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Become a Better Investor Newsletter – 19 July 2025

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Noteworthy this week

  • Gold has outperformed stocks YTD
  • China is buying more gold than declared
  • Central banks are loading up on gold
  • Nuclear is green
  • Virtue-signalling rich kid socialist for NYC mayor

Gold has outperformed stocks YTD: Gold has beaten the S&P 500 by more than 4x this year, 26% compared to 6%.

China is buying more gold than declared: According to Goldman Sachs, China is purchasing significantly more gold than the PBoC is reporting.

Central banks are loading up on gold: Gold is currently the asset class most in demand by central banks. One-third of surveyed reserve managers are expecting to increase their gold holdings in the next 1-2 years.

Nuclear is green: We have some countries like France, Slovakia, and Belgium that truly care about the environment and generate >50% of their energy from nuclear power.

Virtue-signalling rich kid socialist for NYC mayor: Rich kid eats rice with his hands. More performative modesty aimed at manipulating you into thinking he’s just a regular guy. Like Castro in his fatigues or Mao in his peasant tunic. Always the same playbook with rich kid socialists.

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Weekly market performance

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Chart of the week

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Podcasts we listened to this week

RWH058: WINNING WAYS W/ BILL NYGREN

“In this episode, William Green chats with investing legend Bill Nygren, who oversees about $25 billion at Harris Associates. Bill is the firm’s Chief Investment Officer for US Equities & co-manages two flagship mutual funds: Oakmark Select & Oakmark Fund. Here, he discusses the processes, principles, habits & mindset that have enabled him to beat the market over three decades.”

Listen to the episode.

Readings this week

Rethinking diversification in a fragmented global economy

“With fiscal uncertainty triggered by Donald Trump’s ‘big, beautiful tax bill’ disrupting global bond markets recently and Moody’s downgrade of the United States’ (US) credit rating, investor concerns continue to be exacerbated. This comes as the reshaping of global trade and investment flows by geopolitical tensions and expectations of persistently high inflation are increasing the correlation between bond and equity performance, prompting a fundamental rethink among investors looking to diversify their risk amid extreme levels of global uncertainty.”

Read the article.

Book recommendation

How States Think: The Rationality of Foreign Policy by John J. Mearsheimer & Sebastian Rosato

“To understand world politics, you need to understand how states think. Are states rational? Much of international relations theory assumes that they are. But many scholars believe that political leaders rarely act rationally. The issue is crucial for both the study and practice of international politics, for only if states are rational can scholars and policymakers understand and predict their behavior.”

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Memes of the week

New My Worst Investment Ever episodes

Ep808: Blair LaCorte – How Greed, Pride, and Friendship Cost Me Everything

BIO: Blair LaCorte is a dynamic executive with experience across entertainment, aviation, AI, aerospace, consulting, and more.

STORY: Blair shares three catastrophic investment failures and the life-altering lessons that rewired his approach to wealth.

LEARNING: Chase knowledge, not hype, and don’t let greed hijack logic. Invest with friends only if you’re willing to lose both.

Access the episode’s show notes and resources

Published on Become a Better Investor this week

In this episode of Enrich Your Future, Andrew and Larry Swedroe discuss Larry’s new book, Enrich Your Future: The Keys to Successful Investing. In this series, they discuss Chapter 37: Sell in May and Go Away: Financial Astrology and Chapter 38: Chasing Spectacular Fund Performance.

Listen to Enrich Your Future 37 & 38: The Calendar Is a Crook & Hot Funds Are a Trap

King Slide Works Company Limited (2059 TT): Profitable Growth rank of 1 was same compared to the prior period’s 1st rank. This is World Class performance compared to 750 medium Info Tech companies worldwide.

Read King Slide Works – World Class Benchmarking

Advanced Info Service Public Company Limited (ADVANC TB): Profitable Growth rank of 2 was up compared to the prior period’s 3rd rank. This is World Class performance compared to 250 large Comm. Serv. companies worldwide.

Read Advanced Info Service – World Class Benchmarking

Korea Electric Power Corporation (015760 KS): Profitable Growth rank of 1 was up compared to the prior period’s 2nd rank. This is World Class performance compared to 320 large Utilities companies worldwide.

Read Korea Electric Power Corp – World Class Benchmarking

Beijing Yanjing Brewery Company Limited (000729 SZ): Profitable Growth rank of 6 was down compared to the prior period’s 5th rank. This is below average performance compared to 560 large Cons. Staples companies worldwide.

Read Beijing Yanjing Brewery – World Class Benchmarking

DISCLAIMER: This content is for information purposes only. It is not intended to be investment advice. Readers should not consider statements made by the author(s) as formal recommendations and should consult their financial advisor before making any investment decisions. While the information provided is believed to be accurate, it may include errors or inaccuracies. The author(s) cannot be held liable for any actions taken as a result of reading this article.

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