🎙️ Around the Clock

Sheesh. Tuesday marked the S&P 500’s 52nd new all-time high this year. Only 1995 (77), 2021 (70), 1964 (65), 2017 (62), 2014 (53) and 1961 (53) had more new highs than 2024 (so far).

Also: Happy Thanksgiving, everyone! We’re very grateful for your readership. This is our last regular weekday edition. Stay tuned for occasional emails in December — we’re transitioning our newsletter into a different form, which we think you’ll love.

We’re excited about what’s ahead and look forward to continuing our study of the fascinating equity market universe with you. Stay tuned for more updates.

— Matthew & Shawn

Here’s today’s rundown, all figures year-to-date:

Today, we'll discuss the biggest stories in markets:

• Welcome to the world of 24-hour stock trading

• Buffett’s life (and philanthropy) advice

This, and more, in just 5 minutes to read.

Chart of the Day

Together With DUNN Capital

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What’s the secret? There’s no crystal ball here. Just a disciplined, time-tested strategy that’s allowed them to navigate the ups and downs of global markets for decades—without losing sight of our core values.

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Accredited Investor? Confirm your status to access the eBook and watch an exclusive video about DUNN Capital’s journey from a bold idea to one of the most respected systematic trading firms.

In The News

🕓 Welcome to the World of 24-7 Stock Trading

Could traditional U.S. stock trading hours — 9:30 a.m. to 4 p.m. ET — one day be a thing of the past?

Bitcoin trades 24-7, and multiple brokerages are launching their own trading platforms, driven by global investor demand and technological advances. 

More control? The trend offers a few benefits to investors. It gives them real-time portfolio control, allows faster reactions to global events, and enables trading around international news cycles. 

• The trend reflects broader shifts in work, technology, and global markets. What was once confined to rigid trading hours is now becoming a fluid, global marketplace that operates almost continuously, around the clock.
  

• The driving force behind this shift is the growing global appetite for U.S. stocks. Platforms like Robinhood, Interactive Brokers, and Charles Schwab are racing to meet this demand by extending trading hours. They realize that modern stock investors want real-time engagement with financial markets.

The economic backdrop is equally compelling. The S&P 500's 25% jump in 2024 has created a good environment for more dynamic trading strategies. 

The Wall Street Journal showed that one 30-year-old investor, who works as a software engineer, had recently netted $1.4 million through strategic overnight trades. “It's felt like the power is in our hands now,” he said.

Why it matters:

Event-driven trading has become a pillar of the new landscape. Investors can now react immediately to global events, from geopolitical developments to earnings reports. 

• Blue Ocean Technologies, the parent company of a platform that powers overnight trading for U.S. brokerages, reported facilitating $3.3 billion in trades following the election earlier this month. It typically sees $1 billion in overnight trading sessions.
  

• “If a door flies off a Boeing plane over the weekend, you don’t have to wait for the stock exchange to open up in the morning,” said Blue Ocean’s CEO.

Risks: The 24-hour trading model is not without risks. Thin trading volumes can drive price volatility, and technical platforms must continuously upgrade their infrastructure to handle increased trading activity. Most brokerages mitigate these risks by implementing limit orders during off-hours, which help protect investors from unexpected market movements.

Bottom line: As remote work becomes standard and technological barriers continue to dissolve, trading "9 to 5" seems increasingly archaic. The evolution suggests that we’re witnessing a change in trading hours and a fundamental reimagining of how financial markets operate in a globalized, always-on world.

Read more

More Headlines

📈 Bitcoin is on pace for one its of best months ever as it nears $100,000

🚙 U.S. makes a $6.6 billion bet on Rivian to build Georgia factory

✍️ Fed officials keep options open on rate cuts

🚢 The world’s biggest importers of goods, ranked

🙂 Fed’s preferred inflation gauge rises to 2.3% annually, meeting expectations

💲 Trump selects Jamieson Greer as U.S. trade representative

🙏 Warren Buffett’s Surprise Letter and the Gifts He Offers

The Oracle of Omaha has spoken again. 

At 94 years old, Warren Buffett continues to show that wealth is not just about accumulation but about meaningful distribution, friends, a rich life, and a personal philosophy. In many ways, he abides by Bob Marley’s timeless words: “Some people are so poor, all they have is money.”

Buffett, the legendary investor, recently donated over $1 billion in Berkshire Hathaway shares to four family foundations, reinforcing his lifelong commitment to charitable giving. 

David Kass, the University of Maryland finance professor, recently noted on X (formerly Twitter) that “if Warren Buffett had not contributed 56.6% of his shares in Berkshire Hathaway to charities since 2006, his Berkshire stake today would be valued at about $340 billion, approximating Elon Musk's wealth of $348 billion and who is the richest person in the world.”

But this Buffett donation is more than a financial transaction—it's a profound lesson in life management, leadership, and legacy. 

Here are some key insights from Buffett's latest memo:

1. Reject “dynastic” wealth: Buffett strongly advocates against creating generational wealth that breeds entitlement. His philosophy? "Parents should leave their children enough so they can do anything but not enough that they can do nothing." While two of his children sit on Berkshire's board, none will ever become CEO—a deliberate choice to prevent nepotism.
   
   This stands in stark contrast to many family-run businesses plagued by succession drama. Companies like Estée Lauder and Tyson Foods have struggled with nepotistic leadership, among many other brands.

2. Recognize privilege and luck: With remarkable humility, Buffett acknowledges the systemic advantages that contributed to his success. He traces his "lucky streak" to being born in 1930 as a white male in the United States with plenty of resources—a privileged starting point that instilled early confidence in his potential for wealth.

3. Transparency is key: Buffett advocates for open communication about inheritance and future plans. He recommends that parents should have children read their will, explain the reasoning behind financial decisions, and always remain open to constructive feedback. He would know: He's witnessed how unclear posthumous instructions can fracture families.

4. Live frugally, think long-term: Buffett remains famously frugal despite his immense wealth. He still lives in the same Omaha house he purchased in 1958. He views savings as "units of deferred consumption" and believes the most financial gains occur in the final 20 years of life. After all, his concept of wealth accumulation is like a snowball rolling downhill—gaining momentum and mass over time through the power of compounding.

Personal connection — and love — matters most: Buffett emphasizes the value of emotional connection. His memo concludes with a simple, powerful message: telling his children how proud he is of them.

Read more

Quick Poll

On Friday, we asked: How satisfied are you with your investment performance this year?

— One very satisfied investor simply pointed out that “the last two years have been superb.” Added another: “It’s been an incredible market. Up 45% each of the past two years. Life is good.”

— One investor said they’re satisfied because they have “only 50% allocated to equities, therefore will almost always lag the S&P 500, except in strong bear markets.”

— As for “neutral” one wrote: “I did pretty good, but I can't get excited if the S&P 500 beats me.”

See you next time!

That's it for today on We Study Markets!

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