Robert Hunt Financial Market Update

Let us look back at 2025 to see what sort of returns were given across asset classes.

What you may assume is a privileged position to invest for the elite, just isn't so,tax equivalent yield is a 'thing', and the regional president of Frost Bank gives me a call.

Vanguard is actually much better than you think, buying at the high is what the cool kids are doing, and it is much more difficult to pick stocks than we think.

Military bases are great test cases for the power of investor psychology, Goldman Sachs keeps making new products, and 31 dips since 2009 is the price of poker for a % 1,200 gain. Oh, Harvard also buys some bitcoin.

AI Trade Splinters as Google Challenges Nvidias Dominance: https://www.wsj.com/finance/stocks/ai-trade-splinters-as-google-challenges-nvidias-dominance-b1ce018d?gaa_at=eafs&gaa_n=AWEtsqctzmIQG0aU6d48JjgpKj8fgSLzLK2t4TQ_BoI78LvZ1wsz3ZT9P-g4X_b0HJ4%3D&gaa_ts=69279725&gaa_sig=PTi-_7jQ-k8Zxqjt6p4nc_5DZS5Q4tKhRnd9MgLutj2HuB3VUHfOAHRevbnIx0LGobNJGzRrxrJ7wb7WVoFW7w%3D%3D  

Bitcoin Drops: https://finance.yahoo.com/news/bitcoin-drops-below-90-000-110411849.html Why We Could Use a Good, Long Bear Market: https://www.wsj.com/finance/stocks/why-we-could-use-a-good-long-bear-market-73997cb7?gaa_at=eafs&gaa_n=AWEtsqdXlKfTpMc5bql-SmT7orDF4PHsv2MloGREGDU2uHspz0YnTKxS1L7W1mswlBM%3D&gaa_ts=691f57bf&gaa_sig=Iyj3e_g7OeprTSIpJEC3tbJb4LrXZBZvFwYGSqDd-WG83Rs2pqdqph-o0_z...

Using Premium Credit-Card Rewards Is Becoming a Part-Time Job: https://www.wsj.com/personal-finance/using-premium-credit-card-rewards-is-becoming-a-part-time-job-82c18455 Big Tech's Soaring Profits Have an Ugly Underside: Open AI's Losses: https://finance.yahoo.com/news/big-tech-soaring-profits-ugly-122500177.html?guccounter=1&guce_referrer=aHR0cHM6Ly93d3cuZ29vZ2xlLmNvbS8&guce_referrer_sig...

The Market Just Wobbled. Will It Fall Down?: https://www.wsj.com/finance/stocks/the-market-just-wobbled-will-it-fall-down-70a5ea3d?gaa_at=eafs&gaa_n=AWEtsqfyBMcmp5-qY55rSsrkDFD4ameU28rcjP5AEeuLVpnw_5Dt1lx_fYqy1m_FFQ0%3D&gaa_ts=690d0af1&gaa_sig=h2ibgLMJ0nxL6Bq3D1wKTzh0LwU5JJVK13XlVFNY-1dDgcxOJfe-GYefaPulGUCJHAiPCi17logV5P5QpzJUVA%3D%3D Rick Perry's Nuclear Ambitions Begin With Gas Power...

All Net Wealth Created: https://x.com/kobeissiletter/status/1982969988114964991 Nvidia Becomes First $ 5 Trillion Company: https://www.wsj.com/tech/ai/nvidia-first-5-trillion-company-market-cap-ae513ff0?st=t63Pzv&reflink=article_email_share Warren's Letters: https://www.wsj.com/finance/i-read-all-59-of-warren-buffetts-annual-letters-these-are-the-best-parts-068f834a?gaa_at=eafs&gaa_n=AWEts...

S&P 500 is more concentrated with AI than ever: https://www.cnbc.com/2025/10/22/your-portfolio-may-be-more-tech-heavy-than-you-think.html Bankrupt and Dying from Cancer, Ulysses S. Grant Waged His Greatest Battle: https://www.history.com/articles/how-ulysses-grant-died-memoirs-mark-twain Chauncey Billups, others arrested in FBI probe linking NBA to Mafia gambling Ring: https://www.cnbc.com/202...

Jamie Dimon Warns Us: https://www.theguardian.com/business/2025/oct/09/head-of-jpmorgan-chase-warns-of-risk-of-american-stock-market-crash Congress Thinks Hiding Fund Fees Is Good for You: https://www.wsj.com/finance/investing/congress-thinks-hiding-fund-fees-is-good-for-you-0e12c541?gaa_at=eafs&gaa_n=AWEtsqdaIIklCr_RFotrYjpEnqYuXLi5mn1FmLgFFrvguMTBjO57Nj815Z7tiRM7OW0%3D&gaa_ts=68f1515a&am...

How to Stop Taxes From Eating Into Your Stock Market Gains: https://www.wsj.com/personal-finance/taxes/taxes-on-stocks-44606b68?reflink=desktopwebshare_permalink Gold Prices Top $ 4,000 for First Time: https://www.wsj.com/finance/commodities-futures/gold-price-4000-ounce-record-d63ab2bd?reflink=desktopwebshare_permalink Private Equity Is Coming To Your 401k, Should You Buy In?: https://www.wsj.com...

9 Technologies That Transformed Investing:  https://www.wsj.com/finance/investing/9-technologies-transformed-investing-telegraph-ai-2cd029dc?gaa_at=eafs&gaa_n=ASWzDAjtbC7Kq151dhPIIUe9faO8yHQEC0RDzE9A03rXLetyfUigqGstUz_wgD2dFDA%3D&gaa_ts=68df15ea&gaa_sig=p3xKkq5RlYLGWZeFAZ1Z-f2fahuFAR9VjS123ji7FjGRKOL6FJs6oHfSFezZOVZtF1A2vwJ7h_1sdQpUykEPqQ%3D%3D    ETFs Are Flush With New...

Perils of indexing: https://www.apolloacademy.com/passive-investing-continues-to-grow/?mc_cid=b96852ce73&mc_eid=f63d36e99b When Boring Became Beautiful: https://www.wsj.com/finance/investing/index-funds-investing-stock-market-f747f46f?st=MNMje7&reflink=article_email_share Jonathan Clements Passes Away: https://www.wsj.com/finance/investing/jonathan-clements-longtime-wsj-columnist-dies-at-6...

You Don't Want to Trade Stocks Like a Member of Congress: https://www.wsj.com/finance/investing/why-you-dont-want-to-trade-stocks-like-a-member-of-congress-82d8d929 AI Agents Are Getting Ready to Handle Your Whole Financial Life: https://www.wsj.com/tech/ai/ai-wall-street-investors-15ab24af?st=sb82kQ&reflink=article_email_share  

Active Managers Struggle During Volatility: https://www.cnbc.com/2025/09/05/active-funds-struggle-to-beat-index-funds.html Financial Bubbles Happen Less Often Than You Think: https://www.wsj.com/finance/investing/market-bubble-history-f6b3487b?st=sMkgH9&reflink=article_email_share Pokemon Cards As An Investment: https://www.wsj.com/finance/pokemon-cards-investment-0163e058  

Vanguard Civil Penalty: https://t.e2ma.net/message/te1hvj/10nseylc WSJ: U.S. Stocks Are Now Pricier Than They Were in the Dot-Com Era: https://www.wsj.com/finance/stocks/stock-market-valuation-highs-ac291e72?st=hWVGE5&reflink=article_email_share Yale's Trendsetting Private-Equity Strategy Is Getting Harder to Pull Off: https://www.wsj.com/finance/investing/yales-trendsetting-private-equity-str...

WSJ: Ivy League Keeps Failing This Basic Investing Test: https://www.wsj.com/finance/investing/the-ivy-league-keeps-failing-this-basic-investing-test-747c8b8c?gaa_at=eafs&gaa_n=ASWzDAho6jwh2MM_Fs8m9w_kkgmO6kJtEhan_kjHCUbXWLKQMKhp3InxP_XW2BOWGWY%3D&gaa_ts=68b0bf27&gaa_sig=ECBbQdPESoP6Vcd5qDOz596L3Zu0wrnoZxC1zxE15ZNRXqb8-CSE-FBeJO6IBejIdO8SjBcX9w7tTHoh4esMPQ%3D%3D What Record Margin Debt...

The Calculus of Value: https://www.oaktreecapital.com/insights/memo/the-calculus-of-value Whatever The World Is Going Through, It's Probably Been Worse Before: https://mebfaber.com/2025/08/19/15-whatever-the-world-is-going-through-its-probably-been-worse-before/  

Gregor MacGregor - Prince of Poyais: https://www.historic-uk.com/HistoryUK/HistoryofScotland/Gregor-MacGregor-Prince-Of-Poyais/ Dallas Pension Fund Woes: https://www.ai-cio.com/news/dallas-pensions-low-returns-funded-ratios-blamed-on-private-equity-performance-allocation/?utm_source=chatgpt.com  

Morgan Housel - Different Kinds of Smart: https://collabfund.com/blog/different-kinds-of-smart/ Trump Allows Crypto: https://www.cnbc.com/2025/08/07/trump-order-will-allow-alternative-assets-like-cryptocurrencies-private-equity-in-401ks.html  

Chicago Pension Troubles: https://citythatworks.substack.com/p/a-2025-update-on-the-state-of-chicago  

CNBC: https://www.cnbc.com/2025/07/01/cnbc-daily-open-keeping-a-cool-head-paid-off-for-investors.html Roth IRA for Kids: https://halfmore.co/