Quote of the Day
"Tariff wars are the measles of international economics—juvenile, contagious and inherently self-defeating."
(Roger Lowenstein)
January 2025
- The S&P 500 returned 2.78% in January 2025. (on.spdji.com)
- Major asset class performance for January 2025. (capitalspectator.com)
Finance
- The Texas Stock Exchange is taking steps forward. (wsj.com)
- MicroStrategy ($MSTR) is exploring new and novel ways to pay for additional Bitcoin. (ft.com)
- You can now bet on the Super Bowl in your Robinhood ($HOOD) account via Kalshi. (msn.com)
ETFs
- The Bogle Effect rolls on as Vanguard cuts fund fees. (wealthmanagement.com)
- The mirage that is leveraged ETF returns. (jeffreyptak.substack.com)
OpenAI
- Why OpenAI's o1 Pro is a big deal. (marginalrevolution.com)
- Hands-on with OpenAI's agent Operator. (nytimes.com)
- OpenAI just released Deep Research. (engadget.com)
- OpenAI was shocked to see the DeepSeek app take off. (bigtechnology.com)
- Why does OpenAI need to raise so much capital? (spyglass.org)
Global
- Brexit is more unpopular than ever, five years in. (semafor.com)
- Why pushing around Latin American allies will ultimately backfire. (theatlantic.com)
Government
- A look at the Elon Musk proteges who are running roughshod through the federal government. (wired.com)
- What information has already disappeared from government websites. (nytimes.com)
- The CDC has paused publishing research papers. (reuters.com)
Energy
- Why the U.S. needs Canadian oil. (edconway.substack.com)
- Why the energy transition is stuck in neutral. (coldeye.earth)
Economy
- Where the economy stands going into Trump 2.0. (ritholtz.com)
- The January ISM Manufacturing report showed strong growth. (bonddad.blogspot.com)
Earlier on Abnormal Returns
- Adviser links: meeting clients where they are. (abnormalreturns.com)
- What you missed in our Sunday linkfest. (abnormalreturns.com)
- Top clicks last week on the site. (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)







