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Become a Better Investor Newsletter – 17 January 2026

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Noteworthy this week

  • US printer goes brrr…
  • China’s trade surplus grows
  • Iran escalation and de-escalation
  • A big issue with AI
  • Another issue with AI is energy

US printer goes brrr…: US M2 money supply jumped US$1.7trn in 2025. This marks the largest annual increase since 2021 and the 3rd consecutive annual gain.

China’s trade surplus grows: The country’s trade surplus hit a record of US$1.2trn, as the fall in exports to the US was more than offset by higher shipments to other countries.

Iran escalation and de-escalation: The Iranian people rise against their authoritarian regime. Trump quickly escalated the situation, then de-escalated it a few days later. The de-escalation was reflected rapidly in commodities like oil and silver.

A big issue with AI: StackOverflow provided data to LLMs, LLMs replaced StackOverflow, and now no new Q&A hub exists to provide fresh data.

Another issue with AI is energy: The average price of electricity per Kilowatt-hour in the US has risen significantly. Part of this is driven by higher demand from AI.

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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

#409 The Creative Genius of Rick Rubin | Founders

“I set out to write a book about what to do to make a great work of art. Instead, it revealed itself to be a book on how to be.” —Rick Rubin. This episode is what I learned from reading The Creative Act: A Way of Being by Rick Rubin.

Listen on Apple or Spotify.

Readings this week

Gold Measures the Real Value of other Assets

“Gold stocks soared in 2025. As discussed in other letters, returns that large usually come at the beginning of a bull market, as prices lurch up from the abyss, and at the end, when greed matures into a mania. We think it’s clear that the former condition applies. The Fed has lost its leverage.”

Read the article as a PDF.

Book recommendation

Soldier of Fortune: Warren Buffett, Sun Tzu and the Ancient Art of Risk-Taking by Tobias Carlisle

“Soldier of Fortune: Warren Buffett, Sun Tzu and the Ancient Art of Risk-Taking shows how Warren Buffett’s investment method mirrors Sun Tzu’s ancient strategy in The Art of War. The book is a masterful synthesis of 2,500 years of risk-taking strategy, distilled into 13 practical laws.”

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

How do we really know when improvement has happened inside a school or organization? In this episode, John Dues and Andrew Stotz unpack a clear, three-part definition of improvement and show why evidence, method, and sustained results matter far more than year-to-year comparisons.

Listen to When is Change an Improvement?

JD Food Public Company Limited (JDF TB): Profitable Growth rank of 2 was up compared to the prior period’s 3rd rank. This is World Class performance compared to 300 small Cons. Staples companies worldwide.

Read JD Food – World Class Benchmarking

Practical Solution Public Company Limited (TPS TB): Profitable Growth rank of 2 was same compared to the prior period’s 2nd rank. This is World Class performance compared to 740 small Info Tech companies worldwide.

Read Practical Solution – World Class Benchmarking

Better World Green Public Company Limited (BWG TB): Profitable Growth rank of 3 was up compared to the prior period’s 6th rank. This is above average performance compared to 860 small Industrials companies worldwide.

Read Better World Green – World Class Benchmarking

V.L. Enterprise Public Company Limited (VL TB): Profitable Growth rank of 7 was down compared to the prior period’s 4th rank. This is below average performance compared to 130 small Energy companies worldwide.

Read V.L. Enterprise – 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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