Quote of the Day
"It's very clear that a lot of the new AI era is about dismantling the web's original design."
(Anil Dash)
Tariffs
- The Liberation Day rebound is complete, but we are still feeling the effects. (alphaarchitect.com)
- How tariffs can disrupt a global market for something like copper. (mrzepczynski.blogspot.com)
Strategy
- Most stocks underperform the market. (awealthofcommonsense.com)
- Five insights from Jim Cramer's new book, "How to Make Money in Any Market." (nextbigideaclub.com)
Crypto
- By this measure Ethereum treasury companies have surpassed their Bitcoin cousins. (sherwood.news)
- Binance founder Chanpeng Zhao just got himself pardoned. (cnbc.com)
Private assets
- The case for the private equity 'well' having run dry. (institutionalinvestor.com)
- A market map of all the secondary fund players. (altgoesmainstream.substack.com)
Prediction markets
- DraftKings ($DKNG) is buying into the prediction market space. (sportico.com)
- Kalshi and Polymarket are teaming up with the NHL. (espn.com)
Finance
- Is the pod shop model hitting the wall? (rupakghose.substack.com)
- How proxy advisors are getting disrupted. (ft.com)
Fund management
- Vanguard manages half of all passive AUM. (morningstar.com)
- Leveraged ETFs don't always do what they say they will. (wsj.com)
Argentina
- The peso is trading below where intervention started. (economist.com)
- The administration is more interested in supporting the Argentinian economy than American farmers. (paulkrugman.substack.com)
NBA
- How the NBA, and other leagues, generate revenue. (sportico.com)
- The WNBA used to be an affordable night out, not any more. (nytimes.com)
- NBA role players now routinely earn $20 million salaries. (frontofficesports.com)
Economy
- The labor economy is not in great shape. (paulkrugman.substack.com)
- Inflation isn't dead. (flowingdata.com)
- Just because two things are happening at the same time, doesn't mean they are related. (derekthompson.org)
Earlier on Abnormal Returns
- Longform links: the frictionless world. (abnormalreturns.com)
- Personal finance links: drafting estate documents. (abnormalreturns.com)
- What you missed in our Tuesday linkfest. (abnormalreturns.com)
- Research links: the bane of gamblers. (abnormalreturns.com)
- Don't miss out! Sign up for daily e-mail newsletter. (abnormalreturns.com)
Mixed media
- Contrary to prior claims, the new White House ballroom includes the destruction of the entire East Wing. (nytimes.com)
- You can thanks companies like Apple, Meta and Microsoft, for funding the destruction of the East Wing of the White House. (theguardian.com)
- Why none of this should be surprising. (thebulwark.com)
- So much for history. (thedailybeast.com)







