13 Investment Must Reads for This Week (June 23, 2026)

Post-SpaceX IPO, Investors Pour $83B Into U.S. Equities “While basic, passive S&P 500 exposure via the iShares Core S&P 500 ETF (IVV) drew in the most aggregate flows last week, the $8.3 billion and $7.4 billion into the Technology Select Sector SPDR Fund (XLK) and the VanEck Semiconductor ETF (SMH) respectively underscore the ongoing popularity of all things tech for investors.” (ETF.com)

Why Most Stocks Aren’t Worth Owning “Earlier this year, Bessembinder updated his research in One Hundred Years in the U.S. Stock Markets. Studying roughly 30,000 US stocks between 1926 and 2025, he found that less than half posted positive returns and just 41.17% outperformed the US Treasury bill. Just 46 stocks accounted for half the $91 trillion of wealth created.” (Morningstar)

Tax-Aware Long-Short Investing: Not Just A Tax Overlay, But A Risk-Managed (Active) Investment Strategy “A portfolio made up of many individual securities, on the other hand, has many more potential loss opportunities that can be individually harvested (even though the performance of the individual-securities portfolio might be the same in aggregate as the broad-index ETF portfolio) because each holding with a loss can directly be harvested – allowing that one position to be tax-loss harvested even if the portfolio and index as a whole are up.” (Kitces.com)

Why ETFs Are the Key to Bringing Wall Street On-Chain “Morris is after something more direct: the token is the ETF share, recorded at the transfer agent, with a smart contract encoding all shareholder rights. No derivative layer, no ‘it might get around to buying the ETF tomorrow at a different price.’ The actual share, the real part of the fund.” (ETF.com)

Think You Might Not Pay That Incentive Fee? You Will “So if you think about these relative to mutual funds and ETFs, you’re looking at paying multiples more just on the management fee. Now the management fee is just one piece of what these funds charge usually.” (Morningstar)

IRS Sets Safe Harbors Through 2047 for Pre-OBBBA Opportunity Zone Funds “The Treasury Department and the Internal Revenue Service issued Notice 2026-40 Thursday, providing transitional guidance for investors and qualified opportunity funds holding positions in zones designated under the original 2017 program – filling a critical regulatory gap created when Congress overhauled the opportunity zone framework last year under the One Big Beautiful Bill Act.” (AltsWire)

A better sandwich “Two, the models will have 12-20% allocation to private markets across private credit and real estate asset classes. This quantum represents a sizable allocation to private markets and, most pertinent to the growth of private markets AUM flows, it will enable a ‘one-click’ solution.” (Alt Goes Mainstream)

One Investor’s Race to Get $80 Million Out of Private Credit “Hileman didn’t concern himself much with the noise. Gibson’s decision to sell didn’t start with a panicked phone call or a drumbeat of client angst. It began with a realization that underpins the rapidly shifting sentiment about private credit: It simply isn’t as great an investment as it once was.” (WSJ)