Links worth investing in: real rates keep going lower, explaining gold’s long bull run and Bidens foreign policy legacy

Weekend reading – War in the age of AI, unprofitable small caps, investment trusts fading in popularity, and reconnecting the Democrats with working class populism

Thank you for the wave of renewals over the last month; it is very much appreciated.

To those who haven’t renewed or thinking about starting a subscription, hurry! On December 1st I am increasing the annual rate to £60 from £50 and the monthly rate from £5 a month to £6.

Factoids

Private investors outperform but they’re buying fewer trusts. The interactive…