Quote of the Day
"We dislike inaction because it looks lazy and/or incompetent."
(Barry Ritholtz)
Chart of the Day
It took a while but Japanese stocks are finally in a new era.
Strategy
- Why we have a bias towards action in the markets. (ritholtz.com)
- Should you buy at all-time highs? (ofdollarsanddata.com)
Crypto
- Bitcoin is not digital gold. (advisorperspectives.com)
- Why the pardon of Binance founder Changpeng Zhao is coming under scrutiny. (citationneeded.news)
ETFs
- The number of active ETFs is surging. (morningstar.com)
- Falling costs and new service providers have made it much easier for upstarts to launch new ETFs. (fa-mag.com)
Fund management
- In general, the more layers, the more fees. (jeffreyptak.substack.com)
- Performance fees are most often skewed to favor the manager. (behaviouralinvestment.com)
- Hedge fund Millennium Management has sold a 15% stake in itself. (ft.com)
- State Street ($STT) has purchased a stake in secondaries firm Coller Capital. (pionline.com)
AI
- OpenAI has committed well north of $1 trillion on hardware & cloud infrastructure over the next 10 years. (tomtunguz.com)
- Small language models are going to do the work in the real world. (wsj.com)
- This organization is helping AI companies crawl the web, even behind paywalls. (theatlantic.com)
- Social media feeds aren't good for LLMs either. (nature.com)
Housing
- You shouldn't expect markedly lower residential mortgage rates. (econofact.org)
- Home prices to income are still elevated. (calculatedrisk.substack.com)
- Housing inequality is only going in one direction. (bloomberg.com)
Earlier on Abnormal Returns
- Research links: a potentially volatile investment. (abnormalreturns.com)
- What you missed in our Monday linkfest. (abnormalreturns.com)
- Adviser links: overdelivering on smaller promises. (abnormalreturns.com)
- Don't miss a thing! Sign up for our daily e-mail newsletter. (abnormalreturns.com)
