Quote of the Day
"Start a new company with your own money Elon and bank the winnings. Kudos. But now you’re playing with the public’s money, you’ve got a responsibility to us."
(Bob Lefsetz)
Markets
- There is a lot of rotation in the market happening behind the scenes. (howardlindzon.com)
- When brokers greatly outperform the stock market, look out. (acadian-asset.com)
- How bull markets mess with your brain. (awealthofcommonsense.com)
Crypto
- Crypto hacks just keep happening. (ft.com)
- A proposed T Rowe Price Active Crypto ETF seems out of character for the asset manager. (mutualfundobserver.com)
- A look at the bankers who facilitated the Trump family's big move into crypto. (ft.com)
- How gold and Bitcoin differ. (papers.ssrn.com)
AI
- What would it imply to buy into an OpenAI IPO at a $1 trillion valuation? (spyglass.org)
- The AI case for Google ($GOOGL). (thediff.co)
- The former CBOE ($CBOE) Global Markets HQ is going to get converted into a data center. (chicago.suntimes.com)
Policy
- The Treasury and IRS are issuing new rules to lower the taxes for 'the country’s most profitable companies and wealthiest investors.' (nytimes.com)
- At what level of debt-to-GDP do governments need to worry? (papers.ssrn.com)
- What does the public understand about debt and it's sustainability? (cepr.org)
- NASA is soft closing the Goddard Space Flight Center. (space.com)
- American can admit more than 7,500 refugees as year. (msnbc.com)
- How politicians change their voting pattern after a natural disaster. (klementoninvesting.substack.com)
- The battle over money in politics isn't over yet. (sportico.com)
- If you do what you believe in, you will never be disappointed. (hamiltonnolan.com)
Economy
- Recessions suck. Unchecked inflation is worse. (downtownjoshbrown.com)
- The labor market is cooling. (tker.co)
- Although wage growth is holding up. (bonddad.blogspot.com)
- Economic sentiment is as low as in the immediate post-“Liberation Day” period. (econbrowser.com)
- The economic schedule for the coming week. (calculatedriskblog.com)
Earlier on Abnormal Returns
- Top clicks this week on Abnormal Returns. (abnormalreturns.com)
- What you missed in our Saturday linkfest. (abnormalreturns.com)
- Don't miss a thing! Sign up for our daily e-mail newsletter. (abnormalreturns.com)
Mixed media
- Andrew Markell, "Rituals are the operating system of any enduring organization. They look decorative from the outside — anniversary ceremonies, family mottos, annual gatherings — but they carry the mythic DNA that keeps the company coherent." (bigthink.com)
- Todd Wenning, "Stewardship is such an uncommon attribute that, when you see it, you need to at least learn more about the company." (flyoverstocks.com)
- Rex Woodbury, "The best products weaponize guilt and pleasure." (digitalnative.tech)
