Quote of the Day
"(O)ur institutions are designed for the 20th-century (stable demographics, predictable technology, contained information flows) and we really don’t have that structure anymore - we have 21st century realities, like exponential change and global information networks."
(Kyla Scanlon)
Chart of the Day
The bond market is not all that of of whack. (chart via YCharts)
Markets
- Bond sentiment has gotten negative. (thesandboxdaily.com)
- You think the U.S. has an index concentration problem? (sherwood.news)
Strategy
- Global diversification is a strategic decision, not a tactical one. (morningstar.com)
- The evidence on active fund manager performance is woeful. (ritholtz.com)
Fund management
- Who said ETF innovation is dead? (nadig.com)
- Why you may start seeing crypto show up in 401(k) plans. (pionline.com)
Banking
- How the 2024 election helped banks offload their Twitter loans. (ft.com)
- Why Wall Street interns are safe from AI, for now. (bloomberg.com)
- Why banks are seemingly eager to finance their competitors. (ft.com)
AI
- Google ($GOOGL) continues to bury search results even deeper. (nymag.com)
- AI is changing the job of coders, and not for the better. (tech.yahoo.com)
- Do people really want to put AI devices on their faces? (sherwood.news)
- Grok hasn't given you any reason to trust it. (washingtonpost.com)
- The growth in AI compute is astounding. (tomtunguz.com)
Pharmaceuticals
- HHS has cancelled funding for a Moderna ($MRNA) mRNA vaccine for bird flu. (axios.com)
- How Novo Nordisk ($NVO) let the market for GLP-1 agonists slip through its hands. (wsj.com)
- Some actual good news on the antibiotic front. (fastcompany.com)
DOGE
- Elon is officially out at DOGE. (cbsnews.com)
- DOGE did little to slow federal spending. (bloomberg.com)
- A firsthand look inside DOGE. (sahillavingia.com)
- There still is a lot of litigation outstanding involving DOGE. (axios.com)
Global
- Russia has reorganized its economy around the war in Ukraine. (wsj.com)
- You can't build a 'Golden Dome' without Canada. (politico.com)
- We are undertaking a big experiment on the lives of millions of people. (econbrowser.com)
- Japanese toilets are conquering America. (nytimes.com)
Tariffs
- The tariff outlook is still clear as mud. (morningstar.com)
- Why the administration lost in front of the United States Court of International Trade. (paulkrugman.substack.com)
- A closer look at Trump auto tariffs. (apricitas.io)
Economy
- Weekly initial unemployment claims ticked higher last week. (calculatedriskblog.com)
- How do Giffen goods work? (timharford.com)
Earlier on Abnormal Returns
- Longform links: strong privacy. (abnormalreturns.com)
- What you missed with in our Wednesday linkfest. (abnormalreturns.com)
- Personal finance links: accepting uncertainty. (abnormalreturns.com)
- Don't miss a thing! Sign up for our daily e-mail newsletter. (abnormalreturns.com)
