Quote of the Day
"Money does not care what we label ourselves. And when we assess the stock market and the economy we have to try to be aggressively independent and objective."
(Cullen Roche)
Chart of the Day
One of these things is not like the other. (chart via YCharts)
Markets
- The stock market is, for now, shrugging off the weaker labor market. (awealthofcommonsense.com)
- Large cap earnings estimates are outpacing smaller fare. (tker.co)
- Prediction markets are having a moment. (howardlindzon.com)
Strategy
- You can't be a successful investor if you are not open to new ideas. (disciplinefunds.com)
- The problem with concentration risk is psychological. (harveysawikin.substack.com)
Finance
- The IPO window is seemingly wide open. (ft.com)
- How is OpenAI going to pay for all this compute? (eaglepointcapital.substack.com)
AI
- AI voice cloning is getting really good. (wsj.com)
- Chat was the wrong form factor for initial AI use. (paulkedrosky.com)
- Professional photographers are increasingly running into the question: 'Why take actual photographs when you can just use AI?' (axios.com)
Law
- Brazil effectively prosecuted Bolsonaro for engaging in a coup. (nytimes.com)
- ICE is eyeing prisons that have been abandoned as outdated and unsafe. (wapo.st)
- The many ways the September 2 strike was unlawful. (justsecurity.org)
- You can't declare war on a cartel. (defenseone.com)
Taxes
- The IRS is going to make it easier for companies to utilize lucrative tax shelters. (nytimes.com)
- Does tax avoidance by wealthy Americans trickle down? (papers.ssrn.com)
Policy
- On the chaos DOGE wrought at the Social Security Administration. (propublica.org)
- Widespread school shootings have spawned an entire industry. (npr.org)
- How the administration turned against Venezuelan immigrants. (newyorker.com)
- Don't believe everything you hear from government officials. (npr.org)
Economy
- Why persistent inflation isn't affecting consumers...yet. (theovershoot.co)
- AI will change jobs before it shows up in the employment data. (paulpodolsky.substack.com)
- The economic schedule for the coming week. (calculatedriskblog.com)
Earlier on Abnormal Returns
- Top clicks this week on Abnormal Returns. (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)
