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Become a Better Investor Newsletter – 22 November 2025

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Noteworthy this week

  • Commodities appear cheap again
  • Japan’s gov’t bond yield shoots up
  • Investors don’t sit on much dry powder
  • EVs are just 4% of cars on the road
  • AI now creates more content than humans

Commodities appear cheap again: Commodities are priced for a world that doesn’t need them anymore. Commodities at 0.08x emerging markets means the market thinks we’ve solved scarcity. We haven’t.

Japan’s gov’t bond yield shoots up: Japan’s 10-year government bond yield surges to its highest level since June 2008 on talks of a US$110bn stimulus package.

Investors don’t sit on much dry powder: They are holding one of the lowest proportions of cash in modern history. When cash levels have been this low in the past, stocks have fallen and Treasuries have outperformed in the following 1-3 months.

EVs are just 4% of cars on the road: EVs account for 20% of global new car sales. However, they only make up 4% of cars on the road.

AI now creates more content than humans: AI now creates more content online than humans do. I wonder how much of that content has any substance.

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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

The Ultimate Contrarian’s guide to the coming Boom & Bust – State of the Markets

Listen on Apple or Spotify.

Readings this week

The Illusion of Progress

“In our hyper-financialized society, we have come to mistake valuation for value, and activity for achievement. The word ‘progress’ has been exploited to justify anything that moves—no matter what it destroys. What follows is an act of refusal to bow to the idea that more money is progress. If this essay has a motive, it is contempt for the trivial slogans that pass as thought, and for the hollow theory that confuses financial engineering with human improvement.”

Read the article.

Book recommendation

The Great Mental Models, Volume 1: General Thinking Concepts by Shane Parrish

“This volume details nine of the most versatile all-purpose mental models you can use right away to improve your decision making, your productivity, and how clearly you see the world. You will discover what forces govern the universe and how to focus your efforts so you can harness them to your advantage, rather than fight with them or, worse yet, ignore them.”

Get the book on Audible or Kindle.

Audible is great; have you tried it? If not, click here to get 2 books for free.

Memes of the week

Published on Become a Better Investor this week

Are you looking for smarter, more sustainable improvements? In this episode, John Dues joins Andrew Stotz to challenge the way schools – and businesses – set goals. Instead of chasing stretch targets that often frustrate teachers and students alike, John shows how to use data and systems thinking to create real improvement.

Listen to A Smarter Way to Set Goals

Radico Khaitan Limited (RDCK IN): Profitable Growth rank of 3 was up compared to the prior period’s 4th rank. This is above average performance compared to 560 large Cons. Staples companies worldwide.

Read Radico Khaitan – World Class Benchmarking

Singapore Technologies Engineering Limited (STE SP): Profitable Growth rank of 5 was same compared to the prior period’s 5th rank. This is average performance compared to 1,370 large Industrials companies worldwide.

Read Singapore Technologies Engineering – World Class Benchmarking

Henan Shuanghui Investment & Development Company Limited (000895 SZ): Profitable Growth rank of 2 was down compared to the prior period’s 1st rank. This is World Class performance compared to 540 large Cons. Staples companies worldwide.

Read Henan Shuanghui Investment & Development – World Class Benchmarking

Taiwan Union Technology Corporation (6274 TT): Profitable Growth rank of 2 was down compared to the prior period’s 1st rank. This is World Class performance compared to 620 large Info Tech companies worldwide.

Read Taiwan Union Technology Corp – 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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