Become a Better Investor Newsletter – 29 November 2025
Noteworthy this week
- AI spending is low
- The world is going off the US$
- Retail drives US stock trading
- China sees a decline in investments
- Japan is stuck between a rock and a hard place
AI spending is low: Wait, what?! As a share of GDP, UBS says the AI capex is low relative to previous technology/infrastructure booms.
Maybe we’re not spending enough on AI?
via @UBS pic.twitter.com/iPuGtLffS9
— Meb Faber (@MebFaber) November 20, 2025
The world is going off the US$: Not anytime soon, it seems, though. Many have been touting how countries aim to become less dependent on the US$. So far, it appears to be mainly talk.
U.S. Dollar now accounts for 89% of all foreign exchange volume, an increase from 3 years ago 📈💵 But BRICS….. pic.twitter.com/HhmjVWW5nl
— Barchart (@Barchart) November 20, 2025
Retail drives US stock trading: Retail traders are now the biggest volume traders in the entire US equity market.
Retail traders are now the biggest volume traders in the entire U.S. equity market (Empirical Research Partners) pic.twitter.com/MaWC0rzVqI
— Special Situations 🌐 Research Newsletter (Jay) (@SpecialSitsNews) November 23, 2025
China sees a decline in investments: Fixed-asset investment in China fell 1.7% YoY during the first 10 months of 2025, the worst decline on record. Property investment remained the biggest drag, falling 14.7% YoY in the first 10 months of the year.
China is experiencing an unprecedented decline in investment:
Fixed-asset investment in China fell -1.7% YoY during the first 10 months of 2025, the worst decline on record.
In October alone, investment dropped -12.0%, marking the 5th consecutive monthly decline.
Property… pic.twitter.com/rqPVTjc6ar
— The Kobeissi Letter (@KobeissiLetter) November 24, 2025
Japan is stuck between a rock and a hard place: “The only certainty for Japan is that it’ll have either a debt crisis or a currency crisis…” Massive government debt and rising bond yields create a tough situation for Japan.
Japan is in denial on debt. It’s 10-year gov’t bond yield is only 1.8% (blue), which looks ok, but that same yield 10-years forward is 4.0% (orange) and 20-years forward is 4.4% (red). The only certainty for Japan is that it’ll have either a debt crisis or a currency crisis… pic.twitter.com/eyX6cBoo2I
— Robin Brooks (@robin_j_brooks) November 22, 2025
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Podcasts we listened to this week
Lender of Last Resort – Against the Rules: The Big Short Companion
“When Michael Lewis wrote The Big Short, there was an extra character in the story: The Federal Reserve System, the central bank of the US, which bought up bad debt on the balance sheets of big Wall Street banks and trading firms. To better understand the Fed’s role in the financial crisis of 2008, Michael turns to UC Berkeley economics professor Emi Nakamura.”
Readings this week
How the Microscope Slowed Progress
“For a moment, it looked as though biology had been cracked open. But what the microscope revealed was not a new foundation for science. It was a new frontier of confusion.”
Book recommendation
Think Least of Death: Spinoza on How to Live and How to Die by Steven Nadler
“How can we lead a good life and enjoy happiness in a world without a providential God? In Think Least of Death, Pulitzer Prize–finalist Steven Nadler connects Spinoza’s ideas with his life and times to offer a compelling account of how the philosopher can provide a guide to living one’s best life.”
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
— Not Jerome Powell (@alifarhat79) November 25, 2025
At this rate it’s gonna be at 100 by the end of the year https://t.co/T3eB7BOEDA
— greg (@greg16676935420) November 26, 2025
Published on Become a Better Investor this week
Ever wondered what Dr. Deming really meant by “profound knowledge” — and how it can still transform your work today? In this conversation, Bill Scherkenbach shares with host Andrew Stotz lessons from Dr. W. Edwards Deming on profound knowledge, systems thinking, and why “knowledge without action is useless, and action without knowledge is dangerous.”
Listen to What is “Profound Knowledge”? An Insider’s View of Deming’s World (Part 4)
Maruha Nichiro Corporation (1333 JP): Profitable Growth rank of 6 was up compared to the prior period’s 9th rank. This is below average performance compared to 540 large Cons. Staples companies worldwide.
Read Maruha Nichiro Corp – World Class Benchmarking
DFI Retail Group Holdings Limited (DFI SP): Profitable Growth rank of 7 was up compared to the prior period’s 8th rank. This is below average performance compared to 540 large Cons. Staples companies worldwide.
Read DFI Retail Group Holdings – World Class Benchmarking
China Wafer Level CSP Company Limited (603005 SH): Profitable Growth rank of 4 was same compared to the prior period’s 4th rank. This is above average performance compared to 710 medium Info Tech companies worldwide.
Read China Wafer Level CSP – World Class Benchmarking
Thai Vegetable Oil Public Company Limited (TVO TB): Profitable Growth rank of 1 was same compared to the prior period’s 1st rank. This is World Class performance compared to 540 large Cons. Staples companies worldwide.
Read Thai Vegetable Oil – 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.