Best Investing Substack Newsletters

Deep dives into high-quality compounding businesses with detailed financial analysis, valuation frameworks, and investment checklists. One of the fastest-growing investing Substacks with a focus on businesses that compound shareholder value over decades.

Best for: Quality-focused value investors

Andrew Walker covers special situations, spin-offs, and event-driven investing with a deep value lens. His write-ups are thorough, often running 3,000+ words with detailed financial models and variant perception analysis.

Best for: Special situations and event-driven investing

Dr. Sven Carlin brings academic rigor to value investing with contrarian stock picks and portfolio strategy. His European perspective provides diversification from the US-centric investing media landscape.

Best for: Contrarian value picks with European exposure

Todd Wenning focuses on quality businesses in overlooked markets — companies headquartered outside major financial centers that often fly under Wall Street's radar. Detailed write-ups with a long-term ownership mindset.

Best for: Overlooked quality businesses

Former Lehman Brothers head ETF trader Jared Dillian provides contrarian perspectives on markets, economics, and personal finance. His writing is sharp, opinionated, and often goes against the prevailing consensus.

Best for: Contrarian market perspectives

Focused exclusively on small and micro cap value stocks — the most under-researched segment of the market. Includes case studies from top micro-cap investors and updates on overlooked companies.

Best for: Micro-cap value investing

Packy McCormick writes long-form deep dives into the most interesting companies, technologies, and business strategies. His pieces are as entertaining as they are informative, blending pop culture with serious business analysis.

Best for: Tech and business strategy analysis

The go-to Substack for semiconductor industry deep dives. Doug O'Laughlin provides institutional-grade analysis on chip companies, supply chains, and technology trends that drive the sector.

Best for: Semiconductor sector investing

Rex Woodbury explores the intersection of technology, culture, and commerce. His analysis covers how digital platforms reshape consumer behavior and where the next generation of tech companies will emerge.

Best for: Digital economy and platform investing

Trung Phan breaks down business stories through the lens of pop culture, memes, and visual threads. His analysis makes complex business models accessible and entertaining while maintaining analytical depth.

Best for: Business analysis with cultural context

Former hedge fund manager Marc Rubinstein writes the definitive newsletter on the financial sector. His deep dives into banks, insurance companies, fintech, and financial infrastructure are unmatched in the Substack ecosystem.

Best for: Financial sector analysis

Written by a team of ex-corporate executives behind a green chicken avatar, Doomberg covers energy, commodities, and macro economics with sharp analysis and contrarian takes. One of the top-earning Substacks in finance.

Best for: Energy and commodity investing

Edwin Dorsey specializes in short-selling research and investigative financial journalism. His reports have moved stock prices and exposed corporate governance issues at multiple companies.

Best for: Short-selling research and forensic analysis

Kyla Scanlon makes macro economics accessible with clear writing, original charts, and cultural commentary. She coined the term 'vibecession' and has become one of the most influential young voices in financial media.

Best for: Accessible macro economics

A weekly roundup of the most important investing and business insights, curated by Byrne Hobart. Each edition distills complex financial topics into concise, actionable takeaways.

Best for: Weekly investing roundup

Focused on commodity and energy investing with detailed supply-demand analysis. Citrini covers mining, oil and gas, uranium, and other natural resource investments with a quantitative edge.

Best for: Commodity and energy investing

The definitive Substack for SaaS and cloud software investors. Jamin Ball tracks every public SaaS company's metrics, providing weekly benchmarking data and analysis that institutional investors rely on.

Best for: SaaS and cloud software metrics

Brian Potter explores why construction costs keep rising and how technology might change the industry. His deep dives into infrastructure, manufacturing, and industrial processes attract investors interested in the physical world.

Best for: Infrastructure and industrial investing

Patrick McKenzie (patio11) writes about the intersection of technology and financial infrastructure — payments, banking, credit, and the plumbing that makes modern finance work. Essential reading for fintech investors.

Best for: Payments and fintech infrastructure

Deep dives into Asian technology, semiconductors, and industrial companies with a level of detail rarely found in English-language media. Jon Y covers the supply chains and companies that power the global tech economy.

Best for: Asian tech and semiconductor analysis

Institutional-quality quantitative research on factor investing, credit markets, and systematic strategies. Verdad's research team publishes empirical studies that challenge conventional investing wisdom.

Best for: Quantitative value research

Academic finance research made practical. Alpha Architect bridges the gap between ivory tower research and real-world portfolio construction with evidence-based analysis of investing strategies.

Best for: Empirical finance and factor investing

Nick Maggiulli uses data visualization and statistical analysis to answer practical investing questions. His posts turn complex financial decisions into clear, data-backed recommendations.

Best for: Data-driven investing decisions

Byrne Hobart writes about business inflection points — moments when companies, industries, or economies fundamentally change direction. His analysis combines financial history, corporate strategy, and macro economics.

Best for: Business inflection point analysis

The most-read financial newsletter in the world. Matt Levine covers markets, finance, and corporate governance with wit, clarity, and a former Goldman Sachs lawyer's eye for detail. Available free through Bloomberg.

Best for: Daily markets and finance commentary

Economics professor Noah Smith writes about economic policy, technology, and society with accessible analysis backed by academic research. His posts frequently go viral for making complex economic debates understandable.

Best for: Economics and policy analysis

The gold standard for tech business strategy analysis. Ben Thompson's frameworks for understanding platform businesses, aggregation theory, and tech market dynamics have influenced an entire generation of tech investors.

Best for: Tech business strategy and platforms

Oaktree Capital's Howard Marks publishes his legendary investing memos — the same ones Warren Buffett says are the first thing he reads. His writings on market cycles, risk, and second-level thinking are essential for any serious investor.

Best for: Market cycles and risk management