Quote of the Day
"When a nation’s economic policy depends on personal whims and relationships rather than consistent rules applied equally to everyone, it has abandoned market capitalism."
(Scott Lincicome)
Chart of the Day
The US yield curve has been steepening for a couple of years now. (chart via FRED)
Markets
- The stock market and the economy are telling two different stories. (tker.co)
- Is the AI bubble holding up the stock market and economy? (theatlantic.com)
Companies
- Google ($GOOGL) and Apple ($AAPL) can't quit each other. (spyglass.org)
- Tesla ($TSLA) is not in the car business for the long haul. (theatlantic.com)
- Gillian Tett, "There is another implication of the AI boom: it is enabling CEOs to talk to their investors about business uncertainty without ever needing to mention Trump’s name at all." (on.ft.com)
Private funds
- LPs really don't want in-kind distributions. (cashandcarried.substack.com)
- Some pension funds are pulling back on their private credit allocations. (on.ft.com)
ETFs
- Wes Gray, “(Y)ield products appeal to investors because they feel safe, but they’re typically tax-inefficient, expensive myths dressed up as secret sauce.” (bloomberg.com)
- Even muni bond investors prefer ETFs vs. mutual funds. (advisorperspectives.com)
Tennis
- Why the USTA asked ESPN to edit its broadcast. (awfulannouncing.com)
- The US Open is increasing for the uber-wealthy. (frontofficesports.com)
- The contrast between the grounds of the National Tennis Center and Queens is stark. (defector.com)
- How Andy Roddick became a star tennis podcaster. (nytimes.com)
Law
- How lawsuits have blunted some of Trump's actions. (theatlantic.com)
- The Trump administration has little legal defense of its tariff policy. (politico.com)
- Are any of Trump's 'emergencies' actual emergencies? (theatlantic.com)
- Another indication the Trump administration wants less accountability, not more. (axios.com)
- Why do so many officials in the administration hold multiple, often interim, jobs? (theatlantic.com)
- The administration is proud of its 'illegal, extrajudicial killings.' (reason.com)
Regulation
- The Congressmen who don't want to ban their own stock trading. (wsj.com)
- The FCC is rapidly removing regulation with little public input. (arstechnica.com)
- Most Americans don't understand how complicated it is to apply for government aid. (theargumentmag.com)
Global
- Peronism was a disaster for Argentina's economy. (theatlantic.com)
- Hungary's Viktor Orbán now has real opposition. (thebulwark.com)
- With the U.S. having stepped aside, Russia is flooding the zone with disinformation. (theatlantic.com)
Work
- It hasn't been this hard to find a job in years. (msn.com)
- Joy Lere, "Managers sit at the crossroads of strategy and execution." (joylere.substack.com)
- On the death of the corporate job. (thestillwandering.substack.com)
- AI career anxiety is real. (axios.com)
Economy
- The labor market is weakening and pricing pressures remain. (noahpinion.blog)
- Measures of consumer sentiment are broken. (awealthofcommonsense.com)
- Health insurance premiums are only going in one direction. (ft.com)
- How is manufacturing holding up? (econbrowser.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)
