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I would struggle to pick my favourite Morgan Housel article – I was already a fan back in his Motley Fool days – but he just posted another.

Urging investors to play their own game, Housel says:

Someone recently asked how my investment views have changed in the last decade.

I said I’m less judgemental about how other people invest than I used to be.

It’s so easy to lump everyone into a category called ‘investors’ and view them as playing on the same field called ‘markets’.

But people play wildly different games.

If you view investing as a single game, then you think every deviation from that game’s rules, strategies, or skills is wrong.

But most of the time you’re just a marathon runner yelling at a powerlifter.

So much of what we consider investing debates and disagreements are actually just people playing different games unintentionally talking over each other.

As Monevator’s resident naughty investor who finds it hard to write freely on his own blog these days, I hear you Morgan.

Of course that’s my choice. I believe most people should be passive investors. So I’m wary of leading the wrong people off the right path.

Still, we’re big fans of do it yourself investing around here. For me that starts with realizing there’s no one right way to be an investor.

Lots of people have insights to share – even if it’s just to reinforce why you’re doing it your way. And soon we’ll bringing you some of these additional perspectives, courtesy of our very successful call for new writers a few weeks ago.

For now, have a great weekend! Only three sleeps to go until we can eat under a strange ceiling, like civilized human beings.

From Monevator

Are bonds a good investment in 2021? – Monevator

Investing for beginners: Risk, returns, time, and diversification – Monevator

From the archive-ator: Seven reasons why you shouldn’t start your own business – Monevator


Note: Some links are Google search results – in PC/desktop view you can click to read the piece without being a paid subscriber. Try privacy/incognito mode to avoid cookies. Consider subscribing if you read them a lot!1

OECD calls for higher inheritance tax after pandemic – Guardian

Monzo to offer paid leave after pregnancy loss – Guardian

AirBnB sees surge from staycations and vaccinated boomers – ThisIsMoney

Hostile UK border regime traumatizes visitors from the EU – Guardian

Exodus of EU truckers leaves UK hauliers facing shortages [Search result]FT

Eviction ban to end 1 June: what it means for renters and landlords – Which

Meet the academic who fired up moonshot investing [Search result]FT

Products and services

TSB launches two-year fixed mortgage with a rate below 1% – ThisIsMoney

Why Britons have been buying woodland during the Covid crisis – Guardian

Bitcoin’s waning dominance stirs warnings of crypto market froth – Yahoo

High Street names pledge to keep taking cash at their tills – Which

Sign-up to Freetrade via my link and we can both get a free share worth between £3 and £200 – Freetrade

Thematic ETFs are booming in today’s manic market – Axios

Counting the cost of your lockdown subscription services – ThisIsMoney

Homes for sale near theatres, in pictures – Guardian

Comment and opinion

Perspective – Indeedably

UK property is booming, but nobody has noticed [Podcast]Property Hub

Four investing lessons from David Swensen – Of Dollars and Data

Let’s talk about inflation – Pragmatic Capitalism

Trust fund kids are not taking over the world [Search result; disagree]FT

Individual stocks have crashed while the US market soars – AWOCS

Beware of sci-fi portfolios – ETF.com

Ermine’s hybrid rant/review of Die With ZeroSimple Living in Somerset

Women and financial literacy: more uncertain than not knowing [Research]SSRN

Expensive US market mini-special

Various ways in which the US market looks pricey these days – Validea

Howard Marks finds nothing to buy in expensive market – Bloomberg via Yahoo

The US CAPE ratio is very high and it will matter… – The Irrelevant Investor

…which is why it makes sense to take action now – Compound Advisors

Naughty corner: Active antics

Fund managers can be ‘nudged’ into outperformance – Institutional Investor

Our best investments are often down to luck – Humble Dollar

Larry Swedroe: SPAC or SPAM? – Evidence-based Investor

Covid corner

England will ‘flex’ Covid vaccinations to tackle Indian variant, says minister – Guardian

Why getting vaccinated is more popular in the UK than the US – Vox

The NHS Covid legacy: long waits and lives at risk – BBC

Hankering for a hug? A guide to post-lockdown greetings… – Guardian

…and sex – Guardian

Kindle book bargains

What It Takes: Lessons in the Pursuit of Excellence by Stephen Schwarzman – £0.99 on Kindle

Radical Candour by Kim Scott – £0.99 on Kindle

Hired: Six months undercover in low-wage Britain – £0.99 on Kindle

The Future Is Faster Than You Think by Peter Diamandis and Steven Kotler – £0.99 on Kindle

Environmental factors

How cities will fossilize – BBC

The contradiction of mining for a green energy revolution – New York Times

Tesla suspends Bitcoin payments, cites fossil fuel concerns – Coindesk

Gresham House Energy: batteries included – IT Investor

Off our beat

Selling hours – Seth’s blog

Efficiency is the enemy – Farnam Street

Two days a week is perfect for working from home – The Atlantic

The economics of movie product placement – The Hustle

The great online game – Not Boring

College is a ruthless competition divorced from learning – The Atlantic

And finally…

“When you look at the results on an after-fee, after-tax basis, over reasonably long periods of time, there’s almost no chance that you end up beating the index fund.”
– David Swensen, Unconventional Success

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  1. Note some articles can only be accessed through the search results if you’re using PC/desktop view (from mobile/tablet view they bring up the firewall/subscription page). To circumvent, switch your mobile browser to use the desktop view. On Chrome for Android: press the menu button followed by “Request Desktop Site”.

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