Quote of the Day
"Bubbles can only be spotted in hindsight because you know how the story ends."
(Callie Cox)
Chart of the Day
The stock market rally has burned off investor fear. (via StockTwits)
Markets
- Some signs of growing speculative activity. (sherwood.news)
- Five signs the market is frothy. (wsj.com)
Strategy
- Bubbles can only known in hindsight. (optimisticallie.com)
- It's easy to forget how much investing has changed over the past few decades. (onveston.substack.com)
Business
- Larry Ellison is a big winner in Trump 2.0. (slate.com)
- Crypto diverts capital from 'actual productive uses.' (allisonschrager.substack.com)
Fund management
- It seems that every money manager is pivoting to private credit. (institutionalinvestor.com)
- What do ETF issuers owe their customers? (etf.com)
- If alternative asset managers are pivoting to retail they need to build their brands. (altgoesmainstream.substack.com)
Pets
- Spending on pets surged from pre-Covid levels. (sherwood.news)
- Why (child) pet care is getting more expensive. (marginalrevolution.com)
- All the dogs, explained. (kottke.org)
Defense
- Silicon Valley is betting big on defense startups. (advisorperspectives.com)
- Interceptor demand has surged. (wsj.com)
- Russia couldn't keep fighting in Ukraine without the help of China and North Korea. (ft.com)
Tariffs
- Why tariffs are likely to stick around for the long haul. (marginalrevolution.com)
- The U.S. imports a lot of pharmaceuticals from Europe. (econbrowser.com)
Earlier on Abnormal Returns
- Adviser links: the advent of AI. (abnormalreturns.com)
- What you missed in our Sunday linkfest. (abnormalreturns.com)
- Top clicks last week on the site. (abnormalreturns.com)
- Don't miss a thing! Sign up for our daily e-mail newsletter. (abnormalreturns.com)
