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My Favorite Investment Writing of 2022

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With 2022 coming to a close, it’s time for my annual tradition of gathering my favorite investment writing of the year. I started this tradition in 2017, and have continued it ever since (2018, 2019, 2020, 2021).

However, unlike previous years, 2022 was painful for investors of all types. Stocks fell, bonds fell, and crypto really fell in the worst market environment since 2008. And, though this year was difficult for all of us, the silver lining is all the great investment writing that came out of it. With that being said, I present my favorite investment writing of 2022:

The first piece on this list was technically written in February 2021 (and featured on last year’s list). However, given its accuracy and level of foresight, I thought it would be the perfect way to start this year’s list as a reminder of how far we’ve come. If there’s one line that I will never forget it’s:

Eventually, everyone figured out that Galileo was right. Eventually, everyone will figure out that Cathie Wood isn’t. And it won’t take as long either.

Yes Drew. It didn’t take long at all.

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Morgan remains my favorite writer in finance because he is one of the few people that can make me re-evaluate my most cherished beliefs. In this piece he challenges our reliance on data and logic by demonstrating why people don’t always behave as rationally as we think they will. Filled with beautiful stories and counter-intuitive insights, this is another Morgan Housel classic that you won’t want to miss.

While I don’t agree with everything that Ben Hunt writes (he can be too bearish for me at times haha), I recognize that he is one of the best thinkers in our industry. In this post, he provides a brief history of financial markets during the era of declining interest rates and how 2022 flipped everything on its head. If you want to have a better understanding of monetary policy and how people respond to interest rates, this is the piece to read.

Sometimes I read a Josh Brown piece and can’t perfectly describe what it’s about, only that you have to read it. This is one of those pieces. In it, Josh walks you through the last few years in markets and explains why everything seems to have taken a sudden 180. Though there are some things that you weren’t suppose to see, thankfully, this piece isn’t one of them.

I love it when a writer provides a simple rule of thumb that makes my financial life easier. In this piece Katie does just that. Using her rule, you’ll be able to quickly calculate out how much you need to save for retirement based on how much you want to spend (each month) in retirement. Not only is this rule practical, but Katie explains it in a fun and relatable way. For anyone who wants great financial tips from one of my favorite people in the industry, look no further than Money With Katie.

With all the bullshit that there’s been in the investment industry over the past few years, this piece from Benn Eiffert is a breath of fresh air. Though Benn is mostly known for being an expert on volatility, he demonstrates his overall investment knowledge wonderfully in this scathing takedown of an industry that has, unfortunately, conned so many. While there’s a lot of bullshit in the financial world, thankfully, you won’t find any in this piece.

While many writers will discuss risk within your portfolio, far fewer think about it with regards to your income and your career. In this piece, Chris Keith teaches a lesson that took me a little too long to learn—diversification shouldn’t stop with your investments. While owning a mixture of income-producing assets can work wonders, having a mixture of different income sources is equally, if not more, important. If you want to learn how to be a little more anti-fragile with your finances in the future, read this.

Jack Raines is the fastest growing financial blogger that I’ve ever seen and this article helps explain why. In it, Jack explains the six types of wealth and why they are all important to your life. Though only in his mid-twenties, Jack writes with the wisdom of someone decades older. Don’t just take my word for it though, read this piece and find out for yourself.

Another young blogger that has taken the financial world by storm, Kyla Scanlon is the go-to person for understanding what’s happening right now in the markets and the economy. In this piece she defines a term that was since co-opted by many others—the vibecession. While she is mostly known for her TikToks, Kyla’s sometimes quirky and always insightful writing is not something to be overlooked.

Ben wrote a lot of great posts on the housing market this year, but this was my favorite because it addressed the elephant in the room—luck. Given that purchasing a home is likely to be the biggest financial decision of your life, luck plays an important role in such transactions. Ben’s piece is useful in this regard because it highlights how this plays out in the real world. If you are in the market for a house (or will be soon), this is the piece to read.

I love when Michael Batnick does posts like this because there are so few writers that can take the 40,000 foot view and summarize it in such a succinct and insightful way. This piece is no exception. In a year where there are many lessons to be learned, Michael drops 20 of them with ease. My favorite is:

Diversification is the only answer to an unpredictable future. If everything is working, you’re not really diversified.

Amen, Michael. Amen.

Last, but not least, we have The Crypto Story from none other than Matt Levine. Matt is the best daily writer in finance, which means that he tends to write about things that happened in the last 24 to 72 hours. However, with this piece Matt created an evergreen epic that dives into the history of crypto and how its future might unfold. While this piece clocks in at around 40,000 words, Matt’s simple way of explaining such complex topics make it an easier read than you might expect. Don’t miss out.


I hope you enjoyed this year’s annual review. Happy investing and thank you for reading!

If you liked this post, consider signing up for my newsletter.

This is post 324. Any code I have related to this post can be found here with the same numbering: https://github.com/nmaggiulli/of-dollars-and-data


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Imperial Oil to invest $720M in renewable diesel plant near Edmonton – Yahoo Canada Finance

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Calgary-based Imperial Oil says its renewable diesel project will be the largest of its kind in Canada. (GETTY)

Imperial Oil (IMO.TO)(IMO) says it will invest $720 million to advance its Strathcona renewable diesel facility near Edmonton.

The Calgary-based company has touted the project as the largest of its kind in Canada, aiming to produce more than one billion litres per year, or 20,000 barrels per day, of renewable diesel. Imperial says the fuel has the potential to eliminate about three million tonnes of emissions per year, compared to conventional fuels.

Imperial projects renewable diesel production will begin in 2025. The company says hydrogen and biofeedstock will be combined with a proprietary catalyst to produce premium lower-carbon diesel fuel. The project was first announced in August 2021.

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Last year, Imperial said a final investment decision for the renewable diesel facility was expected in the coming months, based on factors including government support and approvals, market conditions and economic competitiveness. The company said on Thursday that regulators are expected to approve the project “in the near term.”

“Imperial supports Canada’s vision for a lower-emission future, and we are making strategic investments to reduce greenhouse gas emissions from our own operations and to help customers in vital sectors of the economy reduce their emissions,” CEO and president Brad Corson said in a news release on Thursday.

In September, Imperial announced a long-term contract with Air Products and Chemicals (APD ) to supply low-carbon hydrogen for the proposed renewable diesel complex. The company says it is looking for third parties for bio-feedstock supply needed to produce renewable diesel fuel.

Imperial says a significant portion of the renewable diesel from Strathcona will be supplied to British Columbia in support of the province’s plan to lower carbon emissions.

Imperial has laid out goals to reduce its greenhouse gas intensity by 30 per cent by 2030 and reach net-zero in the company’s oilsands operations by 2050. The company says it plans to use renewable diesel in its operations to reduce emissions.

Imperial will report fourth-quarter 2022 financial results on Jan. 31.

Toronto-listed shares added 1.75 per cent to $71.00 as at 11:07 a.m. ET Thursday. The stock has added about 38 per cent over the last 12 months.

Jeff Lagerquist is a senior reporter at Yahoo Finance Canada. Follow him on Twitter @jefflagerquist.

Download the Yahoo Finance app, available for Apple and Android.

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Imperial Oil to invest $720-million to construct renewable diesel facility in Canada – The Globe and Mail

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Imperial Oil Ltd. IMO-T says it is going ahead with a $720-million project to build a renewable diesel facility at its Strathcona refinery near Edmonton.

The project, first announced in August 2021, is expected to produce 20,000 barrels per day of renewable diesel once it is complete.

The company says a significant portion of the production will be sent to British Columbia to support the province’s plan to lower carbon emissions.

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Imperial says it also plans to use renewable diesel in operations as part of its emission reduction plans.

Renewable diesel production is expected to start in 2025.

Imperial says the project is expected to create about 600 direct construction jobs.

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Is Tesla (TSLA) Still a Worthy Investment?

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Distillate Capital, an investment management firm, released its fourth quarter 2022 investor letter, a copy of the same can be downloaded here. At the end of the fourth quarter, Distillate’s U.S. FSV strategy declined 10.58% on a total return basis net of fees compared to a decline of 18.11% for the S&P 500 benchmark. Better relative performance for Distillate’s SMID QV strategy continued into 2022 with a decline of 8.64% on a total return net-of-fee basis, significantly ahead of a comparable decline of 20.49% for the Russell 2000 ETF and -14.67% for the Russell 2000 Value ETF. On the other hand, Distillate’s Intl. FSV strategy again lagged its MSCI ACWI Ex-US benchmark in 2022, while the Distillate’s U.S. FSV strategy’s free cash flow to market cap yield valuation of 7.2% compares very favorably to 5.1% for the same measure for the S&P 500. Spare some time to check the fund’s top 5 holdings to have a clue about their top bets for 2022.

In its Q3 2022 investor letter, Distillate Capital mentioned Tesla, Inc. (NASDAQ:TSLA) and explained its insights for the company. Founded in 2003, Tesla, Inc. (NASDAQ:TSLA) is an Austin, Texas-based multinational automotive and clean energy company with a $454.3 billion market capitalization. Tesla, Inc. (NASDAQ:TSLA) delivered a 16.81% return since the beginning of the year, while its 12-month returns are down by -53.00%. The stock closed at $143.89 per share on January 24, 2023.

Here is what Distillate Capital has to say about Tesla, Inc. (NASDAQ:TSLA) in its Q3 2022 investor letter:

“The fund’s relative outperformance occurred despite a nearly 2.5% headwind from being underweight the energy and utilities sectors where cash flow instability and leverage tend to limit our holdings domestically. By individual stock, the largest contributors to relative outperformance were unowned positions in Amazon and Tesla, Inc. (NASDAQ:TSLA) which declined around 50% and 65% during the year, respectively.”

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Our calculations show that Tesla, Inc. (NASDAQ:TSLA) fell short and didn’t make it on our list of the 30 Most Popular Stocks Among Hedge Funds. Tesla, Inc. (NASDAQ:TSLA) was in 88 hedge fund portfolios at the end of the second quarter of 2022, compared to 73 funds in the previous quarter. Tesla, Inc. (NASDAQ:TSLA) delivered a -35.31% return in the past 3 months.

In January 2023, we also shared another hedge fund’s views on Tesla, Inc. (NASDAQ:TSLA) in another article. You can find other investor letters from hedge funds and prominent investors on our hedge fund investor letters Q4 2022 page.

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Disclosure: None. This article is originally published at Insider Monkey.

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