Quote of the Day
"The current alignment of interest rates, housing supply and construction costs isn't making anybody happy."
(Neil Irwin)
Finance
- Polymarket is losing share to Kalshi. (bloomberg.com)
- Don't be surprised if SpaceX ($SPCX) and Tesla ($TSLA) merge. (slate.com)
- The problems facing the property and casualty industry are only going to get worse. (hamiltonnolan.com)
- Is real estate still a diversifier? (institutionalinvestor.com)
AI
- Token spending has flattened out. (apollo.com)
- CDS on hyperscalers are ticking higher. (ft.com)
- Eric Schmidt owns around 1% of Anthropic PBC. (finance.yahoo.com)
- Derek Thompson talks Ethan Mollick about why you are likely underestimating AI. (derekthompson.org)
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
- Ukraine is defending the West. (snyder.substack.com)
- Trump is now fully in alliance with Putin. (theatlantic.com)
- Belarus is moving ever closer to Russia. (economist.com)
- Canada is beefing up its defense spending. (theatlantic.com)
- Ezra Klein talks with Chrystina Freeland, authof of “Unreliable Boyfriend: An Insider’s View of Dealing with a Chaotic Superpower, Plutocrats and Other Complicated People.” (nytimes.com)
Housing
- Residential investment is a drag on economic growth. (axios.com)
- How immigration is pinching housing construction. (wsj.com)
- Rising mortgage rates are putting a lid on any home revival. (bonddad.blogspot.com)
- The national housing market is a 'slog.' (conorsen.substack.com)
Economy
- Why aren't implied inflation breakevens going higher? (ft.com)
- The cost of servicing the national debt is going up. (axios.com)
- Are we understating consumer inflation? (ritholtz.com)
Earlier on Abnormal Returns
- Research links: incentive contracts. (abnormalreturns.com)
- What you missed in our Monday linkfest. (abnormalreturns.com)
- Adviser links: updated plans. (abnormalreturns.com)
