Quote of the Day
"If you’re a fund manager, a bubble is a) something that has delivered sky-high returns, and; b) a thing you don’t own. Your clients are going to ask why you missed it."
(Toby Nangle)
Chart of the Day
In the past two years Nvidia ($NVDA) has gone from some $1 trillion to $5 trillion in market cap. (chart via YCharts)
Strategy
- There is a reason why people talk about the 60/40 portfolio. (mrzepczynski.blogspot.com)
- Attending an investment conference might be fun, but don't expect any alpha. (harveysawikin.substack.com)
Finance
- OpenAI has transformed into a for-profit company with Microsoft ($MSFT) holding a ~27% stake. (wsj.com)
- Morgan Stanley ($MS) is buying EquityZen. (bloomberg.com)
- How to assess PE continuation funds. (blogs.cfainstitute.org)
Technology
- Don't downplay what Apple ($AAPL) silicon has accomplished. (512pixels.net)
- AI is really good at generating fake receipts for expense reports. (ft.com)
- Our current technologies don't allow for much personalization. (om.co)
- What's the appeal of ChatGPT Atlas? (daringfireball.net)
- Grokipedia is pretty much what you would expect. (theverge.com)
Economy
- Signs the economy is still growing, albeit with higher inflation and non-existent jobs growth. (bonddad.blogspot.com)
- AI or not, white collar workers are feeling the brunt of layoffs. (wsj.com)
- Where is America going to get new workers? (bloomberg.com)
Earlier on Abnormal Returns
- Personal finance links: paying for advice. (abnormalreturns.com)
- What you missed in our Tuesday linkfest. (abnormalreturns.com)
- Research links: an unmistakable pattern. (abnormalreturns.com)
- Don't miss a thing! Sign up for our daily e-mail newsletter. (abnormalreturns.com)
Mixed media
- Joon Lee, "Betting adds stakes, and for many, it’s fun. But what is clear is that our country has failed to install even the most basic protections for fans, players and kids." (nytimes.com)
- This is not the NBA's first run in with organized crime. (truehoop.com)
- How sports books use algorithms to find cheaters. (usatoday.com)
