Quote of the Day
"These predictions are powerful sales tools. Wall Street’s forecasts, no matter how wrong they turn out to be, exert a magnetic force on your mind."
(Jason Zweig)
Chart of the Day
The move in bond yields, post Fed rate cuts, is notable. (chart via YCharts)
Markets
- How to deal with the issue of mega-cap market dominance. (awealthofcommonsense.com)
- From the ten largest market cap companies in 2000, only Microsoft ($MSFT) remains. (betterletter.substack.com)
- The purpose of predictions isn't accuracy, it's to prompt conversations. (wsj.com)
- Markets change, but human behavior doesn't. (humbledollar.com)
Companies
- The biggest private companies, like Stripe and Databricks, are under little pressure to go public. (ft.com)
- No matter how you slice it, the booze business is struggling. (sherwood.news)
- Skechers ($SKX) is eating Nike's ($NKE) lunch among a different demographic. (wsj.com)
- 10 companies that kept their promises post-January 6th. (popular.info)
- Nvidia ($NVDA) is now the king of keynotes. (daringfireball.net)
Texas
- On the impact of Texas' restrictive abortion laws. (thebarbedwire.com)
- Some evidence that abortion bans affect migration. (ft.com)
Policy
- The vibes of 2017 were very different than 2025. (slowboring.com)
- There's waste and fraud in the federal budget, but not enough to move the needle. (paulkrugman.substack.com)
- Property tax revolts are a growing phenomenon. (slate.com)
- How mass deportations would affect the U.S. economy. (economist.com)
- More skilled immigration would make one problem worse. (slowboring.com)
- The Constitution is crystal clear on birthright citizenship. (theatlantic.com)
- Why is homelessness in the U.S. on the rise? (econofact.org)
Economy
- Still no recession in sight. (disciplinefunds.com)
- Signs of strength in the economy. (apolloacademy.com)
- Employment remains robust. (econbrowser.com)
- Nine economic indicators that are cooling off. (tker.co)
- If the housing cycle is the economic cycle, where do 7% mortgages leave us? (awealthofcommonsense.com)
- The new administration is being handed a strong economy. (paulkrugman.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)
- When the world is in flux, experience could actually be a detriment. (abnormalreturns.com)
- You can now follow us on Bluesky. (bsky.app)
- Are you signed up for daily e-mail newsletter? Well, you should. (abnormalreturns.com)
Mixed media
- Yair Rosenberg, "Nations that externalize their internal issues lose the ability to address them." (theatlantic.com)
- Kris Abdelmessih, "The lack of trust doesn’t come because the speaker is evil. It’s because we know from experience that humans will do things just because they can." (moontower.substack.com)
- Anand Giridharadas, "What I’m seeing is people attempting to attend more holistically to a nation in ill health." (the.ink)
- James Parker, "There are no safe spaces, and no guarantees—the only stability is the bottomlessness of divine love." (theatlantic.com)
