Nick Maggiulli
Everything, newest first — across every channel. Their profile → · Subscribe
Hiding
13 October
10 October
6 October
30 September
29 September
22 September
From one piece Is Startup Equity a Bad Deal? 3 beliefs, in the piece's order there
-
korrents.com
The real value of working at a startup is often the experience and network it provides, not the equity.Their words
the real case for working at a startup isn't always the equity, but the experience and the network that comes along with it.
-
Their words
I'd never recommend that someone take on a concentrated, illiquid asset that is correlated with their main source of income, but then again, that's why these outsized rewards exist in the first place.
-
Their words
Statistically, for most employees, it will turn out worse than they hope. But if you negotiate the right terms and set the proper expectations around exit, it can still be worth the risk.
15 September
From one piece What Was the Best Portfolio Over the Last 50 Years? 2 beliefs, in the piece's order there
-
Their words
the Optimal Portfolio is the ideal solution to the world of yesterday, not the world of tomorrow. This is why the "best" portfolio will always be an illusion.
-
Their words
This has convinced me that the actual optimal portfolio is the one that you can stick with no matter what the world throws at you.
8 September
From one piece Living Poor to Die Rich 3 beliefs, in the piece's order there
-
korrents.com
Gains earned too quickly can trap an investor in a position they feel unable to escape.Their words
Unfortunately, gains generated that quickly can become a financial prison that you can't escape from.
-
Their words
Because, in my experience, people hate paying taxes more than they like making money.
-
Their words
I mean poor in the sense that money you'll never spend isn't really your money.
1 September
From one piece Which Graduate Degrees Are the Best Investment? (Why I Skipped My MBA) 3 beliefs, in the piece's order there
-
Their words
More importantly, even if AI could do the job, that doesn't mean it will be allowed to.
-
Their words
AI is incredible for certain kinds of tasks, but I still believe there is no substitute for thinking.
-
korrents.com
As AI displaces entry-level jobs, the return on investment for graduate degrees will rise.Their words
As AI hollows out entry-level work (there's already some evidence for this), counterfactual earnings will decline. As a result, the ROI of getting a graduate degree should go up.
25 August
-
korrents.com
The froth visible in US markets in 2025 was the 2021 mania returning, and reason enough to take risk off.Their words, before
It’s not that any one of these things represents a mania, but collectively they do. And I know what can happen after that mania.
Their words now
Since then U.S. stocks are up 16% (total return) and my bearish prediction turned out to be misguided.
From one piece Why I Was Wrong to Be Bearish on U.S. Stocks 4 beliefs, in the piece's order there
-
korrents.com
An investor's starting point should be the portfolio that is best to hold independent of any tactical market viewTheir words
it’s better to have a portfolio that can handle stocks whether they are overvalued or not
Why I Was Wrong to Be Bearish on U.S. Stocksofdollarsanddata.com
-
korrents.com
A portfolio you cannot hold through an ordinary market cycle is not a portfolio but a bet.Their words
Because if you can’t handle standard market cycles, then you don’t have a portfolio, you have a bet.
Why I Was Wrong to Be Bearish on U.S. Stocksofdollarsanddata.com
-
korrents.com
The base rate for US stocks over any one year is that they rise, and forgetting it is how market calls go wrong.Their words
the base rate for U.S. stock performance (in aggregate) over one year is that they go up
Why I Was Wrong to Be Bearish on U.S. Stocksofdollarsanddata.com
+ 1 more
-
korrents.com
The S&P 500’s price-to-sales ratio no longer signals what it once did, because today’s companies earn higher margins.Their words
Therefore, the only correct interpretation of the P/S ratio over the last decade is that it doesn’t signal what it used to.
Why I Was Wrong to Be Bearish on U.S. Stocksofdollarsanddata.com
18 August
11 August
4 August
From one piece Why $100 in Your 20s is Worth $500 in Your 60s 2 beliefs, in the piece's order there
-
Their words
Blowing all your money while young isn’t a smart move, but hoarding money now that you won’t spend later is worse.
Why $100 in Your 20s is Worth $500 in Your 60sofdollarsanddata.com
-
Their words
The habituation to novel experiences makes spending money earlier in life more valuable than later in life.
Why $100 in Your 20s is Worth $500 in Your 60sofdollarsanddata.com
28 July
From one piece The Problem with Optionality 2 beliefs, in the piece's order there
-
korrents.com
Refusing to commit is the right strategy inside a portfolio and the wrong one everywhere else in life.Their words
In investing, non-commitment leads to better than average outcomes for the typical investor.
-
korrents.com
Every year spent keeping your options open is a year not spent on whatever you eventually commit to.Their words
Every year you spend with options is another year you don’t spend on the thing you eventually commit to.
21 July
Nothing matches.
What is a korrent?
A korrent is a belief a person has stated in their own words: one sentence stating the claim, backed by a quote and a source, kept at korrents.com.
Under a name here, the quoted block is what they actually said. The korrent beneath it is the claim those words support, in korrents' wording — tap it to see the record, its source, and who else holds it.
Nobody here wrote their own korrents. They are compiled from public statements, and a person can change their mind, which is recorded too.
About the English under a post
Some people here publish in a language other than English. Where they do, this site shows a machine translation beneath the post, in this typeface — the site's own, not theirs.
The post itself is never changed, moved or hidden: what is set in the serif above is exactly what the person published, and it is what to quote them on. A translation can be wrong in ways that matter, especially about tone.
Only the post's own words are translated. A quoted post, a linked article and a belief on korrents.com are left in their original language.