Quote of the Day
"Where do you locate the dividing line between “trying to change a bad organization” and “time to quit to protect your own soul?” These judgments are not clear-cut."
(Hamilton Nolan)
Markets
Crypto
- Crypto market cap has topped $4 trillion or about a Nvidia ($NVDA). (bloomberg.com)
- Market cap-wise, it's still Bitcoin and everything else. (sherwood.news)
- What is the story behind Coinbase's ($COIN) Base app? (fortune.com)
- The crypto treasury boom continues, now including Dogecoin. (theblock.co)
Companies
- How pricey is Palantir ($PLTR) stock? This pricey. (sherwood.news)
- What's really behind the corporate Delaware exodus? (mojo3324106.substack.com)
- Shareholders keep voting for DEI measures. (semafor.com)
Late night
- 'The Late Show' with Stephen Colbert was unexpectedly canceled. (variety.com)
- No one believes it was for strictly 'financial reasons.' (lefsetz.com)
- Although late night has been in decline for awhile now. (axios.com)
- Paramount ($PARA) has effectively ceded any editorial independence. (theatlantic.com)
- Trump is gleeful over Colbert's ouster. (variety.com)
Defense
- The Patriot anti-missile system now has competition. (wsj.com)
- As U.S. power recedes, more countries will want nuclear weapons. (theatlantic.com)
- Helsing is the Anduril of Europe. (wsj.com)
Economy
- Housing construction looks recessionary. (manonthemargin.com)
- Where tariffs are showing up in the inflation data. (econbrowser.com)
- The rise in recent graduate unemployment is concentrated among men. (ft.com)
- The U.S. needs a forward looking immigration policy, not what it has right now. (bloomberg.com)
Earlier on Abnormal Returns
- Podcast links: dangerous ideas. (abnormalreturns.com)
- What you missed in our Thursday linkfest. (abnormalreturns.com)
- Longform links: schemers and sycophants. (abnormalreturns.com)
- Don't miss a thing! Sign up for our daily e-mail newsletter. (abnormalreturns.com)
Mixed media
- The best non-fiction books of 2025, so far, including "Super Agers: An Evidence-Based Approach to Longevity" by Eric Topol. (nextbigideaclub.com)
- The best business books of 2025, so far, including "Gambling Man: The Secret Story of the World’s Greatest Disruptor, Masayoshi Son" by Lionel Barber. (nextbigideaclub.com)







