UPDATED: 21 Substacks every investor should check out
Substack has revolutionized financial newsletters. The online publishing platform makes it easy for content makers to format and disseminate long-form articles. After combing through dozens of investment-oriented substacks, here are the ones we think best. Some are paid, others free. All are worth your time.
Doomberg ($300/year or $30/month)
This little green chicken has won the hearts of FinTwit and the broader internet. While it started free, new posts are now behind the paywall. Doomberg aims to highlight the fundamentals missing from many economic and policy decisions, and focuses on natural resources from oil to coal to agricultural commodities. Posts are well-written and pithy. Highly recommend. Twitter: @doombergT
Grit Capital (free)
Grit Capital, the newsletter of Genevieve Roch-Decter, CFA, has also become enormously popular. With over 56,000 subscribers, the weekly substack provides actionable ideas and investment themes, and insights from Genevieve’s research and contacts Twitter: @Grit_Capital
Giro’s Newsletter (R62.17/month ≈ $12.23/month)
If you trade Latin American stocks like Mercado Libre $MELI NuBank $NU or others, you can’t miss Twitter personality Giro Lino’s substack. He also covers US tech stocks and broader macro. Twitter: @giro_lino
Petition ($51/month)
Petition is one of the most popular paid financial substacks. It focuses on bankruptcy and distressed company-related news and analysis. Sounds dry, right? Its not — Petition addresses the heady topics with humor and avoids jargon. More importantly, much of what Petition covers just isn’t covered elsewhere. Twitter: @petition
Qtr’s Fringe Finance ($16.99/month)
Quoth the Raven is best known for his podcast, but also has a well-followed substack. Lke the name suggests, QTR’s substack focuses on stories and theories ignored by the mainstream financial press, from financial suppression to Federal Reserve failures to skeptical takes on Tesla. Twitter: @QTRResearch
Margin of Safety Investing ($50/year)
Simon Handrahan publishes his Margin of Safety Investing substack about twice a month. Like the name suggests, usually providing a long-form analysis of a value investing idea. Well worth the reasonable price. Twitter: @MoS_Investing
The Bear Cave ($44/month)
The Bear Cave by Edwin Dorsey publishes two ideas each month of overpriced or vulnerable stocks to sell or short. He focuses on larger companies, usually with market caps above $1 billion, and has an audience large enough that his ideas sometimes move markets. Twitter: @stockjabber
Idea Brunch ($70/year)
If you like the interviews at the tail end of Barron’s, you will probably love The Idea Brunch. Also from Edwin Dorsey, every Sunday morning the Idea Brunch provides a new interview from an emerging investment manager featuring their philosophy, best stock ideas, and lessons learned. Twitter: @stockjabber
Value Situations (free)
Conor Maguire’s Value Situations covers investment ideas and analysis of mispriced and undervalued companies, both domestic and international. Value Situations applies a framework consisting of valuation, downside risk assessment, and focus on asymetric risk/return prospects. Twitter: @ValueSituations
Russell Clark’s Capital Flows (GBP 350/year)
Capital Flows is Russell Clark’s macro analysis substack. It focuses on the plumbing behind the markets, the impact of markets, international capital flows, and cryptocurrency. Twitter: @rampagingruss
TSOH Investing ($349/year or $49/month)
The Science of Hitting (TSOH) Investing started as a podcast, but has since launched a substack. From long time investor and former equity analyst Alex Morris, subscribers get access not only to Morris’s ideas but also to his personal portfolio and trades. Typically includes six write-ups per month, including deep dives on new companies. Twitter: @TSOH_Investing
Yet Another Value Blog ($499/year or $199/month)
Yet Another Value Blog substack is anything but run of the mill, despite the name. From Andrew Walker, portfolio manager at Rangeley Capital, YAV substack writes about value ideas and special situations, especially in media, sports and telecom. Most posts are free, but premium subscribers get two deep dives per month into actionable investment ideas. Twitter: @andrewrangeley
Insecurity Analysis / Neckar Value ($120/year or $12/month)
Frederick Gieschen’s Insecurity Analysis substack focuses on in-depth analyses of the best investors and traders, and what worked for them. Past articles covered Paul Tudor Jones, Bill Tepper, George Soros and more. Twitter: @NeckarValue
Seeking Value (free)
Seeking Value is the substack of Australian investor Frank Taber. Every month, he puts out a deep dive on a microcap, special situation stock or long-term compounder. Most ideas are off the beaten path and may be illiquid. Twitter: @frankinvesting
The Macro Compass (free)
Alfonso Pecatoriellio, former head of a $20B portfolio at a major investment bank, now shares his macro insights for free 4-5 times per month. He aims to provide financial education, unique macroeconomic insights and actionable investment ideas. Twitter: @MacroAlf
Asian Century Stocks ($349/year)
Michael Fritzell’s Asian Century Stocks substack has a free tier that provides weekly news coverage on Asian stocks, but the paid tier provides 20 in-depth reports each with 30-60 slides on investment ideas. Twitter: @AsianCenturyStx
Coal Trader ($90/year or $9/month)
The Coal Trader substack covers the coal industry as well as anyone, and also covers broader energy markets. The author is a mining and minerals analyst with over 16 years’ experience, including “boots on the ground” in the mining and energy sector domestically and abroad. Twitter: @dyer440
ADDED: Net Interest ($25/month)
Net Interest is a weekly substack from former Landsdowne hedge fund partner Marc Rubinstein. It focuses mostly on fintech, but also delves into traditional and investment banking as well as crypto. Twitter: @MarcRuby
ADDED: Cannabis Confidential (free)
Cannabis Confidential gives unique insights on marijuana-related stocks and the policy changes that impact that sector. Written by Todd Harrison, an advisor for popular multi-state operator ETF $MSOS, it provides a vantage point you won’t see elsewhere. Will be a must-read when the sector bottoms. Twitter: @todd_harrison
ADDED: SubSPAC (free and paid tiers)
This SPAC-focused substack from the pseudonymous Bill SPACMan covers developments in the SPAC world as well as focusing in depth on particular SPACs or de-SPACs. Twitter: @BillSPACMan @readSubSPAC
ADDED: Scrooge Capital (free)
Scrooge Capital analyzes global value investment opportunities. Writeups vary from quick takes on a potential buy opportunity from an in-depth analysis to a complicated special situation. Twitter: @scroogecap @scroogecapital
