Quote of the Day
"AI will waste a billion hours before it saves a billion hours."
(Derek Thompson)
Chart of the Day
Homeowners don’t want to give up their 3% mortgages. (chart via Freddie Mac)
Markets
- How today's market leaders differ from past generations. (tker.co)
- Updated performance figures for S&P Dow Jones Indices for April 2023. (on.spdji.com)
Strategy
- Why copying great investors, like Buffett and Munger, usually doesn't work. (whatsimportant.substack.com)
- Some all-time great quotes from the Berkshire Hathaway ($BRK.A) annual meeting. (neckar.substack.com)
First Republic
- First Republic ($FRC) is the definition of a 'zombie bank.' (netinterest.co)
- Resolution of the First Republic ($FRC) seems near. (thebasispoint.com)
- First Republic ($FRC) has seen a wealth management staff exodus. (financial-planning.com)
ETFs
- Which ETFs earn the most revenue from securities lending? (morningstar.com)
- What Morgan Stanley ($MS) has planned in the ETF space. (etf.com)
Policy
- Two-thirds of Americans oppose restrictions on mifepristone. (npr.org)
- Absent impeachment, the Supreme Court is largely free of oversight. (vox.com)
- Blocked rail crossings are forcing school children to go under or around trains. (propublica.org)
- "Most state and municipal pension plans in the United States are distressed or fragile." (caia.org)
- What does a safely stored gun look like? (vox.com)
Economy
- PCE's measure of housing are still accelerating higher. (calculatedriskblog.com)
- Homeowners don't want to give up their 3% mortgages. (nytimes.com)
- The economic schedule for the coming week. (calculatedriskblog.com)
Earlier on Abnormal Reutrns
- Top clicks last week on the site. (abnormalreturns.com)
- What you missed in our Saturday linkfest. (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)
