Quote of the Day
“Housing is the only commodity that is both necessary to sustain life and, simultaneously, a speculative asset expected to make its owner rich.”
(Katie Gatti Tassin)
Chart of the Day
Are homebuilders rebounding on the hope of a Fed rate cut? (chart via YCharts)
Markets
- A look at what happens when the Fed cuts rates when stock are at all-time highs. (carsongroup.com)
- It's hard to argue the stock market is cheap. (morningstar.com)
- Earnings season is pretty well-scripted. (ft.com)
Trading
- You can't beat high-speed traders at their own game. (scheplick.com)
- You can only transform your trading one trade at a time. (traderfeed.blogspot.com)
Finance
- Chamath is back for another SPAC. (ft.com)
- Tether owns a lot of Treasuries. (blockworks.co)
- What Is an Autocallable Yield Strategy? (morningstar.com)
AI
- It's getting harder to argue that AI isn't having an effect on entry-level jobs. (awealthofcommonsense.com)
- Even the people building AI aren't sure what make of it. (theatlantic.com)
- What if AI doesn't get any better? (calnewport.com)
- 'AI slop' is multiplying. (wapo.st)
Housing
- Apartment building continues apace, as high prices keep families from buying a house. (wsj.com)
- Why lower rates may not fix the housing market. (spilledcoffee.co)
- Everyone needs a place to live. Policy doesn't reflect this. (moneywithkatie.com)
Economy
- Consumer spending is holding up. (apolloacademy.com)
- Why it feels like prices are rising at a faster clip than headline CPI. (econbrowser.com)
- Why the American labor force is shrinking: think ICE. (paulkrugman.substack.com)
Earlier on Abnormal Returns
- Personal finance links: what not to do. (abnormalreturns.com)
- What you missed in our Tuesday linkfest. (abnormalreturns.com)
- Research links: valuation disparities. (abnormalreturns.com)
- Don't miss a thing! Sign up for our daily e-mail newsletter. (abnormalreturns.com)
Mixed media
- Kevin Kelly, "It is not hard to produce a book. It is much harder to find the audience for it and deliver the book to them. At least 50% of your energy will be devoted to selling the book." (kk.org)
- David Epstein, "If you write a newsletter you want to read, then you will find the kind of people you want to find." (davidepstein.substack.com)
- Joshua Bennett, "A poem is not merely a record of human activity; it is intended to preserve the complexity, richness, and granular details of our inner lives." (theatlantic.com)
