Quote of the Day
"Being a bull doesn’t mean you think the stock market will only go up because the stock market will often fall on its way up."
(Sam Ro)
Chart of the Day
BlackRock’s iShares Bitcoin Trust ($IBIT) got to ~$100 billion faster than any previous ETF.
Metals
- If the price of gold is tethered to inflation, then it's overvalued. (morningstar.com)
- Silver is having a moment. (etf.com)
Strategy
- Why trying to call a top is counterproductive. (awealthofcommonsense.com)
- The AI boom is different than the Dotcom bubble, but that doesn't mean it isn't risky. (disciplinefunds.com)
Finance
- A profile of Polymarket CEO Shayne Coplan. (forbes.com)
- GPUs are fast depreciating assets. (uncoveralpha.com)
Drink
- California's wine industry is in crisis. (wsj.com)
- Even Germany's beer industry is struggling. (unherd.com)
- Another sign the bourbon boom has topped out. (wsj.com)
ICE
- Homeland Security isn't even trying to deport people to their home countries. (axios.com)
- The DHS has fired workers investigating civil rights abuses. (npr.org)
- Why is ICE holding so many people in solitary confinement? (axios.com)
The National Guard
- Deploying the Natural Guard is an expensive proposition. (theatlantic.com)
- Hawaii resident calls for the National Guard to be deployed in San Francisco. (politico.com)
Policy
- The EPA produced a report on the danger of forever chemicals. The administration won't release it. (propublica.org)
- The USDA has stopped measuring food insecurity. (grist.org)
- All the food aid that has been cut or cancelled. (projects.propublica.org)
- DOGE cuts have focused on the experienced government workers. (theatlantic.com)
- Once you see it, it is hard to unsee. The administration's preference for firing black officials. (nytimes.com)
- How a state attorney general got rich on a state employee's salary. (wsj.com)
- If you get $50,000 in a sting operation do you have to declare it on your taxes? (nytimes.com)
Global
- Japan is already feeling the impact of worker shortages in many fields. (on.ft.com)
- China and the U.S. are more alike than you think. (semafor.com)
- Russia has a new super app, Max, that provides even more levers of surveillance and control. (theatlantic.com)
- Australian housing prices have soared since 2020. (apolloacademy.com)
Economy
- The economic schedule for the coming week. (calculatedriskblog.com)
- What other economic releases are set to be delayed by the government shutdown. (econbrowser.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 out! Sign up for daily e-mail newsletter. (abnormalreturns.com)
Mixed media
- A Q&A with Alex Morris, author of "Buffett and Munger Unscripted: Three Decades of Investment and Business Insights from the Berkshire Hathaway Shareholder Meetings." (bigthink.com)
- A review of Andrew Ross Sorkin's new book "1929: Inside the Greatest Crash in Wall Street History—and How It Shattered a Nation." (wsj.com)
- A Q&A with Victor Haghani, co-author of "The Missing Billionaires: A Guide to Better Financial Decisions." (barrons.com)
