Quote of the Day
"If ChatGPT and its brethren represent a significant shift in how we interact with digital information, then it means clear and present danger for Google’s revenue stream."
(Om Malik)
Chart of the Day

Holding periods are shorter than they were 50 years ago, but seem to be in a ragne for the past 25 years. (via @SamRo)
Strategy
- How a big, successful trade can distort your thinking for years to come. (youngmoney.co)
- Meb Faber on why more people don't invest in managed futures funds. (rcmalternatives.com)
Companies
- Activist investors are lining up against Salesforce ($CRM). (wsj.com)
- Just how big is Apple's ($AAPL) services business? (finbold.com)
- Do we need to slow down the race to public AI? (vox.com)
Finance
- Meet Goldman Sachs' ($GS) largest individual shareholder. (wsj.com)
- Why the Hesai Technology ($HSAI) IPO is notable. (ft.com)
- The people who are up in arms about stock buybacks don't understand finance. (noahpinion.substack.com)
Venture capital
- The VCs that founders want to take capital from. (newcomer.co)
- Startups often fail to prioritize the communication function. (axios.com)
Funds
- Vanguard is planning to push farther into direct indexing. (etf.com)
- Throttling ESG, puts relevant company disclosures at risk. (hbr.org)
- Return stacking ETFs are now live. (rogersplanning.blogspot.com)
Economy
- Weekly initial unemployment claims have stopped going down. (bonddad.blogspot.com)
- Kyla Scanlon, "Emotion might drive the economy, but it shows up in different ways for different people." (kyla.substack.com)
Earlier on Abnormal Returns
- Longform links: an interesting place. (abnormalreturns.com)
- What you missed in our Wednesday linkfest. (abnormalreturns.com)
- Personal finance links: temporary setbacks. (abnormalreturns.com)
- Are you a financial adviser looking for some out-of-the-box thinking? Then check out our weekly e-mail newsletter. (newsletter.abnormalreturns.com)