Quote of the Day
"The problem we face isn’t a problem with the U.S. stock market or with U.S. companies. It’s a problem with U.S. fiscal management, and ultimately a potential problem with the U.S. dollar."
(Howard Marks)
Chart of the Day
Small-caps are losing their performance edge, YTD. (chart via YCharts)
Markets
- The Mag 7 stocks are back at new all-time highs. (trendlabs.com)
- Nvidia ($NVDA) is now a dividend growth story. (morningstar.com)
- Just how bad is market breadth? (axios.com)
Finance
- The private equity capital cycle is broken. (ft.com)
- Why so many fintechs are becoming banks. (semafor.com)
- Insuring data centers is a growing issue. (economist.com)
Stay in touch
- Work in wealth management? Sign up for our exclusive Talking Wealth newsletter. (talkingwealthpod.com)
- Don't miss a thing! Sign up for our daily e-mail newsletter. (abnormalreturns.com)
Global
- The ways in which the world is moving on from the U.S. (theatlantic.com)
- Belarus potash is not going to displace Canadian potaash. (thebulwark.com)
- How tariffs affect an American bike manufacturer. (bloomberg.com)
Housing
- The current housing market shows 'inventory has picked up slightly and demand is weak.' (calculatedrisk.substack.com)
- Why the post-Covid housing market stalled and didn't crash. (awealthofcommonsense.com)
- More apartment loans are coming under pressure. (wsj.com)
Employment
- Some signs for hope in manufacturing employment. (bonddad.blogspot.com)
- Deportations are not helping native-born workers. (newsletter.mikekonczal.com)
Economy
- Is the Fed done raising rates? (tmcresearch.com)
- How higher diesel prices are going to work their way into core inflation measures. (apollo.com)
Earlier on Abnormal Returns
- Personal finance links: doing something. (abnormalreturns.com)
- What you missed in our Tuesday linkfest. (abnormalreturns.com)
- Research links: detectable patterns. (abnormalreturns.com)
