Quote of the Day
"However, it has become clear that truth and transparency are not desired by the [HHS] Secretary, but rather he wishes subservient confirmation of his misinformation and lies."
(Peter Marks)
Chart of the Day
Nobody expects spending on cybersecurity to decline any time soon. (chart via YCharts)
Strategy
- Brett Steenbarger, "Successful traders identify what *is* happening and respond quickly. They don't become caught up in what they think will happen or what should happen." (traderfeed.blogspot.com)
- If you are nervous about the stock market, you are likely taking too much risk. (theirrelevantinvestor.com)
- Everybody needs a cheat day, when it comes to their investments. (tker.co)
- The case for learning by doing when it comes to investing. (humbledollar.com)
Alternatives
- PE firms are backed up with unsold companies. (institutionalinvestor.com)
- Secondaries now dominate VC exits. (tomtunguz.com)
Fund management
- How bond ladder ETFs work. (morningstar.com)
- Fidelity is tokenizing one of its money market funds. (riabiz.com)
- Why Errol Morris made a documentary about DFA. (wsj.com)
X
- xAI has purchased Twitter. (cnbc.com)
- Companies are buying ads on X to keep Musk off their back. (ft.com)
- Your X posts were always fodder for xAI. Now at least it's explicit. (spyglass.org)
Fraud
- The Javice-JP Morgan Chase ($JPM) fiasco ends with a conviction. (fortune.com)
- What is the ideal amount of fraud in startupland? (hunterwalk.com)
- Another fraudster, Carlos Watson, gets a commutation from Trump. (cnbc.com)
- The SEC is giving a pass to the Hawk Tuah Coin. (tmz.com)
Global
- Europe has not choice now but to re-arm. (theatlantic.com)
- Poland is an economic growth success story. (apolloacademy.com)
- America First is a myth in a globalized world. (theatlantic.com)
- Greenland isn't as big as you think. (bloomberg.com)
- Why MAGA hates Europe. (wsj.com)
The Pentagon
- The Department of Defense plans further civilian job cuts. (msn.com)
- But Pete Hegseth's brother did get a job at the Pentagon. (defensenews.com)
- Pete Hegseth's wife attended meetings with foreign officials where sensitive information was discussed. (wsj.com)
- How much the military mission at the Mexico border is costing taxpayers. (cnn.com)
- Startup defense contractors are in need of secure facilities. (nytimes.com)
Immigration
- How a crackdown on immigration could negatively affect tax revenue. (axios.com)
- How high-skill immigrants help the economy. (axios.com)
DOGE
- Is DOGE an actual government agency? The administration wants to have it both ways. (cnn.com)
- How DOGE could actually end up increasing the deficit. (theatlantic.com)
- DOGE is planning to rapidly rebuild SSA's aging code base. (arstechnica.com)
- The FDIC had a staffing issue even before DOGE. (axios.com)
Trump
- Scott Sumner, "We’ve become like Hungary, with Trump instead of Orban. Trump is our caudillo." (scottsumner.substack.com)
- The Trump administration is a misinformation machine. (nytimes.com)
- Why you can't be sanguine about what is happening in the U.S. these days. (dancarlin.com)
- Why Trump wants to bring Big Law to heel. (wsj.com)
Economy
- American businesses are feeling whipsawed. (noahpinion.blog)
- The era of cheap stuff is coming to an end. (wsj.com)
- How big a deal is the 'wealth effect' on the economy? (awealthofcommonsense.com)
- Where in the U.S. government transfer payments are the highest. (ft.com)
- Food banks are struggling with funding cuts. (reuters.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)
- You can now follow us on Bluesky. (bsky.app)
- Are you signed up for daily e-mail newsletter? Well, you should be. (abnormalreturns.com)
