Quote of the Day
"For investors, the task is to separate genuine economic fitness from false signals designed to seduce capital."
(Drew Estes)
Markets
- U.S. stock market outperformance over time has been driven by companies located on the Pacific Coast. (morningstar.com)
- Despite a spate of new IPOs, the number of publicly traded companies continue to fall. (barrons.com)
- Defensive stocks trade at a (big) discount to the market. (snippet.finance)
- On the dangers lurking in the credit markets. (economist.com)
Strategy
- How to invest during a bubble. (awealthofcommonsense.com)
- Investing lessons from Hetty Green, including 'Move in silence. Keep your positions private.' (fs.blog)
- What evolutionary biology can teach us about markets. (blogs.cfainstitute.org)
Finance
- Direct indexing is becoming table stakes for brokers. (fa-mag.com)
- Kalshi wants to spread its wings, platform-wise. (theblock.co)
AI
- OpenAI employees sold shares at a $500 billion valuation. (semafor.com)
- Hyperscalers are planning to spend 'more than any group of firms has ever spent to do just about anything.' (derekthompson.org)
- Why AI researchers make so much money - there just aren't that many of them. (wsj.com)
- Why OpenAI's Sora is a hit. (spyglass.org)
Gambling
- Joe Pompliano talks with Flutter Entertainment ($FLUT) CEO Peter Jackson. (huddleup.substack.com)
- Other countries have a national gambling policy. The U.S. doesn't. (npr.org)
- The future of prediction markets are sports. (sportico.com)
- Joe Weisenthal and Tracy Alloway talk with Kalshi CEO Tarek Mansour. (podcasts.apple.com)
Russia
- U.S. intel could help Ukraine strike deeper into Russian territory. (wsj.com)
- Why Russian missiles are increasingly finding their targets. (ft.com)
- Reportedly 40% of Russia's refining capacity is idle due to attacks. (washingtonpost.com)
- The Ukraine war has kickstarted the European defense industry. (nytimes.com)
- Russian ships are stalking undersea cables. (ft.com)
Economy
- Grocery prices are continuing to bite consumers. (axios.com)
- How new tariffs will worsen housing costs. (nytimes.com)
Earlier on Abnormal Returns
- Longform links: an exit strategy. (abnormalreturns.com)
- What you missed in our Wednesday linkfest. (abnormalreturns.com)
- Personal finance links: doing what we can. (abnormalreturns.com)
- Be more human, because the alternative is taken. (abnormalreturns.com)
- Don't miss out! Sign up for daily e-mail newsletter. (abnormalreturns.com)
