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Become a Better Investor Newsletter – 25 April 2026

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Noteworthy this week

  • Trump extends the US ceasefire with Iran
  • China is still stockpiling gold
  • Strong 10-day rallies are bullish
  • US Gov’t to start refunding US$166bn in tariffs
  • Moody’s upgrades Thailand’s credit outlook

Trump extends the US ceasefire with Iran: “I will therefore extend the ceasefire until such time as their proposal is submitted and discussions are concluded one way or the other.” President Donald J. Trump

China is still stockpiling gold: China imported 162 tonnes of gold in March, the most in a year and the third straight monthly increase, bringing the YTD total to 365 tonnes. Meanwhile, the central bank added 5 tonnes to its reserves, its largest monthly purchase since Feb 2025 and the 17th in a row, pushing official holdings to a record 2,313 tonnes.

Strong 10-day rallies are bullish: The S&P 500’s 9.8% surge over ten days ranks among the largest on record. The instinct is to treat that as a warning sign, but history tells a different story. Of the top 20 ten-day rallies since 1950, the index was higher a year later 84% of the time, with an average gain of 18%.

US Gov’t to start refunding US$166bn in tariffs: Following a Supreme Court ruling that struck down the tariff policy as unlawful, businesses can begin filing claims through a new Customs system starting April 20. Over 330,000 importers across 53 million shipments may be eligible, with refunds plus interest expected within 60–90 days.

Moody’s upgrades Thailand’s credit outlook: The ratings agency lifted Thailand’s outlook from negative, pointing to reduced risks from US tariffs and stronger domestic investment momentum. The country’s sovereign rating was affirmed at Baa1.

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Weekly market performance

Chart of the week

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Podcasts we listened to this week

The Master Investor Podcast with Wilfred Frost: Jeremy Grantham | Lessons from 60 legendary years of investing.

“Jeremy Grantham is one of the greatest investors of all time, and is famous for correctly identifying the four major stock market bubbles of his 60-year investment career. He joins Wilf to discuss the key ideas of his new book, The Making of a Perma Bear.”

Listen on Apple or Spotify.

Readings this week

Collaborative Fund | The Power of Constraints by Ted Lamade

“Today, NBC Sports owns the rights to many of sports’ “crown jewels,” including the Super Bowl, the NBA, the Premier League, Notre Dame Football, and of course, the Olympics. Yet, it hasn’t always been this way.”

Read the article.

 

Memes of the week

New My Worst Investment Ever episode

Ep820: Tony Martignetti – A Flattering Binder and $13,500 Down the Drain

BIO: Tony Martignetti is the evangelist for Planned Giving fundraising for small- and mid-size nonprofits.

STORY: Two years into building his business, Tony convinced himself he could become the nation’s thought leader on planned giving fundraising — not just for nonprofits, but for all Americans. He walked into a swanky Midtown Manhattan PR agency, got dazzled by a four-inch binder, and signed up at $6,750 per month. Two months and $13,500 later, his only return was a single bylined op-ed in a free subway newspaper.

LEARNING: Check your ego. Vet your big ideas with honest, trusted people before spending any money. Understand that PR, even when it works, rarely converts to actual revenue.

Access the episode’s show notes and resources

Published on Become a Better Investor this week

Coca-Cola Consolidated Incorporated (COKE US): Profitable Growth rank of 2 was down compared to the prior period’s 1st rank. This is World Class performance compared to 560 large Cons. Staples companies worldwide.

Read Coca-Cola Consolidated Inc – World Class Benchmarking

Duskin Company Limited (4665 JP): Profitable Growth rank of 4 was same compared to the prior period’s 4th rank. This is above average performance compared to 1,390 large Industrials companies worldwide.

Read Duskin – World Class Benchmarking

Midea Group Company Limited (000333 SZ): Profitable Growth rank of 3 was same compared to the prior period’s 3rd rank. This is above average performance compared to 920 large Cons. Disc. companies worldwide.

Read Midea Group – World Class Benchmarking

Osotspa Public Company Limited (OSP TB): Profitable Growth rank of 1 was up compared to the prior period’s 5th rank. This is World Class performance compared to 560 large Cons. Staples companies worldwide.

Read Osotspa – World Class Benchmarking

IHH Healthcare Berhad (IHH MK): Profitable Growth rank of 7 was same compared to the prior period’s 7th rank. This is below average performance compared to 370 large Health Care companies worldwide.

Read IHH Healthcare – 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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