Quote of the Day
"When our economic expectations are biased, we miss out on promising opportunities. We take excessive risks, or not enough. We sit on the sidelines of the stock market or pass up the chance to buy a home."
(Camelia Kuhnen)
Chart of the Day
Consumer staples haven’t outperformed technology for a couple of years now.
Markets
- Cullen Roche, "This has been one of the more fascinating years in economic and market history." (disciplinefunds.com)
- Countertrend rallies shouldn't be surprising. (awealthofcommonsense.com)
Apple
- Why Apple ($AAPL) may be the most important company in history. (blairbellecurve.com)
- You don't need an 'everything app' when you already have the 'everything phone.' (michaelparekh.substack.com)
Venture capital
- Q2 2023 startup data from AngelList show median valuations back to pre-pandemic levels. (angellist.com)
- The tidal wave of down rounds is here. (theinformation.com)
- The pace of VC-backed company bankruptcies is increasing. (fastcompany.com)
- Hunter Walk, "We are absolutely not through the worst of the pain from the market reset." (hunterwalk.com)
AI
- AI models don't always get better over time. (wsj.com)
- What can you do if AI lies about you? (nytimes.com)
Global
- Taiwan Semiconductor ($TSM) is diversifying away from Taiwan, but will always have a big base there. (nytimes.com)
- Why the U.S. should let China continue to shoot itself in the (economic) foot. (foreignaffairs.com)
States
- Union officials say there are about 20% fewer hospitality workers in Las Vegas than before the pandemic. (nytimes.com)
- The state of California needs to prepare for a different kind of future. (slate.com)
- Can Indiana become a semiconductor hub with the help of the CHIPS Act? (nytimes.com)
Policy
- We are underspending on retraining workers, especially later in life. (forklightning.substack.com)
- How some cities have solved their lifeguard shortage. (stateline.org)
- America's bridges are getting more 'average' over time. (construction-physics.com)
- America's gun laws are a conflicted, mess. (wsj.com)
- Starting next year, most US taxpayers will be able to file their taxes completely paperless with the IRS. (theverge.com)
- How did Clarence Thomas buy a $267,230 RV? (nytimes.com)
Economy
- How political affiliation has polluted economic sentiment. (econbrowser.com)
- 30-year mortgage rates are solidly above 7.0%. (calculatedrisk.substack.com)
- The economic schedule for the coming week. (calculatedriskblog.com)
Earlier on Abnormal Returns
- Top clicks this week on the site. (abnormalreturns.com)
- What you missed in our Saturday linkfest. (abnormalreturns.com)
- Make a plan for your stuff, before someone else has to. (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)
