“I try to be cynical, but it is hard to keep up.”

Jared Dillian


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A financial writer like no other, Jared Dillian is one of the industry’s most original, entertaining, contrarian voices. He is a master of market psychology and has been called “the Dr. House of trading,” with a staunch following ranging from casual investors to professional traders and hedge fund managers.

From 2001 to 2008, Jared worked at Lehman Brothers—first as an index arbitrage trader and then as head of the ETF trading desk. During this time, he routinely traded over $1 billion a day in volume.

He left Lehman Brothers to start a market newsletter for investment professionals, The Daily Dirtnap, which has been published continuously since 2008. Jared also currently writes Street Freak and The 10th Man, which have a combined readership of more than 200,000.

His memoir, Street Freak: Money and Madness at Lehman Brothers, was named Businessweek’s #1 general business book of 2011, and his first novel All the Evil of This World was published in 2016.

He is a regular contributor at Bloomberg View, Forbes, and other outlets. His media appearances include MSNBC, Bloomberg TV, The New York Times, LA Times, Business Insider and dozens of local and syndicated radio programs. Additionally, he is a teaching associate in the graduate business program at Coastal Carolina University.

He graduated from the United States Coast Guard Academy in 1996 with a B.S. in Mathematics and Computer Science, and received his MBA from the University of San Francisco in 2001. He lives in Myrtle Beach, South Carolina.

Jared on…

...Appropriate ParanoiaPeople keep fire extinguishers and first aid kits in their cars. They test their smoke alarms twice a year. They purchase flood insurance. Why would you do all these things but just leave your money in the bank and hope for the best?

I have studied all kinds of financial crises. The thing they all have in common is that people who do not prepare get crushed. People who are not appropriately paranoid get crushed. A little paranoia is healthy.

Europe“On Europe, I’m somewhere in between ‘foaming at the mouth bullish’ and ‘veins popping out of neck bullish.’ The world is going to find itself suddenly very underweight Europe and very overweight the US. Very underweight emerging markets, as well. This trade is going to be big, and it’s going to last years.”

What Makes a Good InvestorYou have to be willing to be wrong and alone.

Free Market Commentary

The 10th Man

He who thinks, wins. Every Thursday, Jared delivers a torpedo of incisive commentary that crushes consensus thinking and exposes the true workings of “Mr. Market.”

... it is a duty of the 10th man to disagree.

His free weekly newsletter isn’t called The 10th Man for no reason. It’s named after a strategy which states: if nine people agree on a particular action or plan, then the tenth must disagree in order to stir up alternatives to be considered. In short, it’s a mechanism used to avoid groupthink (a malady affecting a large percentage of investment newsletters).

In The 10th Man, Jared mixes instincts and experience to educate, entertain, and inspire trade ideas. He has called the top of right-wing populism… rang the bell on the Canadian housing market… torn apart bad economic forecasting… heralded a coming downturn… and more.

Much, much more. Free stock newsletters are thick on the ground, but to truly understand the value of The 10th Man, you’ll need to join its more than 200,000 other readers.

Best thing I ever read on Mauldin Economics. Keep grinding out that writing!”Scott, The 10th Man reader

I absolutely love Jared Dillian. He is brilliant, uncommonly honest, funny, and extremely knowledgeable. What a gift he is!” Deni W.

Current Issue

Investing Is a Terrible Hobby—Play the Guitar Instead

June 1, 2023

Focus on something other than Twitter wars with Tesla bulls.Read More  


ETF 20/20A New Solution for Intelligent ETF Investing

By subscribing to ETF 20/20, thousands of people have seized the chance to get ETF investing advice from Jared, former head of Lehman Brothers’ ETF trading desk.

ETFs present one of the most exciting, profitable opportunities available to investors today. Used correctly, they add diversification to your portfolio, give you access to markets you would be otherwise unable to invest in, and more.

But there are also hidden dangers in ETF investing, and avoiding these dangers while capitalizing on the benefits that ETFs have to offer is the core goal of ETF 20/20. New subscribers to ETF 20/20 gain access to a solid, fully diversified portfolio of ETFs that will grow over time.

If you’re new to ETFs, you will learn month by month about how they work, and the basics of building a portfolio. If you’re an expert, you will learn to approach asset allocation in a way you haven’t considered before. As Jared says, “everybody wins.”


So [Jared Dillian] wasn’t kidding, this is one hell of a deal.” Andrew P.

I really appreciate your offering this service at such reasonable subscription rates” Franklin O.

Street FreakActionable Advice for Smart Investors

Written for contrarian thinkers who crave creative, fresh macro analysis and actionable trade ideas, Street Freak is Mauldin Economics’ most popular newsletter—and a standout in an industry where investment newsletters tend toward dull and boring.

Every month, subscribers get Jared’s latest trading ideas, equity research, market analysis, portfolio updates, and entertaining insights delivered to their inbox.

Street Freak subscribers who have been following the portfolio since its inception have generated a 9.7% return… and a 12.9% return in 2016.

Every portfolio recommendation is born from a macro trend Jared has spotted. Then, a stock under consideration is stress-tested by Mauldin Economics’ proprietary Equity Evaluation System (EES), which measures more than 100 qualitative and quantitative factors.

If you value the contrarian viewpoint and want access to a high-performing portfolio targeting the best risk-adjusted returns, then Street Freak is a perfect fit for you.


Jared provides a viewpoint that is always fresh and a bit more than slightly off of the mainstream BS. His is generally on target. I have recommended Jared to others. Jared is real. Jared is fresh. Jared tells the why of what's happening.” Richard L.

[I read Street Freak for its] non-mainstream thought process, interesting long-term investment ideas.” Kirby S.

The Daily DirtnapIdea Generation for Sophisticated Investors

Some of the world’s largest and best-known banks, broker-dealers, and hedge funds, as well as sophisticated investors worldwide rely on The Daily Dirtnap for quick, fresh market insights around 225 days a year.

Freed up from the constraints of a weekly or monthly publishing schedule, The Daily Dirtnap is Jared uncut, unleashed, and quite unlike anyone else.

With his profound snapshots on sentiment, social psychology, behavioral finance, game theory, macroeconomics, and more, Jared gets readers thinking about the markets and trade ideas in a bold new way.

The Daily Dirtnap is also irreverent and entertaining—leaving other financial newsletters for dust. As Jared says, “My goal is to make my commentary a joy to read, in addition to being super-smart and timely as hell.”

If market psychology gets your heart racing… if you’d like to start your day with the insights of one of the sharpest, most agile thinkers in the industry… if you lean toward taking the other side of the trade… then you should think about joining The Daily Dirtnap.


Jared Dillian, an excellent former trader with a strongly contrarian bias, provides entertaining and thought-provoking comments on investment markets. I religiously read his comments and they always stimulate my thinking.” M.F., investment advisor and fund manager

People say that $600 seems like a lot for a newsletter but it is nothing compared to the value of just one piece of data, or one idea. In my case it was just one offhand remark—so [The Daily Dirtnap] is worth it already.” P.V.H, investor


Potentially Dangerous.

In Jared’s ETF Master Class video training course, you will learn about...

  • Four key ETF trading strategies
  • Mutual Funds vs. ETFs
  • The risks of leveraged ETFs
  • The fate of ETF liquidity in a market correction
  • How to use commodity ETFs
  • How to spot swaps in an ETF, and why you should think twice about ETFs that hold them
  • How and when to use inverse ETFs
  • How ETF shares are created
  • And more

Plus… you can earn CFA and CIMA continuing education credits for taking the ETF Master Class.

Whether you’re an individual investor or a professional, it’s time to get a proper grip on the investment vehicle that’s transforming the investment world.

Find out more  

ETFs are everywhere, yet many people don’t understand that they can be complex, rife with hidden fees and tax implications, and potentially dangerous.

If you want to decode ETFs… you want to learn from Lehman Brothers’ former head of ETF trading.

Here’s Jared:

“I was in the ETF business during the Jurassic period. I’ve seen the entire arc of the industry.

The ETF has to be one of the top five financial innovations in the last 100 years.

[But] I continue to be shocked at the sort of products the SEC approves.”

With this class, Jared took me inside the building. For years I’ve been outside the building. I thought I knew enough about ETFs. But with this class, I now know so much more, and I know how to move forward with a strategy for successful investing.” Johny C.


Investing in the Age of the Everything Bubble

As a Wall Street veteran, Jared has traded through two bear markets, though as he says, “I’m not generally a bearish guy.” But now, he’s staking his reputation on a call that a downturn is coming soon. In this special report, Jared discusses his call and shares how you can best prepare your portfolio. Read More  

The Ultimate “Street Freak’s” Contrarian Guide

In this eye-opening interview, previously only available with the purchase of his investment newsletters, Jared reveals how he picks and trades trends, shares his advice on how to master your inner instincts, discusses why Wall Street is so susceptible to groupthink, and more. Read More  


Jared is pretty active on Twitter. He’s also pretty popular, reaching more than 11,000 followers. With good reason—he’s forthright in his views on everything from equity research to the Fed to bitcoin to the Australian housing bubble. And he shares a mix of must-read news articles, links to his latest podcasts, articles, and DJ sets, and more.

He also has other social media accounts (Facebook and YouTube), but you won’t find him on Snapchat: “The product is interesting, the company is a disaster.”


Ask Jared Dillian a Question

Have a question for Jared about his investing philosophy… his thoughts on macro… careers in finance… the latest issues of his publications… his equity research strategy… or something else?

Please fill out the form below to ask your question. It could be featured in an upcoming issue of The 10th Man—by subscribing, you’ll ensure you don’t miss out… or miss out on Jared’s weekly shot of profound market commentary.

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After listening to many financial podcasts, Jared decided that while many of them were excellent, none of them were funny. His solution: buy equipment, figure out how it works, and start up The Monthly Dirtcast.

The Monthly Dirtcast combines finance and entertainment, with guests including a Myrtle Beach financial advisor, a SC-based real estate agent, a practice broker, and one of the world’s most successful individual investors.

You can subscribe below and go with Jared on his journey to become “the Howard Stern of financial podcasts (though maybe not quite so raunchy).”


The Monthly Dirtcast is the perfect fit for any individual interested in gaining insight and knowledge about the global market, and more specifically, investing. It is formatted for all levels of investors, whether you are a beginner or experienced professional. Everybody can learn something new from Jared's podcast. Give it a try. Worst case scenario, you will find it funny and entertaining.” mkemnyfst

Jared provides alternatives to mainstream issues across all ranges of financial topics. He has the ability to bridge the gap between the typical consumer and the fiancial professional. Guests are facinating and the content is always entertaining. Jared's podcast always goes to the top of my queue when a new one comes out!” rebelT3i


Street Freak: A Memoir of Money and Madness

In the ultracompetitive Ivy League world of Wall Street, Jared Dillian was a scrappy and determined outsider. In Street Freak, he charts his rise from green associate at Lehman Brothers to the firm’s head ETF trader. Street Freak is far more than an account of the life of a trader—it’s a candid critique of the industry and a highly personal story, written with Jared’s unique wit and blunt honesty.


The best Wall Street memoir in a bunch of years. This guy can really write… for anybody who’s ever gone off the rails, or thought they might, it’s a comforting reminder that there’s always a way back.” John Rolfe, co-author of Monkey Business

An amusingly caustic writer whose memoir pulls no punches about a financial career that nearly cost him both his sanity and his life” Fortune

All the Evil of This World

Jared’s first novel is not for the faint-hearted—if you like Bret Easton Ellis, Irvine Welsh, and Thomas Pynchon, then you’ll love All the Evil of This World.

Set around 3Com’s spin-off of Palm in March 2000, All the Evil of This World weaves together seven separate voices from seven separate individuals. They all collide into the disastrous trade and out of it, and it variously unites them, implodes them, saves them, or destroys them.


Oprah would hate this.” Turney Duff, New York Times bestselling author of The Buy Side

All the Evil of This World is a wild ride that's hard to put down. It's a messy, captivating account of one hot trade. But it's really an absorbing, Bret Easton Ellis-style examination of Wall Street's underbelly at perhaps its ugliest and most exciting time.” Gregory Zuckerman, author of The Greatest Trade Ever and The Fracker

Bloomberg TV  |  May 9

Why 'Fees Aren't the Most Important Thing in the World'

[VIDEO] Jared Dillian, Bloomberg Opinion columnist and Mauldin Economics investment strategist, joined Bloomberg's Scarlet Fu to discuss the Vanguard effect on investing, the growth of the ETF industry since 2008 and investors' concerns over… Watch Now  

MarketWatch  |  May 9

How Did Americans Get So Lazy?

It’s estimated that the average person spends only 10% of their life actually working. How is that true when you work 40 out of 168 hours in a week? Well, you don’t work until age 18 or 21, for starters, and you don’t work after age 65. If you don’t… Read More  

Bloomberg View  |  May 4

The Dollar's Rebound Is a Lesson for Investors

For the first time in what seems like ages, the dollar is experiencing a pronounced rally. Yet you can bet that most traders aren’t happy about this turn of events. First, a short tutorial. For years, most traders (myself included) bought and sold… Read More  

Newsmax  |  May 3

A Former Lehman Trader: Think Short Term (For Once)

I just returned from a cabin in Wisconsin where I spent a couple of days with some of my old Lehman pals. Usually our reunions revolve around drinking, ripping on each other, playing cards, more drinking, and in this case… Read More  

Bloomberg View  |  April 13

The Stock Market Is Getting What It Abhors

As a Goldman Sachs quant researcher, Emanuel Derman published a seminal research paper back in 1999 in which he said that there were volatility regimes. Sometimes volatility was low, sometimes it was high, and one would transition from one… Read More  

Bloomberg View  |  March 27

Private Equity? It's More Like Pirate Equity

Claire’s Stores filed for bankruptcy last week, one of a small but growing cadre of failed private equity-backed retail firms led most notably by Toys ‘R’ Us, which is now liquidating its iconic stores. It shouldn’t have come as a surprise when Toys ‘R’ Us filed… Read More  

I subscribed to Street Freak late last year and became a "dirt" in May 2016. I've been meaning to thank you for saving my portfolio and as you state in "Happiness" and the last few The Daily Dirtnaps, your portfolio performance is amazing. Both publications are well worth the price. ” Jim K., Street Freak and The Daily Dirtnap subscriber

His insight into market psychology is matched only by his wit. He’s a voice worth listening to for any serious student of the markets.” M.P., portfolio manager

Jared does a very effective job of highlighting markets and assets that move well out of line with their underlying fundamentals, utilizing a quirky, self-deprecating writing style. He is thought-provoking and challenges your views, and is always entertaining.” J.J., portfolio manager