Quote of the Day
"Modern humans consume information in a way that is unlike any of our ancestors. Many of the political upheavals of the last two decades can be attributed to political systems breaking apart as informational channels to voters splinter."
(Brian Klass)
Markets
- Markets are now at the mercy of Trump's whims. (paulpodolsky.substack.com)
- Technology revolutions are often accompanied by a market bubble. (awealthofcommonsense.com)
- Earnings estimates are a brew of companies, analysts, and the economy. (tker.co)
Strategy
- Cullen Roche, "No one knows what stocks will do in the short-term because you cannot make a long-term instrument behave like a short-term instrument no matter how much you trade it." (disciplinefunds.com)
- Chasing thematic funds is a mug's game. (humbledollar.com)
Finance
- American Express ($AXP) is thriving because its success betting on wealthy customers. (sherwood.news)
- Financial institutions will likely soon ignore the CFPB. (thebasispoint.com)
- Nobody is launching new banks. (axios.com)
Venture capital
- Was the unicorn era a ZIRP phenomenon? (apolloacademy.com)
- General Catalyst is becoming something more than a VC investor. (axios.com)
ETFs
- Levered ETFs are a cash cow for sponsors. (finance.yahoo.com)
- 2024 was a huge year for the ETF industry. (insight.factset.com)
Trade
- Trump imposes tariffs on Canada, Mexico and China. (politico.com)
- Canada responds. (bnnbloomberg.ca)
- Mexico responds. (cnbc.com)
- Why is Trump going easy on China? (paulkrugman.substack.com)
- How the elimination of 'de minimis loophole' could affect Shein, Temu and the like. (bloomberg.com)
- No one is going to escape the impact of tariffs. (wsj.com)
- Midwest gasoline prices are set to rise. (econbrowser.com)
- Domestic armakers are especially at-risk from tariffs. (nytimes.com)
- There's no upside to a trade war. (noahpinion.blog)
Musk
- Somehow Treasury Secretary Bessent has given Musk allies access to the federal government's payments system. (politico.com)
- The NTSB will now only distribute news releases via X. (thedesk.net)
- Elon Musk is a menace to elections around the world. (theatlantic.com)
Immigration
- There are not millions of people with criminal records to deport. (axios.com)
- Why did the administration remove TPS status for 600,000 Venezuelans? (theatlantic.com)
- Native tribes now fear immigration raids. (axios.com)
- There's no 14th Amendment without the Civil War. (theatlantic.com)
Government data
- Government websites are going offline. (wired.com)
- Including public-facing data and recommendations at the CDC. (theatlantic.com)
- Groups are working to backup government databases. (flowingdata.com)
Policy
- Health programs around the world are shuttering. (nytimes.com)
- You can expect the supplements industry to get a pass in a Trump administration. (theatlantic.com)
- Of course the talk of 'stranded astronauts' is malarkey. (arstechnica.com)
- All the Republican officials who used to think January 6th was 'tragic.' (theatlantic.com)
Economy
- Economic policy uncertainty has surged. (econbrowser.com)
- What year the U.S. became less future-oriented. (marginalrevolution.com)
- The economic schedule for the coming week. (calculatedriskblog.com)
Earlier on Abnormal Returns
- Top clicks last week on the site. (abnormalreturns.com)
- What you missed in our Saturday linkfest. (abnormalreturns.com)
- Why 'critical ignoring' is a crucial skill these days. (abnormalreturns.com)
- You can now follow us on Bluesky. (bsky.app)
- Are you signed up for daily e-mail newsletter? Well, you should. (abnormalreturns.com)
