Quote of the Day
"Looking at financial bubbles since 1790, however, we find that they are much rarer than their presence in the public imagination—and not necessarily purely negative."
(William Goetzmann)
Chart of the Day
Macroeconomic sentiment (via the FT) is negatively correlated with the VIX.
Money management
- Democratization of investing is good in theory, less so in practice. (behaviouralinvestment.com)
- As Vanguard expands its offerings, so do its conflicts of interest. (fortunesandfrictions.com)
Crypto
- The Solana network is getting a big upgrade. (sherwood.news)
- Nasdaq ($NDAQ) is buying into the Gemini IPO. (blockworks.co)
Finance
- Do we really need quarterly earnings? (wsj.com)
- Why Charlie Munger thought short term capital gains were way undertaxed. (kingswell.io)
AI
- Why Apple's ($AAPL) slow approach on AI may win out. (advisorperspectives.com)
- ASML ($ASML) is buying a stake in Mistral. (cnbc.com)
- Databricks is benefiting from the AI wave. (tomtunguz.com)
- On the ground with companies actually trying to implement AI. (axios.com)
Restaurants
- McDonald's ($MCD) Extra Value Meals are back. (axios.com)
- Turning around Starbucks ($SBUX) is no small feat. (nytimes.com)
- French dip sandwiches are having a renaissance. (insidehook.com)
Global
- Colin Nagy, "[World] leaders act not on facts but on the stories they tell themselves about their adversaries." (whyisthisinteresting.substack.com)
- Why convenience stores play an integral role in Taiwan society. (washingtonpost.com)
- What the overseas trips by heads of state tell us. (theconversation.com)
Economy
- The latest QCEW suggests there has been no increase in jobs over the past year. (bonddad.blogspot.com)
- The wealth effect is more important than ever for the economy. (sherwood.news)
- It's hard to argue we're in a recession right now. (calculatedriskblog.com)
Earlier on Abnormal Returns
- Research links: sound investment principles. (abnormalreturns.com)
- What you missed in our Monday linkfest. (abnormalreturns.com)
- Adviser links: a window of tolerance. (abnormalreturns.com)
- Don't miss a thing! Sign up for our daily e-mail newsletter. (abnormalreturns.com)
Mixed media
- Kelsey McKinney, "The AI companies have stolen our work [books] not so that people might enjoy it illegally, but so that the AI companies themselves can grind it into profitable sludge." (defector.com)
- How arts organizations are managing in Trump 2.0. (theartnewspaper.com)
- Why cultural criticism is fading away. (nymag.com)
