Quote of the Day
"Liquidity, like xylem, cannot be manufactured at will, and we must remain mindful of that fact as the private equity markets continue to expand."
(William J. Kelly)
Chart of the Day
Low vol and high beta are going in two different directions this year. (chart via YCharts)
February 2025
- The S&P 500 returned -1.30% in February 2025. (on.spdji.com)
- How major asset classes performed in February 2025. (capitalspectator.com)
Strategy
- A review of the times when things looked pretty bleak for the stock market. (optimisticallie.com)
- Don't kid yourself, we are all hopelessly biased. (ritholtz.com)
Crypto
- A strategic reserve of XRP, SOL, ADA, ETH and BTC makes no sense. (blockworks.co)
- There's really one reason for a 'strategic' crypto reserve. (noahpinion.blog)
- The Bitcoin maximalist crowd isn't happy. (sherwood.news)
Berkshire Hathaway
- What Warren Buffett has said about valuing Berkshire Hathaway ($BRK.A) shares. (newsletter.rationalwalk.com)
- Berkshire has stopped buying back its own shares. (sherwood.news)
AI
- Anthropic just raised another big slug of capital. (techcrunch.com)
- Apple ($AAPL) should outsource SIri to OpenAI. (spyglass.org)
- AI is largely still a hardware business. (tomtunguz.com)
The military
- Is there a benign explanation for firing the military's top lawyers? (theatlantic.com)
- The U.S. is 'standing down' its cyber defense against Russian cyber offensives. (gizmodo.com)
- It's now up to Europe to support Ukraine, militarily. (paulkrugman.substack.com)
The UK
- Global investors HATE small cap UK stocks. (ft.com)
- The UK has expensive housing AND expensive energy. (theatlantic.com)
- It's hard to live in London without family money. (standard.co.uk)
Economy
- The good producing sector is flatlining. (bonddad.blogspot.com)
- Unsold housing inventory is on the rise. (wsj.com)
- You can't just exclude government spending from GDP. (axios.com)
Earlier on Abnormal Returns
- Adviser links: hitting resistance. (abnormalreturns.com)
- What you missed in our Sunday linkfest. (abnormalreturns.com)
- Top clicks last week on the site. (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)
