HeyJaredThe Intellectual Edge
Uncovering timeless investing insights and sharing the best with you, every week.
- Indexed issues, last 90 days
- 12
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- Sep 28, 2026
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- Jul 5, 2026
Latest issues
The Lessons of Howard Marks’ Memos Pt.1 (‘16-’20) (opens the original)
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Welcome back to the best series on Substack (in my completely unbiased view…). As another week rolls around, so does another installment of lessons from Howard Marks’ memos.If you’re a regular here you can head straight on down to the start of the memos, but if you’re new here, allow me to explain a little about this series.I started this series last year in the hopes of tapping into, understanding, and borrowing the ideas of one of the greatest investors markets has seen — that is of course How
A Beginners Guide to Game Theory - Pt.2 (opens the original)
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Welcome back to this introductory series on Game Theory! This is part two of two.After finishing this series, it’s become apparent the game theory rabbit hole is a deep one — do expect more discussions on this in the future.In part one we defined what game theory is, why it matters for investors, and then we outlined the main classifications of games. If you haven’t read it yet, I highly encourage you to do so.You can read it her
A Beginners Guide to Game Theory - Pt.1 (opens the original)
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The topic of game theory is widely discussed but not so widely understood, we all nod along as though we know the details of the Prisoner’s Dilemma or the Nash Equilibrium, but do we really get it? Could we explain it to a child? That was Einstein’s way of knowing whether someone understood something. Can you explain it to a child? He would ask. If they can’t get it you don’t know it well enough. I think for many people game theory falls under the “I know it but I couldn’t explain to a child” br
You haven’t spent enough time on this. (opens the original)
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You’ve likely heard the classic piece of psychological research that found more than half of road users think they’re above average. This has become the go-to example of overconfidence bias.Overconfidence is most perverse in investing, and I’d guarantee that more than half of equity investors think they’re above average. In fact I’d say almost 100% of active investors think they’re above average. It doesn’t make sense in any other case; if you think you’re average, you’d save the time and hand y
When you should trust your intuition (and when not to) (opens the original)
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The world of investment research is booming.If we were to view investment research as a bottle of water, we might say the internet bought it close to full capacity, but now with social media and AI, it’s been carbonated, shaken, and let loose. Quality research is flying out the door — the issue now lies in discovering and differentiating it from the crap research we’re inundated with. It’s not easy, and these days there’s only one thing better than discovering a quality piece of research: discov
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