Quote of the Day
"Nothing about it [gold] is safe—or a haven. Gold prices are more volatile than stock prices."
(Allison Schrager)
Gold
- Gold has gone decades where it did nothing. (awealthofcommonsense.com)
- Gold has divorced itself from past fundamentals. (mrzepczynski.blogspot.com)
- What about gold is 'safe'? (allisonschrager.substack.com)
Credit
- Where are we on the 'private credit is going to blow up the economy' scale? (downtownjoshbrown.com)
- If there is a credit market blowup, it's unlikely to come from the banks this time around. (optimisticallie.com)
- What do big discounts to NAV for BDCs tell us? (covenantlite.substack.com)
Companies
- Costco ($COST) is riding high. What, if anything, can knock them down a peg? (newyorker.com)
- The (long) story of Oracle ($ORCL). (quartr.com)
AI
- Why AI is getting forced down people's throats. (anildash.com)
- Is Sora a sign of success or desperation? (calnewport.com)
- The case against an AI bubble. (thezvi.substack.com)
- 'Real AGI' is still a ways off. (valueandopportunity.com)
Earlier on Abnormal Returns
- Adviser links: the heart of the matter. (abnormalreturns.com)
- What you missed in our Sunday linkfest. (abnormalreturns.com)
- Top clicks last week on the Abnormal Returns. (abnormalreturns.com)
- Don't miss out! Sign up for daily e-mail newsletter. (abnormalreturns.com)
Mixed media
- Derek Thompson, "Our attention is a unique resource." (derekthompson.org)
- Horace Bianchon, "You are not a USB stick, but a system evolved to integrate complexity in the most efficient way without spending way too much energy, not to retain footnotes." (horacebianchon.substack.com)
- Irvine Welsh, "People should be reading books, they should be reading stories, they should be reading novels, because these are exercises in empathy. That’s what a novel is about, literally — putting yourself in someone else’s shoes." (hollywoodreporter.com)
