Quote of the Day
"The conventional [IPO] book-build persists not because of some nefarious or rent-seeking Wall Street cartel but because it strikes a workable balance among many competing interests."
(Craig Coben)
Markets
- Low vol stocks are different. (wsj.com)
- A look at the number of brand names stocks down over 50% from their highs. (awealthofcommonsense.com)
- Josh Brown, "HALO stands for Heavy Assets, Low Obsolescence. These are undistruptable companies from an AI standpoint." (downtownjoshbrown.com)
Software
- Why software investors were taken aback this week. (tker.co)
- Software stocks are getting crushed, but software itself is only growing. (howardlindzon.com)
- Software runs on data. Incumbents still own it. (axios.com)
- What software stocks are pricing in. (tomtunguz.com)
- Software is not a macro problem. (apolloacademy.com)
Crypto
- Is Bitcoin just software? (trendlabs.com)
- Crypto tanked. Nobody really knows why. (wsj.com)
- Inside the web of crypto companies backed by the Trump family and their associates. (wsj.com)
- There is no World Liberty FInancial without the support of Binance. (nytimes.com)
Prediction markets
- Traders on prediction markets are wising up. (ft.com)
- NBA star, Giannis Antetokounmpo now owns a stake in Kalshi. (frontofficesports.com)
Companies
- How Corning ($GLW) is cleaning up from the AI boom. (wsj.com)
- A history of cross-border payments, and the rise of Wise. (fiscal.ai)
- The story of SharkNinja ($SN). (quartr.com)
Policy
- Why the investigation into Renee Good's killing was halted. (nytimes.com)
- The EPA has dramatically cut its enforcement activity. (insideclimatenews.org)
- Why you can expect delays at the IRS this tax season. (axios.com)
- Immigration is a net (fiscal) benefit to the U.S. (cato.org)
- The Border Patrol has always been problematic. (nytimes.com)
- Why ICE agents wear masks. (theatlantic.com)
Economy
- Layoff announcements are spiking. (econbrowser.com)
- A growing number of Americans say its hard to get a job. (wsj.com)
- The economic schedule for the coming week. (economicweekly.substack.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)
