Thursdays are all about longform links on Abnormal Returns. You can check out last week’s linkfest including a look at the fast growing business of pickleball.

Quote of the Day

"The economic model for railroads is not too far off that of big tech: there's a fixed asset that leads to a hard-to-match competitive advantage, and variance in outcomes is driven by how well companies exploit that asset."

(Byrne Hobart)

Books

Health care

Longreads