Become a Better Investor Newsletter – 8 November 2025
Noteworthy this week
- 60% of stock markets have reached ATH
- High market concentration has been bad
- Emerging markets benefit from a weak US
- Oracle’s default risk surges
- High-investment companies underperform
60% of stock markets have reached ATH: Approximately 60% of global equity markets have reached all-time highs over the last 21 days, the most in at least two years.
The global bull market is accelerating:
~60% of world equity markets have reached all-time highs over the last 21 days, the most in at least 2 years.
This percentage has DOUBLED over the last several weeks.
The US, Canada, Japan, the UK, and Germany are among the major markets… pic.twitter.com/p76FkpnQaX
— The Kobeissi Letter (@KobeissiLetter) October 29, 2025
High market concentration has been bad: When it comes to stock market performance, the more concentrated the index becomes, the more attractive it is to sail in the opposite direction of cap-weighted strategies and go for equal-weighted.
Do NOT Concentrate 🫤
When it comes to stockmarket performance the more concentrated the index becomes, the more attractive it is to sail in the opposite direction of cap-weighted strategies and go for equal-weighted.
Probably a lot of this is the result of the dot com bubble… pic.twitter.com/Dt9gCkDMvq
— Callum Thomas (@Callum_Thomas) November 3, 2025
Emerging markets benefit from a weak US$: Emerging markets have rallied as the US$ has fallen. Now the question is: is DXY leading it lower?
The dollar has driven EM all year — EEM rallied as the buck fell. Now the question is: is DXY leading it lower?https://t.co/hlGkgAX8K5 pic.twitter.com/o5qsTbXxC7
— The Market Ear (@themarketear) November 5, 2025
Oracle’s default risk surges: Credit traders are buying protection against Oracle defaulting on its debt at the fastest pace since 2023.
🚨Oracle’s risk of DEFAULT is surging:
Oracle’s 5-year Credit Default Swap spiked to 81 basis pts, the highest in 2 YEARS.
Credit traders are buying protection against Oracle defaulting on its debt at the fastest pace since 2023.
Can Oracle sustain its aggressive AI buildout? pic.twitter.com/lA1q4cV6Gy
— Global Markets Investor (@GlobalMktObserv) November 2, 2025
High-investment companies underperform: Companies with the highest capital expenditures (Capex) tend to underperform over time, including railroads, telecom, and broadband.
The Fama-French “investment factor.”
Chart shows the total return of stocks of high-investment companies relative to low-investment companies from 1963 to 2025.
In the Fama-French five-factor model, the Investment factor (CMA – “Conservative Minus Aggressive”) captures this… pic.twitter.com/ueSiv8iE5z
— Tobias Carlisle (@Greenbackd) November 2, 2025
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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 Grant Williams Podcast Ep. 110 – Robert Glazer
“Together, we explore the difference between corporate ‘values’ that often ring hollow and genuine personal ones forged through experience—showing how an internal compass, once discovered, can guide people toward purpose, resilience, and meaningful success.”
Readings this week
Dumb money triumphant
“Is the US stock market in a bubble? I doubt we’re there yet, but one sign of speculative froth is the recent success of retail investors. On average, retail investors exhibit anti-skill in their stock selection decisions, meaning that their holdings underperform the market.”
Book recommendation
1Q84 by Haruki Murakami
“A young woman named Aomame follows a taxi driver’s enigmatic suggestion and begins to notice puzzling discrepancies in the world around her. She has entered, she realizes, a parallel existence, which she calls 1Q84 —‘Q is for “question mark.” A world that bears a question.’”
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
Zohran Mamdani Horrified To Discover He Now Has A Job https://t.co/wvmNh6NjJ8 pic.twitter.com/MHYO3AiqCT
— The Babylon Bee (@TheBabylonBee) November 5, 2025
Who did this? pic.twitter.com/EGyHhM78ut
— Not Jerome Powell (@alifarhat79) November 5, 2025
Published on Become a Better Investor this week
PT Bukalapak.com Tbk (BUKA IJ): Profitable Growth rank of 6 was down compared to the prior period’s 5th rank. This is below average performance compared to 790 medium Cons. Disc. companies worldwide.
Read Bukalapak.com – World Class Benchmarking
Siam Cement Public Company Limited (SCC TB): Profitable Growth rank of 4 was up compared to the prior period’s 9th rank. This is above average performance compared to 740 large Materials companies worldwide.
Read Siam Cement – World Class Benchmarking
Fangda Special Steel Technology Company Limited (600507 SH): Profitable Growth rank of 8 was up compared to the prior period’s 9th rank. This is below average performance compared to 910 large Cons. Disc. companies worldwide.
Read Fangda Special Steel Technology – World Class Benchmarking
Incyte Corporation (INCY US): Profitable Growth rank of 1 was up compared to the prior period’s 10th rank. This is World Class performance compared to 350 large Health Care companies worldwide.
Read Incyte Corp – World Class Benchmarking
In October 2025, we published 1 new episode of the My Worst Investment Ever podcast. Listen to all of them here.
Listen to My Worst Investment Ever October 2025
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.