Larry Swedroe

St. Louis

Freelance Contributor at Freelance

My life's mission is to educate people about the right way to invest. Author of 18 books on investing, the latest of which is Enrich Your Future

Articles

The Effect of FOMO Fever on Financial Markets

2 weeks ago | larryswedroe.substack.com | Larry Swedroe

Fear of Missing Out (FOMO) is a psychological anxiety that prompts investors to worry about missing out on potentially lucrative investment opportunities that others are capitalizing on. This phenomenon has gained significant attention, particularly with the rise of cryptocurrencies and social media's influence on financial decisions.
As Uncertainty Increases Investors Tend to Focus on the Possible Negative Outcomes

2 weeks ago | larryswedroe.substack.com | Larry Swedroe

The recent sharp drop in equity prices has been fueled by heightened uncertainty surrounding tariff policies. This reaction is not unusual—investors often focus disproportionately on potential negative outcomes during periods of market turbulence, neglecting the possibility of positive developments or corrective policy actions.
2025 First Quarter Economic and Market Outlook

3 weeks ago | larryswedroe.substack.com | Larry Swedroe

The first quarter has been all about geopolitical and economic policy uncertainty. Laying off government workers puts upward pressure on unemployment, and imposing tariffs increases prices and lowers demand for foreign goods. DOGE employment cuts and tariffs combined are a mild temporary shock to the economy that will likely put modest upward pressure on inflation and modest downward pressure on GDP.
How Sustainable Is US Exceptionalism?

4 weeks ago | morningstar.com | Larry Swedroe

The major narrative of the 17-year period between 2008 to 2024 was that US stocks far outperformed international stocks: The S&P 500 index returned 10.7% annually on average, the MSCI EAFE Index 3.3% per year, and the MSCI Emerging Markets Index 1.9% per year.
Simplicity Wins, at a Cost

1 month ago | wealthmanagement.com | Larry Swedroe

Indira Puri, author of the groundbreaking study “Simplicity and Risk,” published in the April 2025 issue of the Journal of Finance, challenges traditional finance models by demonstrating that humans aren’t just risk-averse, they are also complexity-averse (“simplicity is a unique component of choice”). This discovery reshapes our understanding of decision-making and portfolio design.
2025 Private Credit Fund Expenses

1 month ago | larryswedroe.substack.com | Larry Swedroe

Each year Cliffwater conducts a survey of the major fund sponsors in private credit. Their 2025 survey covered 68 firms managing over $1.3 trillion in direct lending assets. The following is a summary of their key findings. Note that effective management fees are determined in the following manner: When fees are based on gross assets (many private funds use leverage) they are converted to a percentage of net assets.
Adverse Effects of Index Replication

1 month ago | alphaarchitect.com | Larry Swedroe

—Important DisclosuresFor informational and educational purposes only and should not be construed as specific investment, accounting, legal, or tax advice. Certain information is deemed to be reliable, but its accuracy and completeness cannot be guaranteed. Third party information may become outdated or otherwise superseded without notice.
Private Infrastructure as an Asset Class

1 month ago | alphaarchitect.com | Larry Swedroe

Private infrastructure refers to physical assets that provide and/or support essential services such as energy grids and data centers. Typically operating under long-term contracted or regulated business models, infrastructure assets can offer stable cash flows with relatively low sensitivity to the economic cycle, due to factors such as steady demand growth and potentially predictable cash flows, as well as providing diversification benefits.
Payment-in-Kind, The Pros and Cons of Deferred Income in Direct Lending

1 month ago | larryswedroe.substack.com | Larry Swedroe

What is a Payment-in-Kind (PIK) Loan? A PIK loan is a loan where the borrower is allowed to make interest payments in forms other than cash. PIK payments are typically made by either deferring the interest payment (increasing the amount of debt) or by issuing additional equity securities (such as stock options warrants, shares, or preferred stock) to compensate for the interest.
Can AI Empower Investors?

1 month ago | fa-mag.com | Larry Swedroe

Most investors have received very little formal education on financial theory and investing, despite the importance of these topics. Unless you have an MBA in finance, it’s likely you haven’t taken a single course in capital markets theory. I once asked a group of accounting firm employees if they’d taken such a course. Only one had.

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Larry Swedroe @larryswedroe

22 Apr 25

My latest Wealth Management article examines the increasing role of alternatives by public pension plans. https://t.co/YK1UQjaV4z

Larry Swedroe @larryswedroe

21 Apr 25

My latest Substack article examines new research on how individual investors research stocks https://t.co/6n5tx3cDbR

Larry Swedroe @larryswedroe

18 Apr 25

My latest Alpha Architect column examines new research on Momentum, Enhancing Industry Momentum Strategies: Finding Hidden Neighbors https://t.co/90tDORPHFG

Larry Swedroe

Articles

The Effect of FOMO Fever on Financial Markets

As Uncertainty Increases Investors Tend to Focus on the Possible Negative Outcomes

2025 First Quarter Economic and Market Outlook

How Sustainable Is US Exceptionalism?

Simplicity Wins, at a Cost

2025 Private Credit Fund Expenses

Adverse Effects of Index Replication

Private Infrastructure as an Asset Class

Payment-in-Kind, The Pros and Cons of Deferred Income in Direct Lending

Can AI Empower Investors?

Contact details

Emails

Socials & Sites

X (formerly Twitter)