With 2025 coming to an end, it’s time for my annual tradition of gathering my favorite investment writing of the year. I started this tradition in 2017, and have continued it ever since (2018, 2019, 2020, 2021, 2022, 2023, 2024).
2025 was a year of turbulence (in April) and a year of growth. And though AI has infiltrated the writing space like never before, there are still many great human writers doing their thing. With that being said, I present my favorite investment writing of 2025:
Howard Marks is one of the best investment writers and thinkers in our industry and this piece (which came out in early 2025) set the stage for many of the bubble discussions that followed throughout the year. While Marks doesn’t adamantly claim that everything is in a bubble, he does provide measured evidence illustrating how valuations seem stretched in today’s environment. A great read to orient yourself as we go into 2026.
While Marks was discussing the possibility of a bubble in public markets, Josh Brown penned this wonderful article on what’s happening in private markets. Similarly, Josh doesn’t claim that private equity is bad or in a huge bubble, but rather highlights what Wall Street has done to get more investors into this historically exclusive asset class. Filled with humor and wit in equal measure, this piece is for anyone who wants to know what’s been happening in private markets.
There were a lot of housing posts published in 2025, but this one had the most in-depth research of any I read. Quite simply, Katie Gatti Tassin crushed it here. If you want to know why the U.S. has a housing crisis and why it probably won’t be solved anytime soon, read this piece.
Every year I put a Ben Carlson housing piece on this list because every year he delivers. This year Ben asks, “When will housing prices fall?” and then answers the question with solid data and analysis. There’s a reason Ben is the best housing writer in our space, and this piece illustrates why.
You can tell when a writer is passionate about a topic and it clearly shows here for Morgan. Not only does he define different forms of independence and why they matter, but he also demonstrates why independence is the key to producing great work. A must read for anyone trying to live life on their own terms.
I discovered Rick Foerster rather recently and loved this piece on career leverage. I’ve written on leverage before, but this guide from Rick is far more detailed and provides a lot more high-leverage options for those looking to transform their career. If you want to understand how to earn more in the future via leverage, this is the piece to read.
Every time the market crashes, Michael Batnick produces his absolute best work. The calm and collected tone during the high uncertainty back in April was something every investor needed to hear. And while the market turbulence has since passed, this is a good reminder on how the stock market tends to bottom before things get better.
Right as the market crashed in April, Christine Benz came out with this simple, yet effective reminder on what things to do during a chaotic market. This was not a piece on market timing, but a gentle reminder to have your affairs in order in case things got worse. An evergreen read whether we are experiencing a chaotic market or not.
Rubin Miller came out with this wonderful piece one month before the market crashed back in April, but it was timely nonetheless. It reads like a greatest hits of Miller’s ideas on volatility, rebalancing, and much more. If you want a broader perspective on managing your portfolio during market downturns, check this one out.
Shortly after Warren Buffett announced that he was stepping down from Berkshire Hathaway, Callie Cox wrote this great article. Not only was it an ode to Buffett and his legacy, but it provides real-world takeaways on how to invest more like the Oracle of Omaha. Though the advice is deceptively simple, a periodic reminder doesn’t hurt.
I love evidence-based financial writing and Kelsey Piper delivers it in this one on the effectiveness of universal basic income (UBI). Historically, I was a fan of UBI, but after reading this piece it seems like the result is less promising than I would’ve hoped. An incredible read for anyone trying to understand where UBI helps people…and where it doesn’t.
Though Kyla Scanlon is more of an economics writer, I had to include her work here because she is writing on the very topics that are impacting markets and our day-to-day lives. This one takes an in-depth look at how companies get rich off of our attention and how that landscape has evolved over the past decade. A must read for anyone trying to understand the impact of social media on our lives.
I don’t usually read about cryptocurrency and other forms of speculation, but this piece by “jez” is simply fantastic. Whether we like it or not, speculation is a large part of the investment space and this post explains why. While I don’t agree with everything written here, it’s a must read for those who want to know more about the non-traditional world of finance.
This post isn’t about investing per se, but it tackles the topics of life, death, and decision-making in an incredible way. Zweig does a great job examining Daniel Kahneman’s final decision to end his life and the impact this decision had on Kahneman’s friends, family, and extended community.
Unfortunately, we lost a legend of financial writing in 2025—Jonathan Clements. Clements was known for his simple, clear communication around money and I enjoyed many of his books. “Farewell Friends” was Clements’ last blog post. May he rest in peace.
I hope you enjoyed this year’s annual review.
Thank you for reading.
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This is post 480. Any code I have related to this post can be found here with the same numbering: https://github.com/nmaggiulli/of-dollars-and-data
