Crypto

• Memecoins are not securities, per the SEC. (cnbc.com)
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• Blackrock ($BLK) is adding an allocation to its iShares Bitcoin Trust ETF ($IBIT) in portfolios that allow it. (bloomberg.com)
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• The SEC has paused actions against Justin Sun, prominent backer of the World Liberty Financial crypto project. (cnn.com)
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Companies

• Meta ($META) is unbundling again. (spyglass.org)
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• Nvidia's ($NVDA) customer base is highly concentrated. (sherwood.news)
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• Who is the Apple ($AAPL) iPhone 16e for? (daringfireball.net)
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• RIP, Skype. (om.co)
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Finance

• Berkshire Hathaway ($BRK.A) has been warning about the risks of extreme weather for years. (morningstar.com)
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• Booz Allen Hamilton ($BAH) is uniquely at-risk from DOGE cuts. (wsj.com)
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ETFs

• Philip Coggan, "Perhaps the ETF sector is best seen as a maturing industry where the basic product is repackaged to give consumers a much wider choice." (on.ft.com)
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• More managed futures ETFs are coming to market. (bloomberg.com)
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$PRIV

• The SPDR SSGA Apollo IG Public & Private Credit ETF ($PRIV) is here. What to know. (morningstar.com)
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• Good luck figuring out what is actually in this new ETF. (outerbeachconor.substack.com)
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Real estate

• Austin, TX rents are well off their peak. (msn.com)
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• Chicago is seeing a bit of a rebound in office building sales. (cresa.com)
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The IRS

• The IRS is planning to close 110 taxpayer assistance offices. (washingtonpost.com)
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• Fewer IRS workers means lower tax revenue. (bloomberg.com)
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Vaccines

• The HPV vaccine is having a big impact on cervical cancer prevention. (statnews.com)
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• The FDA has cancelled a meeting to select flu strains for next season. (nbcnews.com)
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• The administration is more interested in vaccinating chicken than people. (econbrowser.com)
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• Vaccines are a collective effort. (scientificamerican.com)
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Economy

• The January PCE price index increased 2.5% year-over-year. (calculatedriskblog.com)
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• When will rising policy uncertainty start affecting investment decision making? (paulkrugman.substack.com)
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• A look at Q1 2025 GDPNow numbers. (cnbc.com)
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Earlier on Abnormal Returns

• Podcast links: the reading recession. (abnormalreturns.com)
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• What you missed in our Thursday linkfest. (abnormalreturns.com)
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• Longform links: shouldering more costs. (abnormalreturns.com)
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• You can now follow us on Bluesky. (bsky.app)
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• Are you signed up for daily e-mail newsletter? Well, you should. (abnormalreturns.com)
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Mixed media

• A big inequity with Social Security - lower paid workers live shorter lives. (crr.bc.edu)
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• Where in the U.S. wealth inequality is increasing the most. (theconversation.com)
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• People are for redistribution of income until they get rich. (klementoninvesting.substack.com)
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