Such a shame that 'bait pays' and the platform is deteriorating, if slightly inevitable (and don't get me started on the number of writers who need a good edit (so speaks the ex-editor...)). I don't love some of the backers of Substack (e.g. Trump children), but it's just where everybody that I want to read is at the moment, so it's where I am. I like Mike Fritzell, but until there are more people at Ghost, I won't get around to logging in. Keeping up with Substack, a bit of X (also horrible, but invaluable for swapping Small-Cap research) and an investment forum is bad enough.
The good news is that LLMs basically ensure that if Substack ever treats writers poorly, there will be other alternatives. I looked into building one myself, and I think 3-4 people could do it quite easily. What you lose is the "follower graph" or "recommendation algorithm", which....may or not be useful to you. What substack has now is that big paying account writers basically subsidize smaller/non-paid writer accounts.
An honoured and humbled rodent. Thanks Russell. Bit of a Brian Cox fan myself. Think the Dan / Cummings exchange would go as follows:
The Wootton click bait note: “EXCLUSIVE: The pound’s secret betrayal exposed.”
Cummings ‘reply guy’ response: “No, you idiots. I modelled the collapse from first principles in 2014,” [followed by 18 charts, a 9,000-word post, and a footnote blaming the civil service for not shorting sterling.]
Hi Russell. I was pondering the relative 'safety' of owning Japanese banks (the majors, MFG, MUFG, SMFG, Nomura) and wondering if I could sus out via Tradingview their dependence on US bond shenanigans. Spoiler. Totally failed. I can't figure out a good way to analyze that. When I am looking at FINRA bonds issued by these co's, should I always assume that those are JPY based bonds or USD bonds, or like, what? Thanks
I agree with Thomas above, don’t think the platform matters soo much. Subscribers will stay if you are providing well researched and experienced insights (whether in line with general market narrative or contra), which i think you do. For some niche sectors there are still some folks (the koala for example in mining) who are primarily X publishing but still worth following. Or Joe Lowry on lithium who is mostly linkedin and podcasts. Maybe the overcrowding of substack is a problem to grow subscriber base w/o a large reputation from elsewhere (ie michael burry).
Hmm.... surprisingly difficult to find recommendations. I know when you sign up to a new Substack, they ask you if you also want to join the recommended Substacks - but once you are in, it seems hard to find. I just tried to find @blindsquirrelmacro recommendations and couldn't... I did a screenshot in the note, so that will give you the names. If I find a link will post
From my perspective as a subscriber, the platform you're on doesn't make much of a difference. As long as your posts show up in my email inbox, I'm happy!
Exactly - as a subscriber I can guarantee that - but a follower requires Susbstack to allow that to happen... that why I am encouraging my followers to make sure they are subscribers as well.
Brian, congratulations on just being ahead of Dominic Frisby's substack; to which I'm a paid subscriber, although I too advantage of a lifetine subscription one-off paid ofder a year ago, so it's not costing me anymore.
I'd cite that the main reason I'm not one of your paid subscribers is there is only so much I can justify allocating ro investment subscription products in general,.and I'm already a paid subscriber to various Hedgeye Risk Management products and to CapitalistExploits (now on Substack, but started life as an independent site with a blog attached). I also subscribe to Peter Brandt and to a very good Junior Gold/Copper Mining publication called the IKN Weekly (mark_IKN on Twitter).
I'm a free subscriber to TraderFerg and the Blind Squirrel, and rate them both. As you can see though, I have to draw the line somewhere on paid subscriptions. The one I absolutely could not do without is Hedgeye.
This is my problem with Substack. I'm unable to edit comments for mistakes like this one or typos immediately after posting them! I can't even copy what I've written so I can delete the comment and re-post it!
Thats okay - being confused with Brian Cox is acceptable! Hedgeye is a very decent organisation - in a previous life I paid them a large sum of money for a very good trade that generated an even larger sum of money.
And yet too many options - but also too generic now. Everyone does the same clickbait. I try and keep my clickbait notes to a minimum....
Speaking as an individual investor who almost certainly qualifies as Retail, I couldn't survive without my Hedgeye subscriptions. At minimum, I need the Risk Ranges and the Macro Show, and I've found "The Call" to be an excellent source of Alpha.
A gent by the name of Darius Dale - ex-Hedgeye - now runs a service called 42 Macro, which could act as a substitute. However, he's caught up in a lawsuit with them over IP Theft. Won't write more about that here, but it's in the public domain on the web for anybody who searches for it.
I appreciate it's an expensive product offering; especially if you're on the Institutional pricing tiers...
Another platform catches the enshittification curse :(
Capitalism at work
Such a shame that 'bait pays' and the platform is deteriorating, if slightly inevitable (and don't get me started on the number of writers who need a good edit (so speaks the ex-editor...)). I don't love some of the backers of Substack (e.g. Trump children), but it's just where everybody that I want to read is at the moment, so it's where I am. I like Mike Fritzell, but until there are more people at Ghost, I won't get around to logging in. Keeping up with Substack, a bit of X (also horrible, but invaluable for swapping Small-Cap research) and an investment forum is bad enough.
The good news is that LLMs basically ensure that if Substack ever treats writers poorly, there will be other alternatives. I looked into building one myself, and I think 3-4 people could do it quite easily. What you lose is the "follower graph" or "recommendation algorithm", which....may or not be useful to you. What substack has now is that big paying account writers basically subsidize smaller/non-paid writer accounts.
True. But i like leaving the hassle of cybersecurity and retail funds with them.
An honoured and humbled rodent. Thanks Russell. Bit of a Brian Cox fan myself. Think the Dan / Cummings exchange would go as follows:
The Wootton click bait note: “EXCLUSIVE: The pound’s secret betrayal exposed.”
Cummings ‘reply guy’ response: “No, you idiots. I modelled the collapse from first principles in 2014,” [followed by 18 charts, a 9,000-word post, and a footnote blaming the civil service for not shorting sterling.]
Looks like I missed a fun drinks event! Thanks for the recommendation. Same guarantee from me.
Drinks were fun - they put some real money into it.
Mike at Asian Century Stocks moved from Substack to another platform called Ghost about 1 year ago.
Yes - I remember seeing that. I wonder how he is getting on.
He's doing well. Started a podcast on YouTube recently.
They are cyclical, expected, and survivable for patient investors.
Hi Russell. I was pondering the relative 'safety' of owning Japanese banks (the majors, MFG, MUFG, SMFG, Nomura) and wondering if I could sus out via Tradingview their dependence on US bond shenanigans. Spoiler. Totally failed. I can't figure out a good way to analyze that. When I am looking at FINRA bonds issued by these co's, should I always assume that those are JPY based bonds or USD bonds, or like, what? Thanks
Just use spread between cash rate and 10 year JGB. Local profits should dominate any US business here
I agree with Thomas above, don’t think the platform matters soo much. Subscribers will stay if you are providing well researched and experienced insights (whether in line with general market narrative or contra), which i think you do. For some niche sectors there are still some folks (the koala for example in mining) who are primarily X publishing but still worth following. Or Joe Lowry on lithium who is mostly linkedin and podcasts. Maybe the overcrowding of substack is a problem to grow subscriber base w/o a large reputation from elsewhere (ie michael burry).
Is it easy to find the 8 other substacks you do recommend?
Hmm.... surprisingly difficult to find recommendations. I know when you sign up to a new Substack, they ask you if you also want to join the recommended Substacks - but once you are in, it seems hard to find. I just tried to find @blindsquirrelmacro recommendations and couldn't... I did a screenshot in the note, so that will give you the names. If I find a link will post
From my perspective as a subscriber, the platform you're on doesn't make much of a difference. As long as your posts show up in my email inbox, I'm happy!
Exactly - as a subscriber I can guarantee that - but a follower requires Susbstack to allow that to happen... that why I am encouraging my followers to make sure they are subscribers as well.
OMG, why did I just call you Brian, Russell?! I am so sorry.
Brian, congratulations on just being ahead of Dominic Frisby's substack; to which I'm a paid subscriber, although I too advantage of a lifetine subscription one-off paid ofder a year ago, so it's not costing me anymore.
I'd cite that the main reason I'm not one of your paid subscribers is there is only so much I can justify allocating ro investment subscription products in general,.and I'm already a paid subscriber to various Hedgeye Risk Management products and to CapitalistExploits (now on Substack, but started life as an independent site with a blog attached). I also subscribe to Peter Brandt and to a very good Junior Gold/Copper Mining publication called the IKN Weekly (mark_IKN on Twitter).
I'm a free subscriber to TraderFerg and the Blind Squirrel, and rate them both. As you can see though, I have to draw the line somewhere on paid subscriptions. The one I absolutely could not do without is Hedgeye.
Brian? Better be someone good you are confusing me with.
This is my problem with Substack. I'm unable to edit comments for mistakes like this one or typos immediately after posting them! I can't even copy what I've written so I can delete the comment and re-post it!
Thats okay - being confused with Brian Cox is acceptable! Hedgeye is a very decent organisation - in a previous life I paid them a large sum of money for a very good trade that generated an even larger sum of money.
And yet too many options - but also too generic now. Everyone does the same clickbait. I try and keep my clickbait notes to a minimum....
Speaking as an individual investor who almost certainly qualifies as Retail, I couldn't survive without my Hedgeye subscriptions. At minimum, I need the Risk Ranges and the Macro Show, and I've found "The Call" to be an excellent source of Alpha.
A gent by the name of Darius Dale - ex-Hedgeye - now runs a service called 42 Macro, which could act as a substitute. However, he's caught up in a lawsuit with them over IP Theft. Won't write more about that here, but it's in the public domain on the web for anybody who searches for it.
I appreciate it's an expensive product offering; especially if you're on the Institutional pricing tiers...