Quote of the Day
"Most people were wrong about the inviolable nature of US exceptionalism and wrong about the consequences of Trump’s election victory, so don’t listen to anyone who claims to know what comes next."
(Joe Wiggins)
Markets
- Gold is a crowded trade. (sherwood.news)
- Why the move in gold matters. (priceactionlab.com)
- How portfolio diversification has worked in 2025. (morningstar.com)
Bonds
- Treasury bonds have never been risk free. (advisorperspectives.com)
- Are bonds still a good diversifier? (morningstar.com)
Private assets
- Tariffs are only going to make things harder for startups. (wired.com)
- Secondary sales are now a part of every VC's playbook. (hunterwalk.com)
- PE secondary volume continues to grow. (institutionalinvestor.com)
- What to look for in a Limited Partnership Agreement. (cashandcarried.substack.com)
Prediction markets
- What is Robinhood ($HOOD) risking by offering prediction futures? (riabiz.com)
- Where the legal fight over Kalshi's sports-related contracts stand. (sportico.com)
Tariffs
- Why DHL is slowing package delivery to the U.S. (bbc.com)
- Insulated mug makers Yeti ($YETI) and Stanley ($SWK) have a big tariff problem. (sherwood.news)
Real estate
- Burned lots are up for sale in Pacific Palisades. (nytimes.com)
- Many Florida condo owners are/feel trapped. (wsj.com)
- Can a building ever be 'carbon positive'? (nytimes.com)
Economy
- Regional Fed reports are uniformly negative. (bonddad.blogspot.com)
- The stock market doesn't see a reindustrialization trend. (noahpinion.blog)
Earlier on Abnormal Returns
- Research links: costing too much. (abnormalreturns.com)
- What you missed in our Monday linkfest. (abnormalreturns.com)
- Adviser links: curiosity and restraint. (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)
