HeyJaredThe Falling Knife
Welcome to my Substack, where I will write about investing, marriage and family, culture, and random topics. All subscription money will be donated to The Human Fund (sorry, that's for Seinfeld fans). Really, to a good cause.
- Indexed issues, last 90 days
- 12
- Latest publication
- Sep 21, 2026
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- Earliest in this view
- Jul 7, 2026
Latest issues
A Lanyard for my Parents (opens the original)
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As it’s Yom Kippur and I’ve been in synagogue, I didn’t expect to post anything this week, but this morning in the Yizkor memorial service the Rabbi read a poem that inspired me. “The Lanyard,” by former Poet Laureate Billy Collins, is about making one of those entwined plastic strips at camp as a gift for his mother. Most of us likely have probably “lanyarded” sometime or other, and you may be picturing one now.First, an excerpt from the poem:I had never seen anyone use a lanyardor wear one, if
Ten Meaningful Moviegoing Experiences (opens the original)
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I’ve loved going to the movies since I was four and, so my mother used to say, made her sit through Mary Poppins twice in a row. Thinking back on my movie experiences, some stand out as especially meaningful, including ones that shaped my whole way of thinking. This list is made up of those, not the “best” movies, or even my favorites. And they had to be in a theater, though I’ve had some powerful home moments, as I aged through the technology (TV/VCR/DVD/streaming), e.g., the annual CBS showing
Druckenmiller Unbound (opens the original)
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Recently, there was some hoopla over ex-hedge fund manager Stanley Druckenmiller’s Wall Street Journal op-ed criticizing the Treasury’s bond-buying operation. It was suspected, then confirmed by Druckenmiller, that it was AI-written. The WSJ editor, Paul Gigot, defended publishing it on the grounds that the ideas were all Druckenmiller’s and that was the important thing. (I don’t agree that ideas and the language they’re expressed in are easily separable, but let’s pass over that.)I reread the p
SaaSpocalyse No (opens the original)
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In a recent post,1 I laid out my theory that the rise of internet trading in the mid-1990s made the U.S. stock market much more efficient. To summarize: in the decades prior, the market had been dominated by institutions like mutual funds who, because they couldn’t tolerate even two quarters of underperformance, would en masse dump any stock with short-term headwinds. The arrival of 18 million retail traders with longer-term horizons (as well as the growth of hedge funds) arbitraged away most of
Paying for Information (In Reverse) (opens the original)
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I’ve written before about my Firebird co-founder Brom Keifetz, who passed away in 2014 while living the life of an online sports bettor and all-night Texas Hold ’Em player in Panama City.1 Brom was a brilliant fount of aphorisms, many derived from gambling, and when we were partners, we often found them perfectly applicable to investing.One thing Brom used to say was, “You have to get comfortable with the idea of paying for information.” In poker, that means you may have to call a bet or a raise
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