi-weekly editions of Market Talk, where I share what I have enjoyed consuming.

By Conor MacNeil

Author / Twitter:
Conor MacNeil, Investment Writer / @TheITNewsletter

Musings on Markets

“Corporate finance thinker, author, and teacher extraordinaire. Mr. Damodaran teaches how to actually invest by using valuation. While providing a wealth of investing insight and data.”

— Johan Eklund, PiggyBack

Author / Twitter:
Aswath Damodaran, Professor of Finance / @AswathDamodaran

Neckar’s Minds of the Market

“Behavioral lessons, big ideas, and transformative events in the lives of interesting investors. Mr. Gieschen’s elegant essays also feature the personal journey of trying to find our true selves.”

— Johan Eklund, PiggyBack

Neckar's Minds of the Market

Deep dives into the minds and methods of outstanding investors.

By Frederik Gieschen

Author / Twitter:
Frederick Gieschen, CFA, Investing & Media / @NeckarValue

Stay Vigilant

“Thoughtful cross-asset strategy. Mr. Rich Excell’s breakdown of complex macro market issues leverages the experience of a market veteran using Fundamental, Behavioral, and Catalyst lenses. Markets can seem deceptively easy. So Stay Vigilant.”

— Johan Eklund, PiggyBack

Stay Vigilant

Demystifying Finance & Markets

By Richard Excell

Author / Twitter:
Richard Excell, CFA, Finance Professor & Market Veteran / @ExcellRichard / LinkedIn

Just branching out to Stay Vigilant podcasts, Mr. Excell is an experienced host of the CFA Society Chicago podcast, a PiggyBack Podcast Recommendation.

The Morning Hark

“Investment professional? Drowning in macro morning trading briefs? With The Morning Hark, you get one that is super-powered by the financial content wisdom of the crowd.”

— Johan Eklund, PiggyBack

The Morning Hark

Your daily financial markets briefing. Overnight highlights, macro themes at play and a look ahead to today's key events. Join 10,000+ daily readers!

By Harkster

Author / Twitter:
Harkster, Financial Content Curation Library (with iOS app) / @HarksterHQ

The Macro Compass

“The not boring macro strategist. Mr. Peccatiello provides a clear language translation of macro mechanics in play in big, global asset markets. Professionals get current market sentiment readings and shorter-term tactical trading calls.”

— Johan Eklund, PiggyBack

The Macro Compass

Financial education, macro insights & actionable investment ideas. From the desk of a former Head of $20 bn Investment Portfolio straight to your inbox.

By Alfonso Peccatiello (Alf)

Author / Twitter / LinkedIn:
Alfonso (Alf) Peccatiello, Author The Macro Compass / @MacroAlf / LinkedIn

Mr. Peccatiello co-hosts The Macro Trading Floor, a PiggyBack Podcast Recommendation.

The Weekly S&P500 #ChartStorm

“This free collection of mostly U.S. equity visuals is a must for anyone closely following the markets. Mr. Thomas is a master chartist in both the fundamental and technical realms.”

— Johan Eklund, PiggyBack

The Weekly S&P500 #ChartStorm

Weekly charts: macro, technicals, valuations, and more -- a good and easy way to stay on top of the market outlook!

By Callum Thomas

Author / Twitter:
Callum Thomas, Head of Research at Top Down Charts / @Callum_Thomas

The Transcript

“Expert human conference call curation. Investing insights quote by quote.”

— Johan Eklund, PiggyBack

The Transcript

Weekly Quotes from Earnings Calls

Author / Twitter:
Erick Mokaya, CFA, Lead Author / @ekmokaya, @TheTranscript_
Scott Krisiloff, CFA, Editor / @Skrisiloff, @TheTranscript_

Tuttle Ventures Newsletter

“Tuttle Ventures advocate value-oriented, active stock portfolios. Mr. Tuttle shares to-the-point insights on strategy, value cases, and timely tactical positions.”

— Johan Eklund, PiggyBack

Tuttle Ventures Newsletter

Ready to do the work it takes to grow your investments? Welcome to Tuttle Ventures, where we're all about making sure you have time for what matters most.

By Darin Tuttle

Author / Twitter:
Darin Tuttle, CFA, Founder & CIO Tuttle Ventures / @TuttleVentures, @Darin_T80

Variant Perception Blog

“Tactical, cyclical, and structural indicator insights for investment professionals. Team Variant Perception's free briefs cover the global economy and major markets. Free of charge and free of guru calls.”

— Johan Eklund, PiggyBack

The Variant Perception Blog

Thoughts on markets from the team (and friends) at VP

By VP Research

Author / Twitter:
Variant Perception (VP Research Inc), Investment Research Firm / @VrntPerception

Corporate Distress & Short-Selling Newsletters

Fundamental investing learning also takes place when we invert to look at public company failures. Here we find everything from the truly unlucky, the delusional-level overvalued glamour stocks, the overaggressive borrowers, the strategic or governance failures, and the downright frauds. (Many of which professional speculators can try to actively profit from by short-selling. Not a recommendation to general public readers.)

PETITION

“Insights into the world of corporate distress. PETITION digs out the documents, connects the dots, and translates the boilerplate. Leading up to, during, and out of restructurings and bankruptcies.”

— Johan Eklund, PiggyBack

PETITION

Curated financial news, analysis and commentary with an emphasis on distressed investing, restructuring and bankruptcy.

By PETITION LLC

Author / Twitter:
Petition LLC, Publisher (authors are anonymous) / @petition

The Bear Cave

“Mr. Dorsey provides bearish fundamental theses for mainly U.S. stocks. Companies with alleged red flag risks to valuations and operations. We may not agree, but this criticism is important information discovery.”

— Johan Eklund, PiggyBack

The Bear Cave

Exposing Corporate Misconduct

By Edwin Dorsey

Author / Twitter:
Edwin Dorsey / @BearCaveEmail/@StockJabber

Business, Economics, Finance & Technology Newsletters

The broadest collection of categories. Here many of our Substack favorites offer unique niche intersections between different perspectives and topic areas.

AI Supremacy

“Machine Learning and AI look like one of those rare cases where the impact of new technological applications runs faster and far beyond the imagination of mainstream hype. Mr. Spencer guides both business-oriented technologists and the rest of us with clear, critical coverage.”

— Johan Eklund, PiggyBack

AI Supremacy

News at the intersection of Artificial Intelligence, technology and business including Op-Eds, paper summaries and A.I. startups.

By Michael Spencer

Author / Twitter / Linkedin:
Michael Spencer, Indie Writer & Futurist /
@AISupremacyNews, @MichaelKevinSp2 / LinkedIn

Intrinsic Value by Roger Lowenstein

“Intrinsic Value by Roger Lowenstein / free price = infinite yield. Very current financial world thoughts from a long-time journalistic legend and best-selling author.”

— Johan Eklund, PiggyBack

Author / Twitter:
Roger Lowenstein, Author / @RogerLowenstein

kyla’s Newsletter

“Ms. Scanlon distills the economy where humans live. With full-on curiosity, data-driven reflection, and creative visuals.”

— Johan Eklund, PiggyBack

kyla’s Newsletter

human-centric economic analysis to help all of us understand the world better

By kyla scanlon

Author / Twitter:
Kyla Scanlon, Founder of Bread (Financial Education company) / @kylascan

Liberty’s Highlights

“Connecting silos of finance, technology, media, entertainment, and arts. (Pseudonymous) Mr. Liberty's human curation highlights offer value-add learning and inspiration. All coated in emojis.”

— Johan Eklund, PiggyBack

Liberty’s Highlights

The Serendipity Engine: Investing & business, science & technology, and the arts.

Author / Twitter:
Liberty, (Pseudonymous) Curator & Investor / @LibertyRPF

Net Interest

“Financials specialist Mr. Rubenstein makes sense of our global economy's complex financial plumbing. Great essays on timely topics.”

— Johan Eklund, PiggyBack

Net Interest

Financial sector themes

By Marc Rubinstein

Author / Twitter:
Marc Rubenstein, Finance Writer / @MarcRuby / LinkedIn

Quantum Foundry

“For the non-technologist Quantum Computing may not yet look like a high probability, near-term 'no-brainer'. But the impact of successful commercialization could push boundaries for humankind within our lifetime. To stay ahead, follow Mr. Spencer's clear and critical coverage.”

— Johan Eklund, PiggyBack

Quantum Foundry

Quantum computing, IPOs, startups, future companies, business models, venture capital deals, research & papers, global news coverage, etc...

By Michael Spencer

Author / Twitter / Linkedin:
Michael Spencer, Indie Writer & Futurist / @MichaelKevinSp2 / LinkedIn

The Diff

“Deep insight into developing and structural trends in finance and technology. Trends that make a difference for slower-moving parts of the economy and society.”

— Johan Eklund, PiggyBack

The Diff

Inflections in finance and tech

By Byrne Hobart

Author / Twitter:
Byrne Hobart, CFA, (Founding) Writer / @ByrneHobart

Team / Twitter:
Jack Wiseman, Research & Operations (joined August 2021) / @jackrwiseman

Personal Finance Newsletters

Good personal finance writers offer down-to-earth, real-world financial education. Here are two such new acquaintances of PiggyBack.

Beachman’s Newsletter

“Pseudonymous early retiree Mr. Beachman shares and reflects on his practical, long-term investing. No-nonsense, common-sense personal finance, with unpolished successes and mistakes to learn from.”

— Johan Eklund, PiggyBack

Beachman’s Newsletter

Simple and effective personal finance and investing approaches from an early-retired beach bum (twitter:@Iwannabeontheb2)

By IWannaBeOnTheBeach

Author / Twitter / Linkedin:
Beachman (pseudonym) / @Iwannabeontheb2

Broke Millennial with Erin Lowry

“For most adults, life offers its fair share of quite complex personal financial decisions. Serial author Ms. Erin Lowry is a great translator of such money matters in a voice that makes sense to people.”

— Johan Eklund, PiggyBack

Broke Millennial with Erin Lowry

A newsletter for people who want to take control of their money.

Author / Twitter:
Erin Lowry, Financial Translator & Author / @BrokeMillennial

Digital Media Newsletters

What is happening to the overall digital and social media landscape? This section is probably most relevant for readers investing in or working in digital media businesses. But also for those considering joining or launching projects in the creator economy. And to an extent, to all of us who consume digital and social media.

Creator Economy Tips

“To the point, frank rationality on the fast-developing world of self-published creator content. Mr. Spencer brings indie publishing experience and the grit of a true ‘category pirate’ (running 10+ niche letters).”

— Johan Eklund, PiggyBack

Creator Economy Tips

Writing tips, creator economy, building Email lists, building an audience hacks. Substack Growth insights.

By Michael Spencer

Author / Twitter / Linkedin:
Michael Spencer, Indie Writer & Futurist / @MichaelKevinSp2 / LinkedIn

Hot Takes

“Digital media analysis, marketing strategy, and creator reflections. All direct voice insights. A relief from positivity culture.”

— Johan Eklund, PiggyBack

Hot Takes

Spicy, useful, occasionally snarky takes from Adam Singer on marketing, philosophy, & digital trends. All signal, no noise. We will never share your email.

By Adam Singer

Author / Twitter / LinkedIn:
Adam Singer, Digital trends blogger & Marketing exec
/ @hottakesstream, @AdamSinger / LinkedIn

Disclaimer: This publication and related communications are for informational and educational purposes only. All readers are assumed to accept the full version of this disclaimer, see the following link.

Back PiggyBack(!)

Your Analyst sincerely hopes all readers enjoy and get inspiration and value investing ideas from PiggyBack. If so, consider sharing PiggyBack with friends and colleagues:

Share PiggyBack

Only with the help of early readers will this publication reach a sustainable scale for free, independent insights. Many thanks to all PiggyBackers!

Johan Eklund, CFA
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💚 = Article gave learning, investing idea, or entertainment value.

“Most of the successful people I've known are the ones who do more listening than talking.”

— Bernard Baruch (1870–1965), U.S. speculator and statesman

Active listening to inspiring stories, idea sharing, and interactive, thoughtful discussions. With smart, original, and curious thinkers. For many of us, a selective podcast diet is time well-spent learning and widening our perspective on almost any specialized topic. Sometimes these “niche” podcasts touch on big life questions as well.

This article features some of PiggyBack’s Podcast Recommendations. Just as with our Newsletter Recommendations, we try to highlight complementary perspectives and adjacent topic areas. But as a value-investing publication, most are investing-oriented.

Last update of Recommendations: July 18, 2022
Please note: (1) The categorizations are highly subjective. (2) The order is not a ranking. (3) Recommendations refer to content (not endorsing podcast publishers or sponsors). (4) Just click the podcast name headers for links across a selection of different players.

5 Value-Investing Podcasts

The Memo by Howard Marks

Why? Easy to follow investing lessons from a distressed credit investor legend.

What? An audio-book format where Howard Marks reads, reflects on, and expands his written “memo” insights. Market theory is linked to real-world market observations.

For who? Novice-level value investors (and up). While an advanced specialist practitioner, Mr. Marks is also a good communicator of the basic fundamental drivers.

Geography / Asset Class: Western markets / Corporate securities (bonds and stocks)

Host(s) / Twitter:
Howard Marks, Co-Chairman Oaktree Capital / @HowardMarksBook

Focused Compounding

Why? To-the-point, easy-to-follow walkthroughs of current value-investing cases.

What? Mr. Kuhn frames the discussion with curious questions and structure. Mr. Gannon drives it forward with insights. A typical episode is fast-paced and practical.

For who? Novice-level value investors (and up). Mr. Gannon and Mr. Kuhn are good at communicating cases in easy-to-understand terms using a step-by-step approach.

Geography / Asset Class: U.S. / Stocks

Host(s) / Twitter:
Andrew Kuhn & Geoff Gannon, Focused Compounding / @FocusedCompound

Value Investing with Legends

Why? Understand the playbooks and key lessons of value investing “legends”.

What? Well-structured, nuanced conversations. International value-investing “legends” share their investment approaches and reflect on their careers.

For who? Intermediate value investing background. While Mr. Santos, Mr. Mabuoussin, and the guests are clear, some material goes into great detail.

Geography / Asset Class: International / Stocks (mainly)

Host(s) / Twitter: @Columbia_Biz
Tano Santos, the David L. and Elsie M. Dodd Professor of Finance and faculty director of the Heilbrunn Center at Columbia Business School
Michael Mauboussin, Head of Consilient Research on Counterpoint Global at Morgan Stanley Investment Management and adjunct faculty member at Columbia Business School / @mjmauboussin

Value: After Hours

Why? An enjoyable weekly talk show between three strong U.S. value investing personalities who complement each other well.

What? One of few “talky” podcasts on this list. The trio of Mr. Brewster, Mr. Carlisle, and Mr. Taylor have a dynamic, loosely structured weekly conversion on the state of the markets and various investing topics. A typical episode features (1) quirky, outside-world analogies or concepts (“veggies”) applied to investing (Mr. Taylor), (2) more or less personal investing reflections (Mr. Brewster), and (3) quantitative observations plus keeping it all together (Mr. Carlisle). Interesting, fast, and not boring.

For who? Intermediate-level value investing background. Concepts, terminology, and references are often implicit or thrown around at quite a high pace.

Geography/Asset Class: U.S. / Stocks (mainly)

Host(s) / Twitter:
Tobias Carlisle, founder The Acquirer’s Multiple and Acquirers Funds / @Greenbackd
Bill Brewster, founder The Business Brew podcast (see below) / @BillBrewsterTBB
Jake Taylor, CEO of Farnam Street / @farnamjake1

Grant’s Current Yield Podcast

Why? Value-investing meets Austrian Economics in a dry and witty format.

What? Mr. Grant (financial publishing legend) and Mr. Lorenz discuss longer-term market observations between themselves and with guests. Often highlighting more or less absurd contrasts between practical market outcomes versus mainstream business media or academic narratives. Always with wit and irony. Sometimes even with jazz.

For who? Intermediate value-investing practitioners (and up). Some basic economics knowledge and/or practical markets background is helpful.

Geography/Asset Class: U.S. mainly / Corporate (bonds & stocks), macro

Host(s) / Twitter: @GrantsPub
Jim Grant & Evan Lorenz, Grant’s Interest Rate Observer / @evan_lorenz

6 Investing Podcasts

We Study Billionaires - The Investor’s Podcast Network

Why? High-quality, well-structured interviews with top investors and financial thinkers.

What? We Study Billionaires is the flagship show of one of the world’s larger stock investing podcast outlets.

For who? Novice investors (and up). Most discussion revolves around the life stories of the guests or big-picture concepts. The hosts are good at framing technical context.

Geography/Asset Class: International / Multi-asset

Host(s) / Twitter:
Stig Brodersen, investor & author / @stig_brodersen (We Study Billionaires)
Trey Lockerbie, investor & entrepreneur / @TreyLockerbie (We Study Billionaires)
William Green, author / @williamgreen72 (hosts high-profile investor interviews under the Richer, Wiser, Happier brand)

Investing by the Books

Why? Thoughtful learning conversations around investing-related books.

What? The two avid readers and financial analysts Mr. Palmgren and Mr. Sävås (of Nordic Tech/Life Science Growth boutique Redye) conduct interviews around investing-related books. We get respectful, well-researched discussions with authors and investing professionals. Plus high-level takeaways on how the concepts and mental models learned can guide our journeys as investors. An international-quality investing podcast (in our opinion) from PiggyBack’s Nordic home region.

For who? Novice investors (and up). Some investing described would be difficult to execute. But the focus on books and the hosts’ structure makes the ideas accessible.

Geography/Asset Class: Global / Stocks (mostly)

Host(s) / Twitter: @IB_Redeye / @Investbythebook
Eddie Palmgren & Niklas Sävås , Redeye / @edisonpalmgren & @NiklasSavas

The Meb Faber Show

Why? Quantitative strategies and common-sense investing insights. Plus some curious deep dives into alternative and venture investing land.

What? Meb Faber’s podcast is mainly about practitioner-led investment strategy research. That means a lot of interesting empirical whitepapers and quantitative investment strategy backtests. Presentation, explanations, and discussion. Both by Mr. Faber and his guests. Mr. Faber's podcast also highlights venture-stage startups and fast-developing areas of “alternative” finance.

For who? Intermediate-level investing background. While good at emphasizing takeaways and explaining, some topics and guests get quite technical/niche.

Geography/Asset Class: Global / Multi-asset

Host(s) / Twitter:
Meb Faber, co-founder & CIO of Cambria Investment Management / @MebFaber

The Macro Trading Floor

Why? A cross-asset invitational trading floor. Hosts and guests explain the macro world by making shorter-term trading calls.

What? Die-hard equity value investors tend not to dabble in mainstream macro strategist’s short-term calls. For those of us with an open mind and no need to act on every macro bet, here we get two non-mainstream strategists. Mr. Peccatiello and Mr. Steno seldom agree on anything. But they do boil down the near-term big-picture risk environment well in their banter with each other and specialist guests.

For who? Intermediate investing practitioners (and up). Assumes some economics or markets background (or interest at least). The hosts are good at simplifying quite technical trade setups (but don’t try this at home).

Geography/Asset Class: Western markets mainly / Cross-asset, macro

Host(s) / Twitter: @TheMacroMarket
Alfonso Peccatiello, writes The Macro Compass (below) / @MacroAlf
Andreas Steno, Director Heimstaden, writes Stenos Signals (below) / @andreassteno

Related Substacks: The Macro Compass & Stenos Signals

The Macro Compass

Financial education, macro insights & actionable investment ideas. From the desk of a former Head of $20 bn Investment Portfolio straight to your inbox.

By Alfonso Peccatiello (Alf)

CFA Society Chicago

Why? Specialist insights from around the investment industry.

What? Recurring industry insider specialist interviews on technical investment topics.

For who? Advanced investing practitioners. The discussion covers specialized finance.

Geography/Asset Class: Global / Cross-asset

Host(s) / Twitter: Hosted by members of CFA Society Chicago / @CFA_Chicago
Richard Excell, Finance Professor & market veteran / @ExcellRichard, is one of the member hosts, mainly under the podcast label Investment Exchange Forum

Related Substack: Stay Vigilant

For more advanced practitioners and students of the markets, PiggyBack also Recommends Mr. Excell’s cross-asset strategy Substack newsletter Stay Vigilant:

Stay Vigilant

Demystifying Finance & Markets

By Richard Excell

Alpha Exchange

Why? Focused discussion on option-market fundamentals and technicals.

What? Mr. Curnutt interviews experts in volatility trading (options traders) and related areas. Topics include strategies, risk management, and top-down macro analysis.

For who? Advanced investing practitioners with background knowledge of options. This pod is technical and the strategies discussed are not advisable for beginners.

Geography/Asset Class: Global / Cross-asset, macro

Host(s) / Twitter: Dean Curnutt, CEO Macro Risk Advisors / @Dcurnutt

Related Substack: Alpha Exchange

Alpha Exchange recently became a Substack newsletter publisher. For those enjoying the podcast or have an interest in options, Piggyback Recommends this as well:

5 Business & Curiosity Podcasts

Odd Lots

Why? Witty, open-minded curiosity about the economic machine’s inner workings.

What? Armed with specialist interviews, Ms. Alloway and Mr. Weisenthal are on a crusade to ask all the questions needed. In doing so they quickly map out whatever financial, economic, or business events that currently leave mainstream media wild-guessing (at best). Refreshing and unpretentious educational journalism from one of the industry’s most powerful legacy financial information players (Bloomberg).

For who? Novice investors (and up). These pros make sure to get clarity on the basics. Especially when the mainstream media, the talking heads, and most of us are clueless.

Geography/Asset Class: Global / Cross-asset, macro

Host(s) / Twitter:
Joe Weisenthal & Tracy Alloway, Bloomberg / @TheStalwart & @tracyalloway

The Business Brew

Why? Investor and business interviews that do not shy away from the personal.

What? Mr. Brewster holds interviews where guests get to talk long enough to open up and expand on their ideas and life. The result feels more like a genuine conversation compared to news-driven podcasts.

For who? Intermediate investors (and up). General big picture concepts and life experiences of guests are very accessible. More technical/specialist guest episodes come with some implicit background knowledge assumptions.

Geography/Asset Class: U.S.-focused / Multi-asset, Business/Ventures

Host(s) / Twitter:
Bill Brewster, founder The Business Brew (also co-host of Value: After Hours above) / @BillBrewsterTBB

Masters in Business

Why? Top-level conversations in business, economics, and finance.

What? Mr. Ritholtz has teamed up with Bloomberg to line up high-profile guests. Guests that most podcasts can only dream of. Mr. Ritholtz seems quite cool about it.

For who? Novice investors (and up). The discussions tend to stay on an overview level above the more technical weeds.

Geography/Asset Class: Global / Cross-asset

Host(s) / Twitter:
Barry Ritholtz, Chair/CIO of Ritholtz Wealth Management / @ritholtz

Infinite Loops

Why? A curiosity that takes us far beyond investing.

What? Mr. O' Shaughnessy (doing most of the talking) and Mr. Catherwood are on a quest to seek multi-faceted knowledge. The method is guest interviews in the center of the investing community and far outside. The mixed diet of arts, culture, history, science, and technology relates to investing. By design, we learn beyond investing.

For who? Novice investors (and up) and generally curious people.

Geography/Asset Class: Global / Cross-asset

Host(s) / Twitter:
Jamie Catherwood & Jim O'Shaughnessy, OSAM /
@InvestorAmnesia & @jposhaughnessy

Related Substack: Infinite Loops

PiggyBack highly Recommends Infinite Loops as a podcast. The podcast’s Substack is currently a quote machine so let’s hope for more content in the future:

Infinite Loops

Podcast by Jim O'Shaughnessy | Become a more nuanced thinker by looking at the world through a multi-faceted lens.

By Jim O'Shaughnessy

Vonheim

Why? Curious interviews about businesses of the seas.

What? This Norwegian business podcast is interesting. With great curiosity, Mr. Vonheim explores and educates by interviewing a mix of decision-makers and specialists in maritime industries. Plus some international investing and start-ups. Also one of PiggyBack's few Recommendations for international, quality investing-related podcasts based in the Nordics.

For who? Novice-level investors (and up). If not curious about some of the more niche maritime or Nordics-focused episodes, just check out the archive.

Geography/Asset Class: Maritime sector focus with a clear tilt to Norway / Multi-asset

Host(s) / Twitter:
Christopher Vonheim, entrepreneur / @ChrisVonheim

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