Quote of the Day
"For everyone else, the economy has become something to believe in rather than participate in, a system that promises meaning through motion. That’s the real mood of the economy right now - everything is a trade. Money, work, meaning, even faith."
(Kyla Scanlon)
Chart of the Day
The stock market has entered the historically strong period of the calendar.
Market concentration
- Market concentration is just a fact of life right now for investors. (morningstar.com)
- Concentrated market performance is tough for hedge funds. (axios.com)
Finance
- How Navan ($NAVN) went public in a government shutdown. (semafor.com)
- Beignet, think Meta and Blue Owl, 'represents by far the single largest individual high-grade bond ever issued.' (giftarticle.ft.com)
AI
- Investors should be skeptical when this much capital is being spent pursuing an opportunity. (morningstar.com)
- Google ($GOOGL) and Microsoft ($MSFT) have committed unprecedented sums to capex. (tomtunguz.com)
Work
- When calling a job candidate 'overqualified' is cover for age discrimination. (wsj.com)
- On the AI career 'vibes gap.' (agglomerations.substack.com)
Weight loss
- Tirzepatide, sold as Zepbound for obesity and Mounjaro for diabetes, is now the best selling drug in the world. (biopharmadive.com)
- There is now a bidding war for obesity drug maker Metsera ($MTSR). (wsj.com)
- Eli Lilly ($LLY) is teaming with Walmart ($WMT) to expand access to Zepbound. (biopharmadive.com)
- Inside the race to get an oral GLP-1 agonist to market. (giftarticle.ft.com)
- The obesity rate in the U.S. is falling due to GLP-1 agonist use. (npr.org)
China
- Please do not sell B30A chips to China. (thezvi.substack.com)
- Eric Schmidt and Selina Xu, "The Chinese government seems to recognize the power of open-source AI." (theatlantic.com)
- China won the 'trade war.' (paulkrugman.substack.com)
Health care
- In-home care prices are rising a much higher rate than inflation. (axios.com)
- People are getting a preview of ACA premium increases for 2026. (axios.com)
Earlier on Abnormal Returns
- Longform links: doing meaningful work. (abnormalreturns.com)
- What you missed in our Wednesday linkfest. (abnormalreturns.com)
- Personal finance links: paying for advice. (abnormalreturns.com)
- Don't miss a thing! Sign up for our daily e-mail newsletter. (abnormalreturns.com)
