Quote of the Day
"That’s why investors, no matter how large or small, should never put most of their assets into illiquid securities. No one can possibly predict when public markets will crash or public officials will take unprecedented action, turning private assets into albatrosses."
(Jason Zweig)
Chart of the Day
International, small cap and value are all at valuation extremes.
Markets
- The VIX is sitting at or near its lows. (howardlindzon.com)
- What if Treasuries lose their safe haven status? (mrzepczynski.blogspot.com)
Strategy
- It's easy to forget that illiquid assets are illiquid for a reason. (wsj.com)
- Don't get fooled by the eye popping yields on the new single stock option ETFs. (jeffreyptak.substack.com)
Meta
- Meta ($META) keeps stuffing more stuff into Instagram. (spyglass.org)
- What to make of Meta's ($META) AI restructuring. (ft.com)
AI
- AI startups are now valued around $1 trillion. (spyglass.org)
- Only a bot can combat a bot. (axios.com)
- What if AI is just meh. (nytimes.com)
Demographics
- Jim Pethokoukis talks with Michael Geruso, co-author of "After the Spike: Population, Progress, and the Case for People." (fasterplease.substack.com)
- There's no reversing demographic decline without more supportive men. (axios.com)
- Denmark raised its retirement age to 70. (crr.bc.edu)
Economy
- The housing market continues to rebalance, with inventories rising. (bonddad.blogspot.com)
- All the things working against stable electricity prices. (paulkrugman.substack.com)
- 1.5 million immigrants have left the U.S. this year. (axios.com)
Earlier on Abnormal Returns
- Podcast links: winding things up. (abnormalreturns.com)
- What you missed in our Thursday linkfest. (abnormalreturns.com)
- Longform links: in search of meat. (abnormalreturns.com)
- On the importance of learning who to ignore in an increasingly degenerate economy. (abnormalreturns.com)
- Don't miss a thing! Sign up for our daily e-mail newsletter. (abnormalreturns.com)
