Quote of the Day
"Technology is at its best when it helps us be more human. Technology can help connect us to more people, do more beautiful things, accomplish more, and be greater than what we previously were. It should enable the average person to lead a fuller, richer, freer life."
(Jeremiah Johnson)
Markets
- Most of the time we don't know the reason for a stock's move until after the fact. (downtownjoshbrown.com)
- The bond market is chugging along in 2025. (wsj.com)
Berkshire Hathaway
- A Buffett-less Berkshire Hathaway ($BRK.A) is now a reality. (barrons.com)
- Lessons culled from this week's Buffett letter. (tker.co)
Immigration
- When you look at immigration, focus on talent and skills, not job titles. (agglomerations.substack.com)
- How we should automate our immigration policies. (theargumentmag.com)
- In 2025, the Trump Organization sought nearly 200 H-2A and H-2B visas. (theguardian.com)
DHS
- Why ICE officers wear masks. (theatlantic.com)
- DHS and ICE are using classic propaganda techniques. (chicago.suntimes.com)
- A newly formed company is running a big chunk of the ad budget of the DHS. (propublica.org)
Crime and punishment
- David French, "If history teaches us anything, it’s that impeachment has not checked presidential abuses of [pardon] power, and it’s hard to imagine that it ever will." (nytimes.com)
- How's Kash Patel doing running the FBI? (doomsdayscenario.co)
- Why is Ghislaine Maxwell receiving special treatment in prison? (people.com)
Caribbean
- How the DOJ memo seeks to justify 'Operation Southern Spear.' (theintercept.com)
- The administration wants to make these boat strikes seem routine. (theatlantic.com)
- What's the end game in the Caribbean? (danieldrezner.substack.com)
Leadership
- The president does what he wants, when he wants to. (axios.com)
- Immature leaders do not care about the long run. (danieldrezner.substack.com)
Global
- As the data roll in, the negative impacts of Brexit pile up. (marginalrevolution.com)
- Who is the modern China built for? (noahpinion.blog)
Economy
- Affordability is top of mind for many Americans. (businessinsider.com)
- The U.S. economy is doing better than most people think. (awealthofcommonsense.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)
- 16 minutes of consensus personal finance wisdom. (abnormalreturns.com)
- Why we take our good luck for granted. (abnormalreturns.com)
- Don't miss a thing! Sign up for our daily e-mail newsletter. (abnormalreturns.com)
Mixed media
- Hamilton Nolan, "While it is admirable to want to decrease economic inequality, it is, ultimately, convoluted and counterproductive to try to do so by encouraging everyone to think of the corporate good as the public good. It’s not the same thing." (hamiltonnolan.com)
- Todd Wenning, "While you can’t eliminate risk in life, risk can be managed by associating with people of good character." (flyoverstocks.com)
- Bob Lefsetz, "Fame is an empty construct." (lefsetz.com)
