Quote of the Day
"It is not possible to automate even a single job by just baking in some predefined set of skills, let alone all the jobs."
(Dwarkesh Patel)
Markets
- How to find emerging market tailwinds. (harveysawikin.substack.com)
- International stocks are on track to top the U.S. this year. (novelinvestor.com)
Financial
- How credit defaults get worked out. (semafor.com)
- Kalshi has signed a deal with CNBC. (businessinsider.com)
Fund management
- Sturgeon's Corollary: 90% of all investment products are 'crap.' (ritholtz.com)
- The SEC found something to say no to. (etf.com)
- Why Vanguard's turnaround on crypto was surprising to some. (riabiz.com)
- How mutual funds are categorized matters. (linkedin.com)
Waymo
- Self-driving cars save lives. Why are some cities resisting them? (nytimes.com)
- Waymo has started testing in Philadelphia. (techcrunch.com)
- Waymo cars are getting a little more assertive. (wsj.com)
Economy
- Why small businesses are especially feeling the economic pain. (axios.com)
- Heavy truck sales are falling rapidly. (calculatedriskblog.com)
- Asking apartment rents are falling as well. (calculatedriskblog.com)
- Manufacturing hours worked are in decline. (econbrowser.com)
- The presumed future Fed Chair is flat out lying about prices. (paulkrugman.substack.com)
Earlier on Abnormal Returns
- Longform links: after the lights go out. (abnormalreturns.com)
- What you missed in our Wednesday linkfest. (abnormalreturns.com)
- Personal finance links: eulogy virtues. (abnormalreturns.com)
- Don't miss a thing! Sign up for our daily e-mail newsletter. (abnormalreturns.com)
Mixed media
- Alex Edmans, "You can’t claim a qualification you didn’t get, and you definitely shouldn’t claim military service you didn’t do. Beyond that, exaggerate away; it’s everyone’s right to present the best version of themselves that they can." (ft.com)
- More workers feel the need to keep up with growing beauty standards. (businessinsider.com)
- Hiring of consultants has stalled out. (sherwood.news)
