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- HX Weekly: June 13 - June 17, 2026
HX Weekly: June 13 - June 17, 2026
A Reading List Worth More Than a $230,000 Wharton MBA and Jesse Livermore
Hello reader, welcome to the latest issue of HX Weekly!
Each week we bring you a new edition of HX Weekly that includes three distinct sections.
In the first section, Thoughts on the Market, we'll offer insights into current economic and market news.
In the second section, HX Daily Redux, we'll revisit investing concepts, tactics, and more from past issues of HX Daily.
And in the third section, Market Wizard’s Wisdom, we’ll share thoughts, quotes, and theories from the greatest investing minds of all time.
Now, let's dive in!
In the fast-moving world of markets, staying ahead requires more than just charts and price action — it demands a smart, consistent approach to gathering insights.
This week, we dive into one of our most practical topics: building an effective daily reading routine that delivers high-value market intelligence without overwhelming your schedule.
Thoughts on the Market
Your Daily Reading List
One of my (Enrique’s) favorite parts of this job is answering reading questions.
That might sound funny, but I really do enjoy it.
First, it makes my job easier. I don’t have to think up new topics.
Second, it is LITERALLY what our readers want to talk about. There is nothing more important than that to me.
Third, I honestly learn quite a bit from the questions.
Having done this for three decades, it is hard for me to put myself in the seat of someone who has only just started investing.
Not only that, but the questions give me real insight into the thinking of the overall market.
I have to remind myself that the stock market is not made up mostly of thirty-year veterans -- ha ha!
By the way, this IS an open invitation to hit us up with as many questions as possible...
Last week, one of our subscribers (Peter A.) hit us up in our Signal Trader Pro WhatsApp group with a great question.
(Quick aside: if you are one of our HX Society members and NOT on the WhatsApp group, I highly recommend you join. It gets great reviews!)
The subscriber asked me,
"What are your favorite sources for market and stock analyses?"
Fairly straightforward question, but one that gave me some pause before answering.
It is very similar to the question I have heard for decades when folks hear what I do: "How should I invest my money?"
The answer is, "Tell me more about your experience, skill set, and goals."
My personal strategy for reading is what I call OMNIVEROUS. Look that up in the Merriam-Webster dictionary and it will define it as "avidly taking in everything."
That is how I treat my research process.
Every day, I devote two or more hours at the start of my day (roughly 5:30 a.m.) to reading a host of publications. That is just to start the day.
On average, I would say I easily read a minimum of three hours a day, and an average of closer to five hours.
This is without reading a single book. It is all news and research.
One school of thought is that you only want to read a limited number of publications. That is driven by the idea that there is little to learn from many of them. It is also driven by the idea that your brain gets clouded with too much information.
I agree with the first point, but there is a complication.
Looking at my full day of reading, I would say that at least 80% of it is not all that valuable. In fact, maybe one-third of it is absolutely WRONG.
After that, another 15% is reasonably valuable. It doesn’t necessarily tell me anything truly new, but it keeps me up to date.
There is another 4%+ that has some real insight. Again, it might not be anything new, but it could reinforce what I am thinking with good data. It also could help evolve my thinking.
That brings us to 99%+.
What about that final less than 1%?
THAT is why we read so much.
It is that final piece where we get the really evolutionary and revolutionary insights.
Now, we seldom have one every day. Often, we won’t have one all week.
When we DO have one, these are the ideas that can change your financial destiny.
The ones that can make you MILLIONS.
The reason why I go through such an immense volume of reading is to find these "nuggets" of golden insight.
It isn’t that the rest of it is a total waste. It is having all of that additional knowledge that sets the backdrop for my analysis. It also enables me to figure out which parts are truly valuable.
This particular method, though, is not for everyone.
For most of you, you don’t have the framework to be able to figure out what is valuable and what is not.
It isn’t a matter of intelligence, but rather experience.
One quick note about the idea of "clouding" your brain with too much (or wrong) information... that IS true for most people.
Without the experience and framework, taking in this much information can cause more harm than good.
What is the solution?
Well, below we highlight a bare minimum of publications where we would start. Not that these are perfect, but if you are just starting this process, they are what I would recommend.
Also, my STRONGEST recommendation is to find great sources that can distill all of this information down for you.
Unlike twenty years ago, there are now a host of experienced money managers that offer newsletters, insight, and software.
People like...US!
I think that a combination of a few insightful analysis writers, combined with some basics of information gathering, is a great "digestible" diet for most investors.
Remember also, not only have I been doing this for more than thirty years, but this is literally my job. We spend upwards of $1,000 per month on all of these publications.
For most of you, this is NOT your full-time employment.
Why spend your time and money, when you can have us help you with the task? While also benefiting from our experience.
That is the framework of how we would approach this question, and below we share a quick list of the publications that we read daily.
They are broken into free newsletters, paid media sources, and paid investment services. Our best recommendations are in bold.
Note that I have NOT included newsletters like our own at STP, Paradigm, or other similar types like Stansberry or Motley Fool.
We hope you find this useful!
FREE NEWSLETTERS
This is brokerage Robinhood’s news arm. This is a short one, but the best insight.
Written by the awesome Ben Carlson. Incredible big-picture insights.
Ryan Detrick is one of my favorites also!
PAID MEDIA SOURCES
PAID NEWSLETTERS
Building on the power of targeted reading, we turn to a timeless resource that has shaped successful investors for decades.
In this classic from our archives, Enrique reveals the eight essential books that provided more practical market wisdom than his formal Wharton education — from Peter Lynch’s common-sense approach to William O’Neil’s proven growth system.
These foundational titles offer battle-tested frameworks that can accelerate your journey from novice to confident investor, no matter your starting point.
HX Weekly Redux
A Reading List Worth More Than a $230,000 Wharton MBA
Growing up in a poor household with a mother from South America, we struggled just to pay our bills. The idea of "saving" – or even more crazy, "investing" – was as foreign as flying a spaceship.
My mother was just trying to keep us out of bankruptcy (we still filed twice), and we had no family whatsoever in the U.S.
The first time I learned about investing or stocks was sometime during my sophomore or junior year in high school.
It appeared to me to be a fascinating exercise where you could use your brain and figure out how to make money – and potentially, a lot of it. Given where I came from, that was an exciting prospect.
My first real experience with stocks was a stock-picking contest during my junior or senior year. I won the contest... and I was hooked.
This was a big driver for me applying to – and being accepted at – the best undergraduate business program in the world: the Wharton School of Business at the University of Pennsylvania.
There I was surrounded by fellow students who – like me – had decided that they wanted to make investing their life's work. Many of them had grown up with parents and families working in the business.
I didn't have that background... but I always was a voracious reader. To me, reading was a way that I could benefit from the experience of others even when I didn't have first-hand access to it.
Over my first few years at Wharton, even though I had considerable classwork and a newly found social life, I read dozens of books – basically everything I could find on the subject of investing.
While I was learning a ton about the building blocks of economics, accounting, and finance at Wharton... I wasn't being taught much about actual investing. Instead, I was learning from my older classmates and an investment club called the Pennsylvania Investment Alliance. That was where I got my original reading list.
After five years at Wharton (and three majors), I learned a ton and – just as important – made incredible relationships that would power my career for the next 30 years. Reading those books, though, was how I learned the most about investing.
Accordingly, I want to share eight books that are a great place to start in terms of reading as an investor. There are obviously many more books out there. But I think that with just these eight, you're off to a great start... and might even have 90% of what you need to know.
Older readers will remember the name Peter Lynch, as he was one of the most famous money managers of the 1980s. He led the Fidelity Magellan Fund and posted a more than 29% annual return – consistently more than double the annual return of S&P 500 Index – during his 13-year tenure.
One Up on Wall Street was originally published in 1989, and Lynch does a great job of combining common-sense analysis that anyone can understand with core investing concepts.
While not the most sophisticated book on this list, this one is the best for a new investor and for understanding the ins-and-outs of investing. If you were stuck on a desert island (with an Internet connection to trade stocks!), One Up on Wall Street would be the top book I'd recommend. (Lynch's follow-up – Beating the Street – is also great.)
How to Make Money in Stocks: A Winning System in Good Times and Bad, by William O'Neil
I ranked Lynch's book No. 1 because it's the best place to start... but How to Make Money in Stocks is a much better book on investing.
William O'Neil is the founder of investment newspaper Investor's Business Daily, and his book does the best job of figuring out ways to make money.
O'Neil isn't bothered by traditional investing frameworks. Instead, he worked backwards from what he saw working in the stock market. He looked at the stocks that produced the greatest returns over time and then figured out what they had in common. From that analysis he developed an investment system that's easy to understand and employ.
As many of you know, I believe the investing style that really works is growth... and O'Neil fully embraces this approach.
What Works On Wall Street, by James O'Shaughnessy
Similar to O'Neil, O'Shaughnessy takes a pragmatic approach to pure money- making. His data-driven approach focuses on results, with a ton of depth to the analysis.
This combined with O'Neil's book makes an incredible one-two punch when figuring out how to invest.
Stock Market Wizards: Interviews with America's Top Traders, by Jack Schwager
This is a very different approach, where Schwager went out and interviewed some of the most successful traders and investors. The result is the third (released in 2001) in the Market Wizards series after Schwager's first book, Market Wizards (1989), and follow-up, The New Market Wizards (1992). All of them are worth a read... But if I had to choose one, Stock Market Wizards one would be it.
Interviewees include Michael Steinhardt, Paul Tudor Jones, Bruce Kovner, and more. There is a ton to be learned from their real-world experiences and a lot of trading "rules" to be gleaned from their commentary.
Contrarian Investment Strategies: The Psychological Edge, by David Dreman
As some of you may know, I'm not a big believer in "value" as an investment strategy... but I am a huge fan of contrarianism. Although Dreman is much more focused on value investing, his core precept focusing on contrarian opportunities is a strong one.
There are also a ton of great lessons in analysis and psychology here that are useful for investors. Most importantly, Dreman does a great job of debunking the "efficient market hypothesis" with real-world applicable investing strategies.
The New Money Masters, by John Train
This book is similar to Schwager's Market Wizards series, but goes back farther in time – Train published his first tome, The Money Masters, in 1980. Investors profiled include Benjamin Graham, Warren Buffett, John Templeton, and others.
The New Money Masters is less trading-oriented and gives some great historical context, explaining how lessons learned from 50 years ago are still applicable today, even if the environment has changed dramatically.
The Alchemy of Finance, by George Soros
This is different from any of the other books, as it was written by one of the greatest investors of all time. Soros gives a highly intellectual approach to the markets along with some great historical stories – he has some of the most powerful insights into the markets of any investor in history. It's a little tougher of a read... but well worth it.
The Money Game, by Adam Smith
Finally, the oldest book on the list (originally published in 1976) was written under the pseudonym of the legendary economist Adam Smith. The Money Game has a wry sense of humor and does a good job discussing how things were in past eras so that modern readers can see the parallels to today's markets.
As the famous saying goes, history doesn't repeat itself... but it does rhyme.
Great reading sharpens the mind, but timeless wisdom from legendary traders puts that knowledge into action. We close this edition with the hard-earned lessons of Jesse Livermore, one of Wall Street’s most dramatic and insightful figures from the early 20th century.
His quotes on market confirmation, patience, psychology, and focus remain strikingly relevant today — reinforcing why continuous learning, combined with disciplined execution, is the real key to long-term trading and investing success.
Market Wizard’s Wisdom
Lessons from an Original Market Wizard
In today's issue, we want to introduce you to the wisdom of one of the best investors of a MUCH earlier generation – Wall Street legend Jesse Livermore.
Many of you may not have heard of Livermore, but he was a towering investment figure in the early twentieth century.
He was born into poverty in Massachusetts on July 26, 1877, and ran away from home at just fourteen. He managed to get a job as a “board boy” posting stock quotes at the Boston branch of venerable brokerage PaineWebber.
A funny story was that his first “bet” on a stock was not actually buying a stock. He placed an actual BET at a place that would take wagers on stock prices instead of buying and selling the actual stock.
He moved to New York a decade later (at 23) and very quickly took advantage of the turn of the century BULL MARKET for stocks.
Across the next four decades, he would have one of the most dramatic careers in Wall Street's history. He made himself one of the wealthiest investors on Wall Street multiple times but also filed for bankruptcy three times.
Finally, in November 1940, he took his own life by shooting himself with a Colt automatic pistol in the cloakroom of The Sherry-Netherland Hotel in Manhattan – one of his favorite spots.
We encourage you to read more about him, and below are a handful of great timeless quotes from him about investing…
“Don't trust your own opinion and back your judgment until the action of the market itself confirms your opinion."
This is one of the core tenets of our investing strategy. We are seeking confirmation from the market that it is interested in the stocks we are investing in and trading.
Being right about a company's fundamentals but not having the stock confirm them is just WRONG.
“Never buy a stock because it has had a big decline from its previous highs.”
This is quite a simple rule, but many investors start looking for stocks by looking for the ones that are down the most. Those could be good stocks, but we prefer to start by looking for the ones that are UP the most and have pulled back.
“Big movements take time to develop.”
Another one of our favorites. There is a lot of money to be made in the stock market, money that can change your financial future.
Those kinds of returns, though, rarely happen in a day, a week, or a month. Sometimes, they take YEARS. Patience is your most crucial investment weapon.
“It is not good to be too curious about all the reasons behind price movements.”
THIS is one of his most potent quotes!
It is incredible to us how much time and energy investors waste trying to "explain" price movements instead of just coming up with a plan to handle or harness them.
Stop looking for the reason for the move and figure out how to make money off it!
“It is much easier to watch a few than many.”
Our regular readers know we often return to the SAME STOCKS in our trading.
It is too complicated (and pointless) to have an opinion on EVERY stock out there.
Figure out a group of stocks where you understand the trading sentiment and fundamentals and determine how to make money off those consistently.
“The human side of every person is the greatest enemy of the average investor or speculator.”
We talk about this ALL THE TIME. Your greatest challenge as a trader or investor is your human psychology.
Figure out these biases and how to eliminate them from your process, and you will be more successful!
We hope that you’ve enjoyed this week’s issue of HX Weekly…
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