HeyJaredKlement on Investing
Thoughts on financial markets by a grumpy, middle-aged German. What more do you want?
- Indexed issues, last 90 days
- 28
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- Sep 30, 2026
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- Aug 26, 2026
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Corporate taxes and creative destruction (opens the original)
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There aren’t many good things that happen in a recession or a crisis, but Schumpeterian creative destruction is one of them. If weaker companies default, the stronger ones have more room to grow. Employees of the weaker companies lose their jobs, but hopefully, they can find a new job in the surviving firms, which typically have higher productivity than the failed firms.Let’s ignore for a moment that it has by now been more than two decades since we let creative destruction happen on a large sca
Index funds make active managers worse (opens the original)
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‘Blame it on the index funds’ is a popular game when it comes to analysing market concentration and the extreme valuations of US megacaps. But apparently, the rise of index funds has also made active managers worse.Index funds have become the dominant investment vehicle in the US by now. At the end of 2024, passive funds accounted for 20% of US stock market capitalisation while actively managed funds stood at 12%. Passive funds in the US surpassed active funds in assets under management in 2020.
Companies are already feeling the pain (opens the original)
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Climate change is here. Anyone who has lived through the umpteen heat waves in the UK and Europe this year knows that we are not just living through an ‘unusually hot summer’. Even businesses can feel the pain.In its annual climate barometer survey, Germany’s KfW bank asked 800,000 German businesses about the impact climate change has on their businesses. The full report is only available in German (or rather, I could only find it in German), but the key results are available in E
The economics of being an artist (opens the original)
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Some artists are uber-rich; most are not. Indeed, a study of the economic (mis)fortunes of artists in the EU and UK by Ioannis Laliotis and Christos Makridis shows exactly how poor they are compared to similarly qualified professionals and the workforce in general.The chart below shows the difference in annual income between artists and similar workers or professionals in their country. Similar in this respect means similar in age, educa
AI could help governments cut debt — but unevenly (opens the original)
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My latest opinion piece for Reuters is out this morning. And while I am very concerned about the financial market bubble in AI, I am veery hopeful for the technology as such. And ironically, it could help us deal with our government ddebt issues.AI could help governments cut debt — but unevenlyLONDON, Sept 24 (Reuters) - AI promises to deliver significant productivity gains to individuals and businesses, but could it also help developed market governments reduce their budget deficits and pay dow
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