Friday links: a license to be creative

Portfolio managementIf you had to pick only one variable, it would be earnings. (ritholtz.com)Total Portfolio Approach, explained. (morningstar.com)Reading is an investment superpower. (readtrung.com)StrategyMichael Saylor's superpower is storytelling. (nytimes.com)Strategy ($MSTR) keeps borrowing money and buying more Bitcoin. (sherwood.news)Active ETFsActive ETFs had a big 2025. (morningstar.com)JP Morgan Asset Management is the AUM leader in active ETFs. (bloomberg.com)AIWhy Google ($GOOGL) is unique in AI. (lesbarclays.substack.com)Energy isn't the only constraint on data center growth. (axios.com)Interest in Sora 2 has cooled. (sherwood.news)EconomyProtecting the independence of the Fed is everyone's responsibility, not just Jay Powell's. (stayathomemacro.substack.com)Nobody like rising property taxes, but that revenue would have to be replaced. (wsj.com)Earlier on Abnormal ReturnsPodcast links: rebuilding infrastructure. (abnormalreturns.com)What you missed in our Thursday linkfe