# Investing in Financial History This newsletter provides commentary on current financial events by explaining them in the context of financial history. The newsletter draws from the book "Investing in U.S. Financial History," which arrives in bookstores in February 27 2024. Page: Feed: --- ## [Speculative Supply Chains and the Madness of Crowds](https://finhistory.substack.com/p/speculative-supply-chains-and-the) _2026-07-31 · Mark Higgins, CFA, CFP_ How Rational Incentives Aggregate into Irrational Outcomes ## [The American Story is One of Progress Forged in Suffering and Resilience](https://finhistory.substack.com/p/the-american-story-is-one-of-progress) _2026-07-01 · Mark Higgins, CFA, CFP_ The Present is no Exception Nor Will the Future Likely Be ## [The Voluntary Blindness of Modern Finance](https://finhistory.substack.com/p/the-voluntary-blindness-of-modern) _2026-05-07 · Mark Higgins, CFA, CFP_ Why Conventional Models That Guide Policy and Capital Allocation Fail When Outcomes Matter Most ## [The Music Has Stopped in Private Markets](https://finhistory.substack.com/p/the-music-has-stopped-in-private) _2026-03-18 · Mark Higgins, CFA, CFP_ Two Decades of Excess Capital Are Trapped at the Exits ## [Born to Run: Evergreen Private Markets Funds](https://finhistory.substack.com/p/born-to-run-evergreen-private-markets) _2026-02-18 · Mark Higgins, CFA, CFP_ How liquidity engineering, performance dynamics, and competitive diseconomies of scale create severe run risk ## [Incentives Are Dangerously Aligned in Private Markets](https://finhistory.substack.com/p/incentives-are-dangerously-aligned) _2025-12-23 · Mark Higgins, CFA, CFP_ The Speculative Supply Chain is Operating at Full Capacity ## [The Forsaken Playbooks of the Federal Reserve](https://finhistory.substack.com/p/the-forsaken-playbooks-of-the-federal) _2025-10-14 · Mark Higgins, CFA, CFP_ Ignoring History Raised the Odds of a Great Inflation-Like Event ## [The Gilded Age Circus is Back in Town](https://finhistory.substack.com/p/the-gilded-age-circus-is-back-in) _2025-08-19 · Mark Higgins, CFA, CFP_ One-Day Gains are Fueling Dangerous Speculation in Secondaries ## [Americans Must Resurrect the Spirit of Alexander Hamilton](https://finhistory.substack.com/p/americans-must-resurrect-the-spirit) _2025-07-12 · Mark Higgins, CFA, CFP_ The Nation’s Survival Depends on It ## [Transcript-Driven Stock Discovery (Sponsored)](https://crawlproof.com/a/cVgmTHpVVX6v) _2025-07-12 · **Sponsored**_ Ranked, evidence-backed watchlists from indexed executive transcripts for 1–2 quarter horizons ## [Buyers Beware of the Toll-Laden Bridges to Private Markets](https://finhistory.substack.com/p/buyers-beware-of-the-toll-laden-bridges) _2025-06-06 · Mark Higgins, CFA, CFP_ Institutional Investors Draw Retail Investors in so They Can Get Out