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As 2025 draws to a close, I continue my longstanding yearly custom of compiling the most outstanding investment-related writings from the past twelve months. This practice began back in 2017, and I have faithfully upheld it through subsequent years, including 2018, 2019, 2020, 2021, 2022, 2023, and 2024.
The year 2025 proved to be a rollercoaster of financial events, marked by significant volatility particularly in April, alongside periods of robust market expansion. Even as artificial intelligence has increasingly permeated the realm of content creation in unprecedented ways, a wealth of exceptional human-authored pieces on investing continues to emerge and captivate readers.
In light of these developments, I am excited to share my curated selection of the finest investment writings from 2025:
On Bubble Watch by Howard Marks
Howard Marks stands out as one of the premier investment thinkers and authors within the financial sector. His early 2025 memo laid crucial groundwork for the extensive conversations about potential market bubbles that dominated discussions throughout the remainder of the year. Rather than outright declaring a full-blown bubble across all assets, Marks offers a balanced assessment backed by compelling data that highlights how current valuations appear excessively elevated in the prevailing market conditions. This insightful analysis serves as an excellent primer for investors preparing to navigate the uncertainties of 2026.
Why be an LP when you can be a GP? by Josh Brown
In contrast to Marks’ examination of potential overvaluations in public equities, Josh Brown delivered a compelling exploration of dynamics unfolding in private markets. Brown refrains from labeling private equity as inherently flawed or engulfed in a massive bubble; instead, he astutely details the innovative strategies employed by Wall Street to broaden access to this traditionally elite investment category. Infused with sharp humor and keen observations, this article proves invaluable for readers seeking a clear understanding of the evolving landscape in private investments.
America’s Housing Paradox, Hiding in Plain Sight by Money With Katie
Amid a proliferation of articles on real estate trends in 2025, this contribution distinguished itself through its unparalleled depth of investigation. Katie Gatti Tassin truly excelled in dissecting the complexities of the issue. For anyone aiming to grasp the root causes of America’s ongoing housing shortage and the reasons it is unlikely to resolve in the near term, this comprehensive piece is essential reading.
When Will Housing Prices Fall? by Ben Carlson
Year after year, Ben Carlson’s housing analyses earn a spot on this list due to their consistent excellence and reliability. In this installment, Carlson poses the critical question of when home prices might finally decline and proceeds to address it with rigorous data examination and thoughtful commentary. His reputation as the foremost authority on housing matters in the investment community is vividly reinforced by this outstanding work.
Pure Independence by Morgan Housel
A writer’s genuine enthusiasm for their subject shines through unmistakably, and Morgan Housel exemplifies this in his treatise on independence. He meticulously outlines various dimensions of independence, explains their significance, and underscores how true autonomy underpins the creation of exceptional output. This profound essay is indispensable for individuals striving to chart their own course in life and work.
Why you probably have a low leverage career (and how to create more leverage) by Rick Foerster
I only recently came across Rick Foerster’s work, but this particular article on leveraging one’s career immediately resonated with me. Although I have previously explored concepts of leverage in my own writings, Foerster’s treatment is markedly more comprehensive, offering an array of practical, high-impact strategies for career advancement. Those interested in amplifying their future earning potential through smarter leverage would do well to study this detailed guide.
How Does the Stock Market Bottom? by Michael Batnick
Market downturns invariably bring out the finest in Michael Batnick’s writing. During the intense uncertainty of April’s turbulence, his steady, reassuring perspective provided much-needed clarity for investors worldwide. Even now that calmer waters have returned, this piece endures as a vital reference on the typical mechanics of market bottoms and the path to recovery.
What Now? An Investor’s To-Do List for Chaotic Markets by Christine Benz
Coinciding with the April market plunge, Christine Benz published this straightforward yet profoundly useful checklist for investors facing disorderly conditions. Far from advocating for speculative timing attempts, it gently urges readers to ensure their financial houses are in order against potential further declines. Its timeless wisdom applies equally well in turbulent times or periods of relative stability.
Perspective on Market Downturns by Rubin Miller, CFA
Remarkably prescient, Rubin Miller released this gem a full month prior to April’s crash, yet its relevance was undeniable. The essay functions as a comprehensive anthology of Miller’s most astute insights on handling volatility, implementing rebalancing, and related strategies. Investors desiring a holistic viewpoint on portfolio stewardship amid declines will find this particularly enlightening.
Invest Like Buffett by Callie Cox
Following Warren Buffett’s announcement of his departure from Berkshire Hathaway, Callie Cox crafted a fitting tribute that doubled as actionable guidance. Beyond celebrating Buffett’s enduring legacy, it distills practical lessons for emulating the investment philosophy of the legendary Oracle of Omaha. The principles may appear straightforward, but regular reinforcement ensures they remain top of mind.
Giving people money helped less than I thought it would by Kelsey Piper
Evidence-driven discourse on personal finance holds immense appeal for me, and Kelsey Piper masterfully delivers it in her analysis of universal basic income experiments. Once a proponent of UBI myself, I found this examination sobering, revealing outcomes that fall short of initial optimism. It offers invaluable clarity on the policy’s strengths and limitations for policymakers and curious readers alike.
Who’s Getting Rich Off Your Attention by Kyla Scanlon
Kyla Scanlon primarily focuses on economic themes, but her contributions merit inclusion here given their direct bearing on investment landscapes and everyday economic realities. This installment delves deeply into the mechanisms by which corporations monetize our attention spans and charts the transformation of this ecosystem over the last ten years. Essential for comprehending social media’s profound economic and personal ramifications.
long degeneracy by jez
Cryptocurrencies and speculative pursuits rarely capture my attention, yet this essay from jez stands as a noteworthy exception. Like it or not, speculation constitutes a substantial facet of modern investing, and the author elucidates its role persuasively. Even where I diverge in opinion, the piece commands attention for those exploring finance’s unconventional frontiers.
The Last Decision by the World’s Leading Thinker on Decisions by Jason Zweig
Though not strictly an investment topic, this reflection on existence, mortality, and choice-making is handled with extraordinary sensitivity. Jason Zweig thoughtfully probes Daniel Kahneman’s ultimate personal choice and its ripples across his inner circle and beyond, offering profound lessons in human decision-making.
Farewell Friends by Jonathan Clements
Regrettably, 2025 saw the passing of Jonathan Clements, a towering figure in financial literature renowned for his lucid, accessible explanations of monetary matters. I have long admired his numerous books on the subject. His final blog entry, Farewell Friends, poignantly closes a remarkable chapter. Rest in peace.
I trust this compilation has brought you value and inspiration from the year’s highlights in investment thought.
