Quote of the Day
“Why, in 2025 are we reviving economic practices that we largely abandoned in the 19th century because they were too corrupt for a ‘modern’ nation?”
(Brian Murphy)
Markets
- The S&P 500 wasn't always 500 stocks. (awealthofcommonsense.com)
- The history of the government investing in private companies is not great. (wsj.com)
- Why Mr. Market can't price what isn't knowable. (ritholtz.com)
- Bull markets induce investor complacency. (tedlamade.substack.com)
ETFs
- Why did billions flow into the ARK Innovation ETF ($ARKK) and then flow right back out? (on.ft.com)
- Phil Bak, "Passive cap-weighted REIT funds are distorted and not representative of the CRE market." (philbak.substack.com)
Global
- How the UK's immigration system went so wrong. (wsj.com)
- What's behind the boom in Milan? (ft.com)
- A look at India's cut throat rapid delivery business. (bloomberg.com)
- How Costco ($COST) won in Japan. (readtrung.com)
- Just how big is Singapore's sovereign wealth fund? (ft.com)
Economy
- In July excluding food and energy, the PCE price index increased 2.9% from one year ago. (calculatedriskblog.com)
- Consumer spending keeps on chugging. (bonddad.blogspot.com)
Earlier on Abnormal Returns
- Podcast links: resetting your career. (abnormalreturns.com)
- What you missed in our Thursday linkfest. (abnormalreturns.com)
- Longform links: a less central America. (abnormalreturns.com)
- Don't miss a thing! Sign up for our daily e-mail newsletter. (abnormalreturns.com)
Mixed media
- Bill McKibbin, "Other countries, that is, are making a series of rational decisions, even as we let political cash and petty grievances chart our energy future." (newyorker.com)
- Every trend is working in favor of renewables, but the Trump administration is doing everything to prevent investment. (paulkrugman.substack.com)
- People love renewable energy, once it's built. (wapo.st)
