Markets

• The U.S. has been outperforming international equities for some 15 years. (compoundadvisors.com)
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• More industry sectors have regained their 200 day moving average. (allstarcharts.com)
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FTX

• The collapse of FTX is a hard reset for the industry. (generalist.com)
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• FTX customers have a long road ahead getting their money back. (wsj.com)
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• FTX is a tangled web of subsidiaries and investments. (theinformation.com)
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• Why the collapse of FTX won't ripple through the broader financial system. (theatlantic.com)
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• FTX owns a lot of Bahamian real estate. (theblock.co)
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Companies

• Walmart ($WMT) once again has the upper hand on suppliers. (wsj.com)
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• Semiconductor inventories have normalized in 2022. (on.ft.com)
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• JP Morgan ($JPM) has sidestepped the worst leveraged loans of 2022. (wsj.com)
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• Todd Wenning, "Not every brand is a defensible asset." (intrinsicinvesting.com)
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States

• Why so many Tennesseans are prevented from voting. (propublica.org)
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• In Texas, some two-thirds of the state’s nearly 100 prisons lack air conditioning. (grist.org)
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• Californians overwhelmingly voted to ban all flavored tobacco products in the state. (statnews.com)
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Policy research

• The effects of Jim Crow have persisted through time. (marginalrevolution.com)
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• How substitutable are workers? A grim analysis. (papers.ssrn.com)
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• Paid parental leave saves lives. (fatherly.com)
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Economy

• The stock market may have already priced in the worst economic news. (ritholtz.com)
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• The economic schedule for the coming week. (calculatedriskblog.com)
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Earlier on Abnormal Returns

• Top clicks this week on Abnormal Returns. (abnormalreturns.com)
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• What you missed in our Saturday linkfest. (abnormalreturns.com)
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• Can a business go from 'extreme reliability' to 'unreasonable hospitality'? (abnormalreturns.com)
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• Are you a financial adviser looking for some out-of-the-box thinking? Then check out our weekly e-mail newsletter. (newsletter.abnormalreturns.com)
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Mixed media

• The world is getting better, even though it often doesn't seem like it. (awealthofcommonsense.com)
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• Kyla Scanlon, "We are the climate we create, but also if the world is on fire, we are going to feel the flames." (kyla.substack.com)
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• What an abundance policy agenda looks like. (thecgo.org)
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