Quote of the Day
"The [structured product] pitch sounds nice. You can either “breakeven or win”. But the pitch needs to be benchmarked to an equivalent amount of risk you’d be taking in a more vanilla form."
(Kris Abdelmessih)
Chart of the Day
Treasury yields have stopped going up for now. (chart via YCharts)
Crypto
- Banks could soon get the green light in crypto. (barrons.com)
- Bitcoin has bounced back to 58% of cryptocurrency market cap. (theblock.co)
- $TRUMP is down 75% from its peak. (fastcompany.com)
Private credit
- Apollo ($APO) plans to build a marketplace for private credit. (bloomberg.com)
- Pension funds plan to allocate even more to private credit. (pionline.com)
Fund management
- Vanguard fee cuts put additional pressure on traditional asset managers. (morningstar.com)
- Did new Vanguard CEO Salim Ramji make a mistake cutting fund fees while customer service issues remain? (riabiz.com)
- No wonder Scott Bessent wanted a new job. His hedge fund lost nearly 90% of its AUM from its peak. (institutionalinvestor.com)
Apple
- A 2024 report card for Apple ($AAPL): yeah iPad, boo iPhone. (sixcolors.com)
- Apple ($AAPL) needs to embrace its weird side. (macworld.com)
- Why Apple ($AAPL) had to accept a hard core porn app in its App Store in Europe. (daringfireball.net)
Real estate
- 2024 saw an uptick in office lease uptake. (axios.com)
- Employees don't want to return to second and third-tier office buildings. (bloomberg.com)
Global
- Kyla Scanlon, "The U.S. used to set the rules of global trade. If we keep this up, we’ll be sidelined from the very system we built." (kyla.substack.com)
- Trump says to fear China, but his actions all play into Beijing's hands. (politico.com)
- Why is Trump so hell-bent on alienating Canada? (danieldrezner.substack.com)
- It took the U.S. decades to accumulate 'soft power.' We are throwing it away. (washingtonpost.com)
Economy
- Heavy truck sales rose in January 2025. (calculatedriskblog.com)
- The combined ISM manufacturing and services reports shows continued slow growth. (bonddad.blogspot.com)
Earlier on Abnormal Returns
- Personal finance links: simple beats complex. (abnormalreturns.com)
- What you missed in our Tuesday linkfest. (abnormalreturns.com)
- Research links: saving for the future. (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)







