Quote of the Day
"The bottom line is that markets will continue to hold on to yesterday’s narrative until it becomes completely clear that the narrative has changed."
(Torsten Sløk)
Markets
- A great reminder that nobody knows what is going to happen. (awealthofcommonsense.com)
- Be careful when you know something for sure. (humbledollar.com)
Finance
- SPACs are having a year, due in part to crypto. (axios.com)
- A look at the growth in continuation funds. (pitchbook.com)
ETFs
- Changes, including a 0.02% fee decrease, are coming for the Invesco QQQ Trust ($QQQ). (finance.yahoo.com)
- Defined-outcome and derivative-income ETFs have surged in 2025. (morningstar.com)
AI
- A look at the AI capex boom. (paulkedrosky.com)
- We really have no idea how AI is going to affect the economy. (noahpinion.blog)
- How AI could affect the advertising industry. (sherwood.news)
Environment
- The EPA is eliminating its scientific research arm. (nytimes.com)
- States, like Indiana, are just giving up on climate. (wboi.org)
IRS
- The IRS is gearing up to share data with ICE. (propublica.org)
- Preserving the code behind IRS's Direct File for future administrations. (washingtonpost.com)
States
- The BBB is pushing a lot of costs down to the states. (politico.com)
- Ranking the states by economic dynamism. (agglomerations.substack.com)
National debt
- We need a non-politicized discussion about national debt. (harpers.org)
- Estimates matter when it comes to assessing Social Security funding. (crr.bc.edu)
Policy
- It's way too easy for a single politician to stop an energy project. (nytimes.com)
- How much longer can we trust government statistics? (bloomberg.com)
- The Trump administration has ended 988 Suicide & Crisis Lifeline’s specialized service for LGBTQ+ youth. (cnn.com)
- The administration is going spend $167k to destroy contraceptives set for Africa, instead of distributing them. (theguardian.com)
- Mike Masnick, "Fascism is really good at one thing: making everything worse." (techdirt.com)
- How petty is this administration? This petty. (theatlantic.com)
Economy
- The U.S. consumer is resilient. (tker.co)
- Seriously, what could stop American consumer spending? (awealthofcommonsense.com)
- The U.S. economy has faced a series of shocks. (scottsumner.substack.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)
- Don't miss a thing! Sign up for our daily e-mail newsletter. (abnormalreturns.com)
