Quote of the Day
"The line between public and private credit is functionally gone: there is a single continuum of liquidity and opacity."
(Paul Kedrosky)
Chart of the Day
Eli Lilly ($LLY) is back on track to become the first $1 trillion market cap pharma company. (chart via YCharts)
Markets
- Q3 2025 was another successful earnings season. (chartkidmatt.com)
- The stock market is a much bigger deal in 2025 than it was in 1929. (awealthofcommonsense.com)
- Market timing is bad, but reassessing your plan is good. (flowfp.com)
ETFs
- The Alpha Architect 1–3 Month Box ETF ($BOXX) is seeing a surge in assets. (etf.com)
- Why the Goldman Sachs ETF ‘Accelerator’ failed. (etfstream.com)
- Just how well do YieldMax ETFs match their benchmarks? (etf.com)
Fund management
- An example of the illiquidity of alternative investments at work. (wsj.com)
- The funds that are in Morningstar's ($MORN) 401(k) plan. (morningstar.com)
- More pension funds are switching to a total portfolio approach (TPA). (advisorperspectives.com)
Companies
- IBM ($IBM) is betting big on quantum computing. (semafor.com)
- Walmart ($WMT) as an AI winner. (axios.com)
Apple
- The iPhone is becoming more like a wearable. (spyglass.org)
- Apple ($AAPL) is adding new satellite connectivity. (theverge.com)
- Apple ($AAPL) is launching Digital IDs, including your U.S. passport. (sixcolors.com)
Data centers
- How much does OpenAI really spend on compute? (ft.com)
- GPUs are the biggest line item when building a data center. (advisorperspectives.com)
- Anthropic is planning to build data centers in the U.S. (finance.yahoo.com)
AI
- AI progress is real. On the prospects for AGI. (unchartedterritories.tomaspueyo.com)
- We're all focused on AI capex, but what is the potential for the technology? (project-syndicate.org)
- Who pays when AI goes wrong? Lawyers want to know. (nytimes.com)
- Every new technology creates slop. (scientificamerican.com)
Economy
- An indication that inflation really is picking up. (apolloacademy.com)
- People intuitively understand what is happening at the grocery store. (paulkrugman.substack.com)
- Katie Gatti Tassin, "As is true in the rest of the United States, an increasing number of people who work in this economy cannot afford to live in it." (moneywithkatie.com)
Earlier on Abnormal Returns
- Personal finance links: the joy of the journeying. (abnormalreturns.com)
- What you missed in our Tuesday linkfest. (abnormalreturns.com)
- Research links: emotional decoupling. (abnormalreturns.com)
- Don't miss a thing! Sign up for our daily e-mail newsletter. (abnormalreturns.com)
