Bonds

• The good news on bonds. (morningstar.com)
• The case for muni bonds. (ritholtz.com)

Strategy

• Diversification means more than asset classes. (awealthofcommonsense.com)
• Investors just don't have a good track record with thematic ETFs. (morningstar.com)
• Jeff Malec talks with Ian Cassel, author of "Stock Picker: How to develop the mindset, temperament, and strategy to outperform Wall Street." (rcmalternatives.com)

AI

• Proving a return on AI is challenging for companies. (apollo.com)
• AI doesn't need to reach superintelligence to cause harm. (calnewport.com)
• Just how good are open-source models? (ft.com)
• Agents use a lot more tokens than humans. (tomtunguz.com)
• AI hates CAPTCHA as well. (semafor.com)

Apple

• Apple ($AAPL) still knows how to put on an event. (spyglass.org)
• How the iPhone Duo came to be. (tomsguide.com)
• Do you really want your Apple Watch listening to you? (sixcolors.com)

Stay in touch

• Work in wealth management? Sign up for our exclusive Talking Wealth newsletter. (talkingwealthpod.com)
• Don't miss a thing! Sign up for our daily e-mail newsletter. (abnormalreturns.com)

Economy

• How inflation has raised the price level - prices that consumers actually pay. (nytimes.com)
• Rising oil prices are going to feed into higher inflation down the line. (bonddad.blogspot.com)

Earlier on Abnormal Returns

• What you missed in our Thursday linkfest. (abnormalreturns.com)
• Longform links: actual writing. (abnormalreturns.com)

Mixed media

• Why 'Coyote vs. Acme' is one of 'the best films about civil litigation ever made.' (prospectmagazine.co.uk)
• Movie-going is becoming a premium experience. (nytimes.com)
• Do moviegoers prefer happy endings? (stephenfollows.com)

Books

• An excerpt from “The Everywhere Millionaire: Who Is Really Rich in America and How They Got There” by Owen Zidar and Eric Zwick. (wsj.com)
• Paul Ollinger talks with Jack Raines, author of "Young Money: A Field Guide to Wealth and Purpose in Your 20s." (youtube.com)
• Amy Arnott and Chrisinte Benz talk with Jean Chatzky, author of a new book "The Forever Paycheck: The New Retirement Strategy to Spend More, Worry Less, and Never Run Out of Money." (morningstar.com)

Aging

• When you quit your job for retirement, you lose a lot of social connection. (tonyisola.com)
• Is there a way to bridge aging in home to a CCRC? (nytimes.com)
• Five thoughts on getting older. (theretirementmanifesto.com)

Wealth

• Some reflections on American net worth. (betonit.ai)
• How rich is too rich? (gettheleverage.com)
• Don't let someone else define success for you. (meaningfulmoney.life)

Money stress

• Money stress never really goes away, it shifts. (earnandinvest.com)
• Staying on alert for financial fraud can be stressful. (humbledollar.com)
• You'll never solve all your problems. (ryanholiday.net)

Taxes

• Where the expanded SALT deduction is paying off. (bloomberg.com)
• A portfolio filled with low-basis stock could prevent people from spending. (ofdollarsanddata.com)

Personal finance

• When should you hire a financial advisor? (kindnessfp.com)
• Housing affordability won't change overnight. (awealthofcommonsense.com)
• Our financial lives can live at two different speeds, depending on circumstances. (josephmoorebooks.com)
• The worst estate planning mistake you can make is not planning at all. (morningstar.com)
• Keeping up with premium credit card benefits is a full-time job. (wsj.com)
• Don't let work ruin your personal life. It's not worth it. (humbledollar.com)
• Why financial stability is sexy. (yourbrainonmoney.substack.com)

Markets

• How is it that dividend stocks outperforming YTD? (morningstar.com)
• Investors need a little more humility. (awealthofcommonsense.com)

Finance

• Robinhood ($HOOD) is expanding its prediction markets offerings. (axios.com)
• How Greece is wooing hedge funds to relocate there. (ft.com)

AI

• Some AI researchers are freaking out about AGI. (futurism.com)
• It doesn't look like the government will step in any time soon. (axios.com)
• Apple ($AAPL) devices will become consumer AI devices. (spyglass.org)

Stay in touch

• Don't miss a thing! Sign up for our daily e-mail newsletter. (abnormalreturns.com)
• Work in wealth management? Sign up for our exclusive Talking Wealth newsletter. (talkingwealthpod.com)

Russia

• Russia continues to probe Europe with drones. (wsj.com)
• The Russian military is dependent on Chinese support. (politico.eu)

Economy

• Heating oil prices are back near their highs. (axios.com)
• The U.S. lost a great opportunity to term out its debt. (ritholtz.com)
• Why a trade war with Canada is an own goal. (newsletter.platypuseconomics.com)

Earlier on Abnormal Returns

• Personal finance links: taking a walk. (abnormalreturns.com)
• What you missed in our Tuesday linkfest. (abnormalreturns.com)
• Research links: a meaningful shift. (abnormalreturns.com)

Mixed media

• The game in Melbourne is the farthest away game in NFL history. (thespade.substack.com)
• The 49ers and Rams are taking diametrically opposed positions on sleep. (frontofficesports.com)
• Sleep researchers are licking their chops. (sports.yahoo.com)

Books

• A look at "Data Empire: The Power of Information to Organize, Control, and Dominate" by Roopika Risam. (lareviewofbooks.org)
• A Q&A with Francis Fukuyama author of “In the Realm of the Last Man: A Memoir.” (reuters.com)
• An excerpt from "The Last Free Women: A Daring Escape From Afghanistan & Coming to America" by Rebecca Blumenstein and Dianna Kapp. (vanityfair.com)
• An excerpt from "Sugar Coated: Unboxing the Hidden Forces Shaping America's Favorite Breakfast Food" by Mario Nestlend Lisa Sutherland (theatlantic.com)
• An excerpt from "Is This It: The Never-Ending Rise and Fall of the Strokes (and Rock ’n’ Roll), by Steven Hyden. (theringer.com)

Bonds

• The world's governments are paying dramatically more in interest. (giftarticle.ft.com)
• Derek Thompson talks with Liaquat Ahamed author of "1873: The Rothschilds, the First Great Depression, and the Making of the Modern World." (youtube.com)
• An excerpt from “A Fabulous Debt: The Epic Story of How Bonds Built the Modern World” by Robin Wigglesworth. (giftarticle.ft.com)
• Mary Childs talks bonds with Ed Al-Hussainy, portfolio manager at Columbia Threadneedle. (open.spotify.com)

Finance

• Hedge funds used to be a cottage industry. Now the largest hedge funds rival the big banks. (finance.yahoo.com)
• A profile of Hudson River Trading co-founder Jason Carroll. (bloomberg.com)

Longreads

• Kyle Harrison, "Longevity is almost like a mindset. The minute a dynasty starts treating its age as evidence, the age starts working against it." (investing101.substack.com)
• NIMBYism is wrapped up with worries about design and aesthetics. (worksinprogress.co)
• Why Albanians turned against a luxury resort backed by Jared Kusher and Ivanka Trump. (slate.com)
• Looked at over the very long run, democracy is still in ascendance. (ourworldindata.org)
• How seaweed become a hot commodity. (nytimes.com)
• AI could help us talk with animals. Should we? (bloomberg.com)
• On the downsides of meditation. (theatlantic.com)

Markets

• The 10-year Treasury is approaching 5%. (econbrowser.com)
• The S&P 500's 50-day moving average has now been above its 200-day moving average for 300 trading days. (stockmarketmedia.com)

Finance

• Franklin Templeton ($BEN) has seen inflows the past few quarters. (ft.com)
• Nasdaq invested $100 million in the parent of crypto exchange Kraken to bring tokenized stocks to market in 2027. (cnbc.com)

Foldable phones

• The iPhone Duo is NOT an iPad. (sixcolors.com)
• Why foldable phones are so expensive. (nytimes.com)

Stay in touch

• Work in wealth management? Sign up for our exclusive Talking Wealth newsletter. (talkingwealthpod.com)
• Don't miss a thing! Sign up for our daily e-mail newsletter. (abnormalreturns.com)

Renewable energy

• Fervo's ($FRVO) first project is on track to send power to the grid. (cnbc.com)
• Westinghouse Electric is gearing up for an IPO. (wsj.com)
• The US built more grid batteries last quarter than ever before. (canarymedia.com)

Oil

• Elevated oil prices are accelerating permanent demand destruction. (semafor.com)
• Diesel prices are headed even higher. (econbrowser.com)

Economy

• Still no pickup in weekly initial jobless claims. (bonddad.blogspot.com)
• Why women are overwhelmingly filling new jobs. (newsletter.mikekonczal.com)
• How AI is affecting the real economy. (thetranscript.substack.com)

Earlier on Abnorma Returns

• Longform links: actual writing. (abnormalreturns.com)
• What you missed in our Wednesday linkfest. (abnormalreturns.com)
• Personal finance links: taking a walk. (abnormalreturns.com)

Mixed media

• September is the start of the sports year in earnest. (neilpaine.substack.com)
• Why this NFL season is different for sports betting companies. (barrons.com)
• How many major professional sports teams can the U.S. support? (petcashpost.com)

Quant stuff

• A roundup of recent academic research including 'Is Sector Rotation Causal? A Geometric Test of the Growth-to-Defensive Lead-Lag.' (alphainacademia.com)
• How to do sensitivity testing of a quant model. (rpc.cfainstitute.org)
• A roundup of recent academic research including 'Momentum Strategies in ETFs under Simple Operational Rules: Economic Value and Conditional Predictability.' (alphainacademia.com)

Research

• What daily stock market returns can tell us about the economy. (alphaarchitect.com)
• On the influence of being in a large firm on manager alpha. (klementoninvesting.substack.com)
• Why managers can do better than off-the-shelf academic factors. (aqr.com)
• Mauboussin and Callahan on the shift from public to private markets over time. (morganstanley.com)
• In theory, democratizing private investments won't help individual investors all that much. (papers.ssrn.com)
• Can tax-aware long-short strategies handle withdrawals? (papers.ssrn.com)
• An explanation for 'the savings glut of the rich': increased income volatility. (papers.ssrn.com)

Bonds

• Now would be the wrong time to panic about your bond allocation. (whitecoatinvestor.com)
• Trailing real bond returns have rarely been so poor. (mrzepczynski.blogspot.com)
• The Treasury failed to term out debt during ZIRP. (ritholtz.com)

Markets

• It's time to come to terms with market concentration. (awealthofcommonsense.com)
• Earnings revisions have been positive for 21 straight weeks. (fa-mag.com)

Finance

• Anthropic and OpenAI are seeking investment grade credit ratings, post-IPO. (ft.com)
• Robinhood ($HOOD) is an underwriter for the Oura Health IPO. (wsj.com)
• A $6.2 billion 'seed round' is an oxymoron. (anildash.com)
• Reputations matter on Wall Street. (ft.com)

ETFs

• How TIPS ladder ETFs work. (obliviousinvestor.com)
• Who really owns a white-label ETF? (etfcentral.com)
• Lessons learned from all the ETFs that iShares has closed. (mutualfundobserver.com)

AI

• Corporate America is turning to open source AI models. (nytimes.com)
• AI companies are releasing new models at a rapid clip. (cnbc.com)
• Are we sleepwalking into an AI apocalypse? (theargumentmag.com)

Stay in touch

• Don't miss a thing! Sign up for our daily e-mail newsletter. (abnormalreturns.com)
• Work in wealth management? Sign up for our exclusive Talking Wealth newsletter. (talkingwealthpod.com)

Global

• Canada's retaliatory tariffs are now in effect. (bnnbloomberg.ca)
• Japan is now taking its own defense seriously. (theatlantic.com)
• Patrick O'Shaughnessy talks with Walter Russell Mead about the new global order. (youtube.com)
• If Taiwan can't trust the U.S., is a deal with China inevitable? (theatlantic.com)
• The UN voted to adopt a resolution for the world to formally phase out the traditional Mercator map of the globe. (theguardian.com)

Jobs

• AI's effect on the jobs market is rolling out more slowly than expected. (newyorker.com)
• A jobs gap is growing between college grads and high school grads. (wsj.com)
• Women accounted for 98% of the 162,000 jobs the US added in August. (semafor.com)

Earlier on Abnormal Returns

• Research links: a meaningful shift. (abnormalreturns.com)
• Adviser links: managing client transitions. (abnormalreturns.com)
• What you missed in our Sunday linkfest. (abnormalreturns.com)
• Top clicks last week on Abnormal Returns. (abnormalreturns.com)

Mixed media

• Why athletes are drinking cherry juice. (nytimes.com)
• There's never been more choices in pillows. (fastcompany.com)
• Your kitchen sponge is disgusting. (msn.com)

Markets

• Utility stocks have rolled over. (bloomberg.com)
• Why diesel prices are so high. (mrzepczynski.blogspot.com)

Prediction markets

• Crypto traders have shifted attention to prediction markets. (wsj.com)
• Lebron James is now a Polymarket endorser. (frontofficesports.com)

Law and order

• The IRS cut audit personnel. Guess what happened next? (npr.org)
• The FBI has lowered its standards for new agents. (futurism.com)
• Florida has accelerated the pace of executions. (axios.com)

Economics

• All economies are mixed. The only question is what mix. (unherd.com)
• Why the definition of a small business matters. (boondoggle.substack.com)
• On the relationship between reading and the prospects for liberal democracy. (theargumentmag.com)

Stay in touch

• Don't miss a thing! Sign up for our daily e-mail newsletter. (abnormalreturns.com)
• Work in wealth management? Sign up for our exclusive Talking Wealth newsletter. (talkingwealthpod.com)

Economy

• The risks for higher inflation are out there. (apollo.com)
• Wage increases are decelerating. (washingtonpost.com)
• The economic schedule for the coming week. (economicweekly.substack.com)

Earlier on Abnormal Returns

• Top clicks this week on Abnormal Returns. (abnormalreturns.com)
• What you missed in our Saturday linkfest. (abnormalreturns.com)
• On the high cost of adulting in America today. (abnormalreturns.com)

Mixed media

• The number of people 65 and older now outnumber children ages 5 and younger worldwide for the first time ever. (axios.com)
• It's now more clear what is going on at the Census Bureau. (npr.org)
• Just how big is the 'sandwich generation' in America? (pewresearch.org)

Podcasts

• Peter Mallouk talks with Vanguard CEO Salim Ramji about Altruist, AI and more. (podcasts.apple.com)
• Michael Batnick talks with David Armstrong⁠ from WealthManagement.com about the changing market for client referrals. (youtube.com)
• Greg Bartalos talks with Scott Danner, the chief growth officer of Steward Partners, about the challenges of succession planning. (barrons.com)

Altruist

• Altruist has launched a financial planning agent inside Hazel. (investmentnews.com)
• Altruist is rolling out Altruist's Hazel Financial Planning Agent. (riabiz.com)
• An interview with Jason Wenk, founder of Altruist, about the Vanguard deal. (riabiz.com)

Vanguard

• Vanguard will likely use Altruist technology to manage Vanguard Digital Advisor. (thedailyupside.com)
• Why Vanguard couldn't stay avoid the adviser business forever. (wealthmanagement.com)

Flourish

• Aquiline Capital Partners has agreed to buy a controlling stake in wealth management technology platform Flourish from MassMutual. (barrons.com)
• Why Flourish needed to be set free. (riabiz.com)

Advisers

• Charles Schwab ($SCHW) has again tightened access to long-short capacity. (wealthmanagement.com)
• Anthropic is trying to line up wealth managers for its soon-to-be wealthy employees. (citywire.com)
• Flat-fee models are not one-size-fits-all. (kitces.com)
• Client transitions need to be carefully orchestrated. (investmentnews.com)
• How marriage later in life affects estate planning. (thinkadvisor.com)
• What the data says about how much advisers speak in meetings. (financial-planning.com)
• Work in wealth management? Sign up for our exclusive Talking Wealth newsletter. (talkingwealthpod.com)
• How AI is supercharging investment scams. (barrons.com)

Autos

• Ford ($F) has ambitious targets for the new Fathom electric truck. (wsj.com)
• Goodyear Tire's ($GT) turnaround is tentative, at best. (cnbc.com)
• How stolen Canadian cars end up in Russia. (nytimes.com)
• What it's like to drive a solar-powered car. (wapo.st)
• Car sunroofs keep exploding. (wsj.com)

Transport

• Robotaxis are trying to learn their way around London streets. (nytimes.com)
• Another case for congestion pricing, faster ambulance transit times. (nber.org)
• Are bike lanes 'DEI'? (nytimes.com)

Heat

• 2026 is set to become the hottest summer on record in the U.S. (washingtonpost.com)
• How higher temperatures are affecting how we enjoy Summer. (grist.org)
• Are we undercounting the number of deaths due to heat? (npr.org)
• Nepal didn't cause global warming but it is paying the price. (newyorker.com)

Animals

• The government is tracking every federally permitted lobster boat from Maine to Virginia. (washingtonpost.com)
• How to eliminate unneeded mosquito species. (unchartedterritories.tomaspueyo.com)
• How chickens became optimized for rapid weight gain. (ft.com)

Science

• Scientific advisory committees play an important role. (npr.org)
• Scientists can now tell fake ancient pottery from the real thing. (today.ucsd.edu)
• Why downgrading Pluto was a mistake. (theguardian.com)
• Jonquilyn Hill talks with Adam Kirsch, author of the new book "We Want to Believe: How Aliens Went Mainstream and Why It Matters." (podcasts.apple.com)

Robots

• If manufacturing is going to boom in the U.S., it's going to require even more robots. (ft.com)
• Why we enjoy watching robots fail spectacularly. (wsj.com)

Technology

• Millions of drivers licenses are for sale online. (arstechnica.com)
• Open networks are getting clogged with bad actors. (seths.blog)
• Just how much should you trust Pangram? (wired.com)
• How noise-cancelling headphones work. (nytimes.com)

Behavior

• What we need to understand about psychopaths. (theguardian.com)
• What does it say about society that so many people are living on stimulants like energy drinks? (currentaffairs.org)

Health

• Some preliminary research that psilocybin could reduce chemotherapy side effects. (science.org)
• The closure of rural hospitals is putting expectant mothers at risk. (indianacapitalchronicle.com)
• Major medical groups have released their seasonal vaccine recommendations. (npr.org)
• What the research into long Covid shows. (smithsonianmag.com)
• The first surgical Apple Vision Pro application was approved by the FDA. (asymco.com)
• Don't ignore persistently dry eyes. (npr.org)

Sitting

• Prolonged sitting is bad for your health. (sciencedaily.com)
• Bryan Walsh talks with Manoush Zomorodi, author of "Body Electric: The Hidden Health Costs of the Digital Age and New Science to Reclaim Your Well-Being." (podcasts.apple.com)

Fitness

• How exercise changes our brains. (psychologytoday.com)
• Yoga is losing mind share to other activities. (theatlantic.com)

Dogs

• On the parallels between canine and human aging. (sciencedaily.com)
• On the prospect of truly hypoallergenic dogs. (smithsonianmag.com)

Drink

• Most NA beers have some alcohol. (wsj.com)
• THC drink makers are in regulatory limbo. (cnbc.com)
• Wineries are desperately trying to diversify their revenue streams. (nytimes.com)
• Scotland has a Scotch whiskey problem. (ft.com)

Food

• There are relatively easy ways to protect food safety, but we choose not to. (theatlantic.com)
• This San Francisco restaurant can't hire a dishwasher, even at $50 an hour. (sfgate.com)
• The restaurants that have embraced AI slop. (newyorker.com)

Entertainment

• A look at this Summer's box office including a big season for Imax ($IMAX). (hollywoodreporter.com)
• Can AI help us find content in the long tail? (newsletter.drorpoleg.com)

NBA

• The NBA took the Clippers' salary cap circumvention seriously. (theringer.com)
• A summary of the NBA's findings on the LA Clippers and Kawhi Leonard. (huddleup.substack.com)
• 22 suggestions to fix the NBA, including 'Lose the conferences.' (theringer.com)

Gambling

• How Circa's Survivor contest became a phenomenon. (espn.com)
• Kalshi is all over the US Open this year. (benrothenberg.com)
• Is the Supreme Court going to decide the fate of prediction markets? (politico.com)

Sports

• How HD changed how we watch sports. (neilpaine.substack.com)
• Sports insiders are NOT journalists. (awfulannouncing.com)

Children

• AI is turning students into cheats. (theatlantic.com)
• How to help children adapt to a new school year. (joylere.substack.com)
• Why smartphone bans in school don't show bigger effects. (newyorker.com)
• Has youth football done enough to reduce head impacts? (msn.com)

Earlier on Abnormal Returns

• What you missed in our Friday linkfest. (abnormalreturns.com)
• On the high cost of adulting in America today. (abnormalreturns.com)
• Don't miss a thing! Sign up for our daily e-mail newsletter. (abnormalreturns.com)
• Work in wealth management? Sign up for our exclusive Talking Wealth newsletter. (talkingwealthpod.com)

Mixed media

• At this point, simply re-buildilng after a natural disaster is short-sighted. (nytimes.com)
• Asheville, NC has a glut of apartments for rent. (therebuild.pub)
• The battle over Florida's beaches is heating up. (npr.org)

Books

• An excerpt from "The Time Tax: How the Government Wastes Our Time―and How to Fix It" by Annie Lowrey. (theatlantic.com)
• Kai Bird’s "American Scoundrel: Roy Cohn’s Dark Journey From Joe McCarthy to Donald Trump" explains a lot. (slate.com)
• An excerpt from “The Invisible Hand of Maria Edgeworth: How a Nineteenth-Century Novelist Taught the World Economics” by Jeanna Smialek. (nytimes.com)
• An excerpt from "Ausländer: One Family’s Story of Escape and Exile" by Michael Moritz. (colossus.com)
• An excerpt from “The Playbook: The Hidden Forces Shaping Winners and Losers in the Modern NFL” by Joshua Robinson and Jonathan Clegg. (wsj.com)

Business

• Joseph Lawler, "No one will ever cherish a plot of land as much as someone who has a long-term ownership and residence interest in it." (thenewatlantis.com)
• If England can tame the East India Company, the U.S. can tame tech companies. (nytimes.com)
• Dolly Parton managed her businesses with great skill. (wsj.com)

Politics

• The federal government is effectively at war with the state of Minnesota. (newyorker.com)
• Offshore clipping services provide a steady stream of videos in support of the GOP. (theatlantic.com)

Longreads

• How the Strategic Petroleum Reserve is supposed to work. (construction-physics.com)
• We can safely sacrifice mosquito species that prey on humans. (unchartedterritories.tomaspueyo.com)
• Group chats are the last refuge for online sociability. (newyorker.com)
• Can you get ahead in America today without wealthy parents? (abnormalreturns.com)
• What happens when vaccine denial crashes into a custody dispute. (newyorker.com)
• A profile of champion ultra-marathon runner Rachel Entrekin. (runnersworld.com)

Bonds

• How rising rates should change how you think about the bond market. (barrons.com)
• Your bond allocation shouldn't give you agita. (morningstar.com)

Strategy

• Why your investment strategy should change over time. (awealthofcommonsense.com)
• Lessons learned from Victor Niederhoffer's long and volatile career. (theatlantic.com)

Venture capital

• How venture capital lost its way, and worse. (anildash.com)
• VCs who missed OpenAI and Anthropic are reassessing their processes. (nytimes.com)
• Not every business is meant to scale, but if you take venture capital you have to. (aswathdamodaran.blogspot.com)
• Are there VC businesses that are AI-proof? (wsj.com)

Stay in touch

• Don't miss a thing! Sign up for our daily e-mail newsletter. (abnormalreturns.com)
• Work in wealth management? Sign up for our exclusive Talking Wealth newsletter. (talkingwealthpod.com)

Food

• Foodborne illnesses typically doesn't peak until late Summer, early Fall. (wired.com)
• Lettuce farmers are abandoning healthy crops. (nytimes.com)
• This Summer's outbreaks could have been a lot worse. (theatlantic.com)

Mideast

• Russia is reportedly helping Iran build supersonic missiles. (giftarticle.ft.com)
• Qatar gave Trump a 747. In return it got a regional war. (theatlantic.com)
• An Abu Dhabi royal holds a sizeable stake in the World Financial Liberty bank operation. (wsj.com)

Economy

• The data center boom is accelerating. (axios.com)
• The economy continues to grow without a lot of hiring. (bonddad.blogspot.com)
• Employer health costs are set to surge in 2027. (nytimes.com)

Earlier on Abnormal Returns

• Longform links: intellectual humility. (abnormalreturns.com)
• The high cost of adulting in America today. (abnormalreturns.com)
• What you missed in our Wednesday linkfest. (abnormalreturns.com)
• Personal finance links: supercharged fraud. (abnormalreturns.com)

Mixed media

• Florida is removing Flock cameras from its highways. (abcnews.com)
• This is why people don't trust police with Flock Safety cameras. (reason.com)
• A policeman's case for Flock Safety, absent the abuses. (worksinprogress.news)

Bonds

• The correlation between stocks and interest rates is now negative. (axios.com)
• Norway's sovereign wealth fund is considering a reduction in bond holdings. (reuters.com)

Gold

• Netherlands is moved some of its gold holdings from New York to London. (wsj.com)
• They may not be the last to do this. (paulkrugman.substack.com)
• Mary Childs talked with Jacob Goldstein, author of "Money: The True Story of a Made-Up Thing." (youtube.com)

Finance

• Oura Health has filed for an IPO. (techcrunch.com)
• Softbank needs money. (ft.com)

Fund management

• A look at the difference between public REITs and semiliquid direct real estate funds. (morningstar.com)
• Investors are still looking to pull money from private credit funds. (barrons.com)

Anti-trust

• Google ($GOOGL) lost three antitrust cases and will pay little cost. (arstechnica.com)
• The Trump administration has only brought one action to block a merger so far, and quickly settled. (theatlantic.com)

Data centers

• Putting the scale of AI data center construction into perspective. (tomtunguz.com)
• Is it possible to build data centers that people won't hate? (wsj.com)
• What would it mean to actually host data centers in space? (starbench.substack.com)

Stay in touch

• Don't miss a thing! Sign up for our daily e-mail newsletter. (abnormalreturns.com)
• Work in wealth management? Sign up for our exclusive Talking Wealth newsletter. (talkingwealthpod.com)

Food

• Italian pasta maker Barilla Group is buying Goodles. (fastcompany.com)
• Can Jersey Mike's ($JMKE) appeal to Gen Z? (wsj.com)
• The Luckin Coffee turnaround is something. (ft.com)

Oil

• Diesel prices are at record high prices. (axios.com)
• It's hard to see how intervening in Venezuela's oil industry ends well. (theatlantic.com)

Economy

• The August NFP report showed 129k private sector jobs gained and a 4.1% unemployment rate. (bonddad.blogspot.com)
• How higher gasoline and diesel prices affect consumer sentiment. (fa-mag.com)
• Nominal wage growth is slowing. (newsletter.platypuseconomics.com)

Earlier on Abnormal Returns

• What you missed in our Thursday linkfest. (abnormalreturns.com)
• Longform links: intellectual humility. (abnormalreturns.com)
• The high cost of adulting in America today. (abnormalreturns.com)

Mixed media

• Why we love stories about art heists. (artnews.com)
• The art market is becoming even more top heavy. (theartnewspaper.com)
• How wealth has reshaped the art market. (ft.com)

Podcasts

• Todd Wenning talks with Ben Carlson, author of "Risk and Reward." (flyoverstocks.com)
• Erica Wenger talks with Jack Raines, author of "Young Money." (youtube.com)
• Peter Lazaroff on how financial decisions change over time and wealth levels. (peterlazaroff.com)

David Booth

• Barry Ritholtz talks with David Booth, founder and chairman at Dimensional Fund Advisors (DFA) and author of the new book, "Stay Calm." (ritholtz.com)
• Peter Lazaroff talks with David Booth, author of "Stay Calm: Learn to Embrace Uncertainty in Investing and Life." (peterlazaroff.com)
• Ben Johnson and Amy Arnott talk with David Booth, author of "Stay Calm." (morningstar.com)

Family

• Getting college paid for is a big leg up in life. (fa-mag.com)
• Why are parents afraid money will ruin their kids? (jordangrumet.substack.com)
• On the difference between a trust fund baby and a nepo baby. (yourbrainonmoney.substack.com)

Retirement

• On the challenges of DIYing your retirement. (morningstar.com)
• A look at the six stages of retirement. (whitecoatinvestor.com)
• How time horizon affects safe withdrawal rates. (morningstar.com)
• 10 truths about decumulation, including 'The fear wears off.' (jordangrumet.substack.com)

Personal finance

• Ten things you need to know about the stock market. (awealthofcommonsense.com)
• These three personal finance 'mistakes' are not a big deal. (morningstar.com)
• Know what game you are playing. (dariusforoux.com)
• AI is supercharging financial fraud. (barrons.com)
• Why Dolly Parton never became a billionaire - she kept donating money. (observer.com)
• In the age of AI, hard work is still the only way. (awealthofcommonsense.com)
• The U.S. has a housing mismatch. (greathousingreversal.substack.com)
• Not everything has to be big. (ryanholiday.net)

Markets

• Some random market insights including: Nvidia's ($NVDA) forward P/E keeps falling. (awealthofcommonsense.com)
• Diesel prices remain $2 a gallon above where they were pre-Iran war. (econbrowser.com)

Strategy

• Why market pundits are doing you any favors. (behaviouralinvestment.com)
• The stocks of great companies show big drops more often than you think. (brianferoldi.substack.com)

Companies

• Google ($GOOGL) dodged a break up of its ads business. (axios.com)
• Novo Nordisk ($NVO) is betting on weight loss pills. (nytimes.com)
• It sure looks like someone knew a deal for GoPro ($GPRO) was coming. (ft.com)

ETFs

• TIPS look attractive, but it's not as simple as buy a TIPS ETF. (morningstar.com)
• Institutional investors are swapping between the iShares Core S&P 500 ETF ($IVV) and Vanguard S&P 500 ETF ($VOO) to avoid dividends for tax purposes. (bloomberg.com)
• These ETFs generate the most implied revenue for sponsors. (etf.com)

Stay in touch

• Don't miss a thing! Sign up for our daily e-mail newsletter. (abnormalreturns.com)
• Work in wealth management? Sign up for our exclusive Talking Wealth newsletter. (talkingwealthpod.com)

Europe

• How heat impacted Europe this summer. (wsj.com)
• Do Germans need to work longer and harder? (ft.com)
• The Maldives is a way station for Russian evasion of Western sanctions. (wsj.com)
• Spaniards are starting to eat dinner earlier. (marginalrevolution.com)

Jobs

• Some early evidence that AI is impacting jobs. (dallasfed.org)
• The college wage premium is shrinking. (marginalrevolution.com)

Economy

• We are still in a low hire/low fire economy. (bonddad.blogspot.com)
• A review of Kevin Warsh's Jackson Hole speech. (stayathomemacro.substack.com)
• How rising interest rates affect the debt/GDP ratio. (klementoninvesting.substack.com)

Earlier on Abnormal Returns

• Personal finance links: supercharged fraud. (abnormalreturns.com)
• What you missed in our Tuesday linkfest. (abnormalreturns.com)
• Research links: stock-specific volatility. (abnormalreturns.com)

Mixed media

• A look at the scale of plastic pollution in the oceans and waterways. (reasonstobecheerful.world)
• Natural fibers are not necessarily better than man-made. (theatlantic.com)
• The case for landfills. (worksinprogress.news)

Podcasts

• Ian Wenik and Alex Steger talks with Josh Brown, CEO of Ritholtz Wealth Management. (citywire.com)
• Daniel Crosby talks with Adam Cockerham of Financial Adviser Bath about distinguishing between money and meaning problems. (standarddeviationspod.com)
• Brent Sullivan talks about the evolution of asset management with Paul Bouchey, Editor of The Journal of Wealth Management and Managing Director of Applied Research at Morgan Stanley. (taxalphainsider.com)

Altruist

• Altruist has sold to Vanguard for $4.6 billion in cash. (axios.com)
• Why Vanguard's acquisition of Altruist is a big deal. (thinkadvisor.com)
• How the Altruist deal could affect Fidelity and Schwab ($SCHW). (wealthmanagement.com)
• Custody is about more than where assets are held these days. (wealthmanagement.com)

Vanguard

• Why did Vanguard change course? (riabiz.com)
• Can Vanguard and Altruist get along? (riabiz.com)
• One criticism of Vanguard has been that it has underinvested in technology. (thinkadvisor.com)

Family

• How to work with 'disengaged couples.' (kitces.com)
• On the challenges of merging finances for late in life married couples. (thinkadvisor.com)
• How often do children support their parents financially in retirement? (crr.bc.edu)

Advisers

• The Forbes-Shook Research rankings are suspended. (riabiz.com)
• Is the business of adviser rankings and lists finally over? (riabiz.com)
• Selling your advisory firm may make you richer, but less happy. (investmentnews.com)
• Retirement anxiety isn't an information problem. (barrons.com)
• Why niches matter for independent advisers. (xyplanningnetwork.com)
• Some of your clients already own crypto. (advisorperspectives.com)
• How advisers can help clients navigate the financial aspects of a cancer battle. (thedailyupside.com)
• How using fear to motivate clients can backfire. (thinkadvisor.com)

Markets

• Health care stocks are at all-time highs. (trendlabs.com)
• The momentum trade can unwind quickly. (wsj.com)

ETFs

• What you need to know about T-bill ETFs. (advisorperspectives.com)
• Why niche ETF sponsors keep getting snapped up. (pionline.com)
• A look at the history of the Teucrium Wheat Fund ($WEAT). (philbak.substack.com)

Prediction markets

• Kalshi has teamed up with Alpaca to push overseas. (cnbc.com)
• Why a prediction markets case will likely end up in the Supreme Court. (frontofficesports.com)
• George Santos earned a lifetime ban from Kalshi. (wired.com)

Private equity

• PE firms are buying up companies in construction and engineering. (pitchbook.com)
• Why PE is investing big in the business of private jet infrastructure. (bloomberg.com)

Stay in touch

• Don't miss a thing! Sign up for our daily e-mail newsletter. (abnormalreturns.com)
• Work in wealth management? Sign up for our exclusive Talking Wealth newsletter. (talkingwealthpod.com)

Pharma

• The FDA approved Mounjaro to lower the risk of heart events. (time.com)
• Eli Lilly ($LLY) is buying another biotech startup, Merida Biosciences. (barrons.com)
• A look at just how much Revolution Medicines ($RVMD) new pancreatic cancer drug will cost. (nytimes.com)
• A new class of baldness drugs is nearing the finish line. (bloomberg.com)

Economy

• Why grocery prices are set to go higher. (axios.com)
• Companies are saying inflation isn't going anywhere. (thetranscript.substack.com)
• How much is the Iran war costing each American? (newyorker.com)
• Electricity is the new oil. (politico.com)

Earlier on Abnormal Returns

• Adviser links: the custody shift. (abnormalreturns.com)
• What you missed in our Sunday linkfest. (abnormalreturns.com)
• Top clicks last week on Abnormal Returns. (abnormalreturns.com)

Mixed media

• How do AI detectors work? (ft.com)
• We should hold academics to a higher standard, AI-wise. (danieldrezner.substack.com)
• What should be part of a firm's 'writing policy.'
  ' (hunterwalk.com)

Quant stuff

• A roundup of recent academic research including 'Fire Sales by Corporate Bond ETFs During the COVID-19 Crisis.' (alphainacademia.com)
• William Green speaks with Victor Haghani, founder & CIO of Elm Wealth & author of "The Missing Billionaires: A Guide to Making Better Financial Decisions." (theinvestorspodcast.com)
• ChatGPT can help process information, but can't predict stock prices. (alphaarchitect.com)

Research

• The efficient frontier is not stable. (mrzepczynski.blogspot.com)
• A look at the long term history of corporate bond spreads. (ft.com)
• Markets imply that bigger deficits mean more inflation. (klementoninvesting.substack.com)
• What the performance of the AQR Style Premia Alternative says about factor returns. (morningstar.com)
• There is a conflict between private equity and private debt under the same manager. (larryswedroe.substack.com)
• There's no evidence of stock picking ability among equity mutual fund managers. (morningstar.com)
• The daily moves in megacap stocks these days are crazy. (acadian-asset.com)
• Why do fewer women become CEOs? (papers.ssrn.com)

August 2026

• How major asset classes performed in August 2026. (capitalspectator.com)
• The S&P 500 rose 2.72% in August 2026. (on.spdji.com)

Rates

• The 30-year Treasury is at it highest sustained level since 2006. (fa-mag.com)
• A Q&A with Robin Wigglesworth, author of "A Fabulous Debt: The Epic Story of How Bonds Built the Modern World." (axios.com)

Retail trading

• How South Korea effectively tamped down on (leveragerd) speculation. (sg.finance.yahoo.com)
• How retail investors have changed how the stock market works. (harveysawikin.substack.com)

Gambling

• Why college kids are uniquely at-risk from problem gambling. (espn.com)
• How Pokemon cards became a way to gamble. (slate.com)

Finance

• Polymarket raised another $1 billion, led by 1789 Capital. (nytimes.com)
• Some 21 banks, including BofA, Wells and Goldman, are launching a stablecoin. (wsj.com)
• Revolut is now larger than every UK bank but HSBC. (ft.com)

AI

• How AI is putting pressure on big consulting firms. (ft.com)
• How hyperscalers are accelerating data center construction. (wsj.com)
• Derek Thompson talks with Max Spero, founder of Panagram, about the spread of AI writing. (derekthompson.org)

Stay in touch

• Don't miss a thing! Sign up for our daily e-mail newsletter. (abnormalreturns.com)
• Work in wealth management? Sign up for our exclusive Talking Wealth newsletter. (talkingwealthpod.com)

Housing

• Conor Sen, "For their age, Gen Z is doing better on homeownership than the conventional wisdom." (conorsen.substack.com)
• Ten facts about the housing market, including 'Nobody is moving.' (apollo.com)
• Why Seattle's housing market is struggling. (bloomberg.com)

Economy

• Construction, outside of AI, is at recessionary levels. (bonddad.blogspot.com)
• How much higher gasoline and diesel prices are costing American consumers. (axios.com)
• Why didn't the U.S. go into recession in 2022-23? (ft.com)

Earlier on Abnormal Returns

• Research links: stock-specific volatility. (abnormalreturns.com)
• What you missed in our Monday linkfest. (abnormalreturns.com)
• Adviser links: the custody shift. (abnormalreturns.com)

Mixed media

• Some colleges are drawing down their endowments to hang on. (fa-mag.com)
• Some experiments to rebuild and streamline the college experience. (npr.org)
• Most graduate degrees don't pay off. (ofdollarsanddata.com)

Fund management

• It's hard to overstate the impact of the indexing revolution. (bobpisani.substack.com)
• Will ETFs embrace perpetual futures? (etfcentral.com)

Nvidia

• A look at Nvidia's ($NVDA) impressive recent earning report. (newsletter.fiscal.ai)
• Nvidia ($NVDA) is now worth more than 5 of 11 S&P sectors. (axios.com)
• Nvidia ($NVDA) is spending big on startups. (pitchbook.com)

Prediction markets

• Former White House teleprompter operator ordered by CFTC to pay $172,000 for Kalshi trades on mention markets. (theblock.co)
• States are not backing down in the battle against prediction markets. (nytimes.com)

Taxes

• When you pause a gas tax, you have to find money for roads somewhere else. (indianacapitalchronicle.com)
• Want to narrow the budget deficit? Collect taxes that are already on the books. (ft.com)

Social Security

• A reckoning is coming for Social Security. Politicians aren't ready. (politico.com)
• Want to save Social Security? Cap earnings. (wapo.st)

Government

• Farmers are struggling to get help from a depleted Department of Agriculture. (nytimes.com)
• Lower courts establish facts. The Supreme Court is ignoring them. (theatlantic.com)
• The Census Bureau has lost its non-partisan sheen. (newsletter.platypuseconomics.com)

Legal matters

• The U.S. has killed at least 223 people in attacks on suspected drug boats. (nytimes.com)
• DHS has surveilled churches and libraries. (npr.org)
• Some theories why violent crime rates are falling. (axios.com)
• How Live Nation ($LYV) avoided an antitrust trial. (wsj.com)

Pentagon

• How the war in Iran is pulling resources from around the globe. (washingtonpost.com)
• The Army is running without a lot of senior leadership. (nytimes.com)
• Formerly routine promotions have become a political tool. (nytimes.com)

Stay in touch

• Don't miss a thing! Sign up for our daily e-mail newsletter. (abnormalreturns.com)
• Work in wealth management? Sign up for our exclusive Talking Wealth newsletter. (talkingwealthpod.com)

Democracy

• Democracies tend to attract immigrants that like democracy. (theargumentmag.com)
• Politics isn't supposed to be exciting. (slowboring.com)

Economy

• Rising government debt is going to provide a platform for an opportunistic politician. (awealthofcommonsense.com)
• The Fed is increasingly paying attention to the impact of AI. (msn.com)
• The Fed could use with a little more humility. (ritholtz.com)
• The economic schedule for the coming week. (economicweekly.substack.com)

Earlier on Abnormal Returns

• Top clicks this week on Abnormal Returns. (abnormalreturns.com)
• What you missed in our Saturday linkfest. (abnormalreturns.com)

Mixed media

• 'Ghost job' ads are a big problem. (wsj.com)
• Successful people are willing to ask for help. (nytimes.com)
• Why companies need to verify job candidates are actually real. (wsj.com)

Bonds

• Bond market volatility is muted. (mrzepczynski.blogspot.com)
• Ezra Klein talks with Robin Wigglesworth, author of "A Fabulous Debt: The Epic Story of How Bonds Built the Modern World.", about the bond market. (podcasts.apple.com)

Speculation

• Speculators have always existed, how they trade has changed. (wsj.com)
• G. Elliott Morris talks with Rajiv Sethi about how prediction markets work. (gelliottmorris.com)

Gambling

• MLB players are increasing being targeted by disgruntled gamblers. (nytimes.com)
• How one gambling addict relapsed after discovering Kalshi. (bloomberg.com)

Finance

• Zero-coupon convertible bonds are all the rage these days. (ft.com)
• What a combined Victory Capital-First Eagle will look like. (morningstar.com)
• On the many flavors of semi-liquid alternatives funds. (pitchbook.com)

Pharma

• Revolution Medicines’ ($RVMD) drug Rasonque was approved to treat pancreatic cancer. (wsj.com)
• Eli Lilly's ($LLY) retatrutide isn't even on the market yet, but knocks are already for sale. (axios.com)
• How cancer treatments could change if the Moderna-Merck results hold up. (barrons.com)

Stay in touch

• Don't miss a thing! Sign up for our daily e-mail newsletter. (abnormalreturns.com)
• Work in wealth management? Sign up for our exclusive Talking Wealth newsletter. (talkingwealthpod.com)

Food

• Why its so hard to avoid Taylor Farms. (cnbc.com)
• The cyclospora outbreak is hitting overall veggie sales. (fooddive.com)
• What IS safe to eat these days? (theringer.com)

Commodities

• Why wheat prices are at a three-year high. (semafor.com)
• Why timber prices are falling in the American South. (wsj.com)
• A look at dwindling America's strategic petroleum reserves. (nytimes.com)

Ukraine

• As important as Ukraine's drones are, it's software may be more impactful. (nytimes.com)
• What U.S. medics are learning from Ukraine's experiences. (businessinsider.com)
• How tanks became obsolete because of drones. (nytimes.com)

Economy

• Why is the PCE outpacing CPI of late? (newsletter.mikekonczal.com)
• Corporate profits as a share of national income hit a record high. (ft.com)
• Just how much is AI driving higher productivity? (agglomerations.eig.org)

Earlier on Abnormal Returns

• What you missed in our Thursday linkfest. (abnormalreturns.com)
• Longform links: entertaining the reader. (abnormalreturns.com)

Mixed media

• One of the best restaurants in the world still has struggles. (chicago.suntimes.com)
• How wagyu took over America. (wsj.com)
• Why 'Top Chef' persists. (thedailybeast.com)

AVs

• Waymo on why AI (and cameras) alone are sufficient for self-driving. (axios.com)
• Which business model wins in the AV market? (platformaeronaut.com)
• Zoox is expanding its operations. (wsj.com)

Autos

• A first hand account of an EV road trip. (viktorkoves.com)
• Trade chaos is making Detroit miserable. (wsj.com)
• The case for the Slate Truck. (technologyreview.com)

Transports

• How Paris, France effectively swapped cars for bikes (and pedestrians). (theguardian.com)
• Fire departments nationwide are struggling with soaring prices and years-long delivery times for trucks. (indianacapitalchronicle.com)

Energy

• The U.S. is becoming more dependent on natural gas. (coldeye.earth)
• How batteries have helped Texas this summer. (heatmap.news)
• The Trump administration bought out offshore wind leases. The money will go to a project of a friend of the President's. (yahoo.com)
• The East Coast could use the energy from halted offshore wind projects. (grist.org)
• PVs are getting more efficient by the day. (pv-magazine.com)
• The year in new power plants, so far. (arstechnica.com)

Wildfires

• Urban sprawl is putting more houses at risk of wildfires. (grist.org)
• Researchers are looking for ways to use technology to fight wildfires. (bloomberg.com)
• Most wildfires are started by people. (npr.org)

Environment

• Is there a relationship between armed conflict and climate change? (klementoninvesting.substack.com)
• How AI can better predict hurricanes. (nytimes.com)

Animals

• There is a reason why humans are innately scared of snakes. (eurekalert.org)
• How the administration is facilitating the slaughter of wild horses from federal land. (futurism.com)
• Humans impact wildlife more than we know. (sciencedaily.com)
• Cachena, Spain’s smallest breed of cow, clears growth to help prevent wildfires. (reasonstobecheerful.world)
• Florida needs more bivalves. (reasonstobecheerful.world)

Science

• How Canada is poaching American scientists. (bloomberg.com)
• The ground underneath your feet is noisy. (aeon.co)

Space

• There's no way to get to space that doesn't harm the environment. (grist.org)
• How to tell time on the Moon. (ft.com)

Travel

• How to better return from vacation. (artofmanliness.com)
• This summer's drought has disrupted the river cruise industry in Europe. (nytimes.com)

Technology

• The politics of data centers cuts across party lines. (newyorker.com)
• Is eyewear the best way to access AI? (ft.com)

Behavior

• The next DSM will use biology to understand mental disorders.
  (theconversation.com)
• Do we actually 'make' decisions? (sciencedaily.com)

Shingles vaccine

• The recombinant shingles vaccine may help reduce heart disease. (nature.com)
• Newer shingles vaccines may help reduce dementia. (sciencedaily.com)

Measles

• Two unvaccinated people died of measles in Pennsylvania. (nbcnews.com)
• The rhetoric around measles is heating up. (cnn.com)
• Vaccine exemptions make everyone less safe. (theatlantic.com)

Covid

• This Fall's Covid vaccines are approved. (nytimes.com)
• A substantial Dolly Parton donation supported COVID-19 mRNA vaccine research. (kmbc.com)

Health

• Recommendations are changing about how long to take antibiotics. (theconversation.com)
• Why more doctors are choosing to start or join 'direct primary care' practices. (slate.com)

Peptides

• Why you should be wary of the peptide crowd. (henryaj.substack.com)
• Michael Easter talks all things peptides with Dr. Jordan Feigenbaum. (twopct.com)

Fitness

• The case for spending more time in nature. (twopct.com)
• The case against wearable technology. (vanityfair.com)
• On the benefits of (slow) running. (msn.com)

Drugs

• Street drugs are cheaper and more dangerous than ever. (nytimes.com)
• Big Tobacco is pushing into higher-strength nicotine pouches. (ft.com)
• How drug use can increase the risk of a stroke. (sciencedaily.com)
• On the dangers of tripping outside the U.S. (nytimes.com)

Coffee

• Coffee purveyor Blank Street raised new capital to expand its store footprint. (axios.com)
• Brazil's coffee crop is in trouble this season. (msn.com)

Drink

• Jack Daniels maker Brown-Forman ($BF.B) shares are more than 60% off their all-time highs. (wsj.com)
• On the ongoing search for a hangover cure. (newyorker.com)
• How Sweden became a wine maker. (economist.com)

Sports

• How Las Vegas became a pro sports town. (awfulannouncing.com)
• If football were another profession, regulators would have stepped in. (nytimes.com)
• Would buyouts help reduce college player movement? (thecollegefrontoffice.substack.com)
• Higher temperatures are making outdoor tennis more challenging. (smithsonianmag.com)

Streaming

• Other streamers have Amazon Prime envy around bundling. (nytimes.com)
• The price of Apple TV+ is going up, again. (variety.com)

Movies

• A look at the growing business of IMAX ($IMAX). (quartr.com)
• Why did 'Coyote vs. Acme' get shelved in the first place? (nytimes.com)

Music

• How residencies took over live music. (nytimes.com)
• Where nonprofits are helping musicians get health insurance. (npr.org)

Children

• School phone bans show mixed results. (wsj.com)
• How to think about tackle football for children. (nytimes.com)
• A look at sudden cardiac death in athletes. (davidepstein.substack.com)

Earlier on Abnormal Returns

• What you missed in our Friday linkfest. (abnormalreturns.com)
• Don't miss a thing! Sign up for our daily e-mail newsletter. (abnormalreturns.com)
• Work in wealth management? Sign up for our exclusive Talking Wealth newsletter. (talkingwealthpod.com)

Mixed media

• Semiconductors are the hot new career in South Korea. (ft.com)
• International college student enrollment fell again. (cnbc.com)
• How Singapore is trying address its fertility crisis. (ft.com)

Books

• An excerpt from “Coding Kids: Big Tech’s Battle to Remake Public Schools” by Natasha Singer. (nytimes.com)
• Five insights from "The Only Cure: Freud and the Neuroscience of Mental Healing" by Mark Solms. (nextbigideaclub.com)
• An excerpt from "The People’s Historian: The Outsized Life of Howard Zinn" by Dave Zirin. (newrepublic.com)
• An excerpt from "Finding Renée Richards: The Groundbreaking Story of Tennis’s Trans Pioneer," by Julie Kliegman. (slate.com)

Business

• The global shipping container industry is experiencing strains. (giftarticle.ft.com)
• High profile podcasting companies keep running to trouble, it's now Audiochuck's turn. (bloomberg.com)

Fertility

• What's behind global fertility decline? (sciencedirect.com)
• Relationship equity is necessary, but not sufficient, for higher fertility. (fortune.com)

Environment

• How will Europe remake itself in the face of hotter summers? (newyorker.com)
• Bad things happen when a landfill overheats. (bloomberg.com)

Food

• Why the lab-grown meat revolution failed. (harpers.org)
• How Raisin' Canes attracted such a loyal following. (slate.com)

Longreads

• Is Jane Street experiencing growing pains? (ft.com)
• How Iran's Shaheed drone has transformed war. (wsj.com)
• Senior citizens are often the biggest opponents of developments that would add...senior housing. (bloomberg.com)
• Is the rate of CTE underreported among former NFL players? (nytimes.com)
• How to create a more fair House of Representatives. (nerd4cities.com)
• Stop stressing about where you child goes to school. (auren.substack.com)
• How our leisure time got monetized. (honest-broker.com)

Bonds

• Rates are rising even more overseas. (wsj.com)
• How the AI boom could go wrong...for bondholders. (nytimes.com)
• A look at the long term history of corporate bond spreads. (ft.com)

Prediction markets

• Kalshi wants to grow its weather business. (wsj.com)
• The Trump family has weighed in on the side of prediction markets companies. (nytimes.com)
• Kalshi has signed deals with five MLB teams. (frontofficesports.com)

Finance

• The Bitcoin treasury company business model is unraveling. (ft.com)
• How trading cards became another way to gamble in America. (barrons.com)
• There's really no reason for this ETF to exist. (etf.com)

Nvidia

• It's hard to fathom the size and success of Nvidia ($NVDA) at this point. (tomtunguz.com)
• Hyperscalers are falling as as percentage of Nvidia's ($NVDA) revenue. (axios.com)
• Nvidia ($NVDA) is reportedly buying Hugging Face. (cnbc.com)

Meta

• Meta ($META) settled over allegations Facebook and Instagram were designed in ways that harm children. (axios.com)
• This is a slap on the wrist for Zuck. (spyglass.org)
• Meta ($META) can now effectively dictate safety rules for other companies. (techdirt.com)
• Meta ($META) isn't exactly contrite. (platformer.news)
• Meta ($META) isn't done. It faces more lawsuits. (theatlantic.com)

Data centers

• Why data center operators love NDAs. (npr.org)
• How it became OK for politicians to oppose data centers. (semafor.com)
• It's not just data centers, tech as a whole is getting blowback. (axios.com)

Stay in touch

• Work in wealth management? Sign up for our exclusive Talking Wealth newsletter. (talkingwealthpod.com)
• Don't miss a thing! Sign up for our daily e-mail newsletter. (abnormalreturns.com)

Housing

• Housing inventory is picking up in the Midwest. (conorsen.substack.com)
• How mortgage rate buydowns distort housing price signals. (rpc.cfainstitute.org)
• Unlocking Baby Boomer housing wealth isn't easy. (crr.bc.edu)
• How to increase property tax appeals: an AI chatbot. (papers.ssrn.com)

Economy

• Heavy truck sales say no recession. (bonddad.blogspot.com)
• The trade war with Canada is entirely self-inflicted. (newsletter.platypuseconomics.com)

Earlier on Abnormal Returns

• Longform links: entertaining the reader. (abnormalreturns.com)
• What you missed in our Wednesday linkfest. (abnormalreturns.com)
• Personal finance links: safely spending a nest egg. (abnormalreturns.com)

Mixed media

• The vast majority of stuff we see online is algorithmic. (asymco.com)
• Logging in to sites/apps has become a major hassle. (theatlantic.com)
• How Yahoo is trying to reach Gen Z. (ft.com)

Banks

• How to price bank stocks with factor models. (papers.ssrn.com)
• Credit cards are a good business. (papers.ssrn.com)

Research

• Why so many fund managers lose when it comes to implementation. (wealthmanagement.com)
• Can your manager trace the reasons behind picking a stock? (rpc.cfainstitute.org)
• A look at Bitcoin's changing beta. (papers.ssrn.com)
• What matter for private equity investments for pension fund performance? (alphaarchitect.com)
• A roundup of recent academic research including 'Last Fifteen Minutes: Equity Options Volatility at the Close.' (alphainacademia.com)
• On the cognitive risks of delegating too much to AI. (rpc.cfainstitute.org)

Finance

• Some brand name companies, i.e. Oura Health, are coming to the IPO market. (wsj.com)
• PE firms are digging into their bag of tricks to return capital to investors. (bloomberg.com)
• The Guggeinheim universe is nothing if not complicated. (mispricedassets.substack.com)

AI

• Startups and incumbents have very different incentives when it comes to AI. (stratechery.com)
• How data center operators sleepwalked into a political crisis. (politico.com)
• How the AI build out is working its way through various bottlenecks. (tomtunguz.com)
• The Flock Safety backlash is related to the AI backlash. (wsj.com)
• A new Apple ($AAPL) Mac Mini is here. (appleinsider.com)

Lettuce

• Given all the issues, why do we bother with lettuce? (wapo.st)
• The many ways that a bag of salad can go wrong. (nytimes.com)
• Can startups help solve the food safety crisis? (pitchbook.com)

Stay in touch

• Don't miss a thing! Sign up for our daily e-mail newsletter. (abnormalreturns.com)
• Work in wealth management? Sign up for our exclusive Talking Wealth newsletter. (talkingwealthpod.com)

Marijuana

• More Americans are using marijuana. (semafor.com)
• Teenagers have access to stronger marijuana than ever before. (nytimes.com)
• Marijuana smoke as a public nuisance. (wsj.com)

Chicago

• Chicago home prices are leading the way in the past year. (marketwatch.com)
• While Chicago's fiscal woes seem intractable. (wsj.com)

Economy

• When will the home sales slump end? (calculatedrisk.substack.com)
• The Fed should pay more attention to the housing market. (conorsen.substack.com)
• Derek Thompson talks with Conor Sen about housing, interest rates and AI's effect on the economy. (podcasts.apple.com)
• Who is not working and why? (flowingdata.com)

Earlier on Abnormal Returns

• Research links: judgment and accountability. (abnormalreturns.com)
• What you missed in our Monday linkfest. (abnormalreturns.com)
• Adviser links: doing more and more. (abnormalreturns.com)

Mixed media

• Private equity is now embedded in pro sports. (axios.com)
• Why you should expect more NBA ownership transactions. (frontofficesports.com)
• How the Cincinnati Open was revived. (frontofficesports.com)
• Why the Freedom 250 race actually worked. (theatlantic.com)

Podcasts

• Meb Faber talks with David Booth, author of "Stay Calm: Learn to Embrace Uncertainty in Investing and Life." (podcasts.apple.com)
• Matt Zeigler talks with Ian Cassel, author of "Stock Picker: How to Develop the Mindset, Temperament, and Strategy to Outperform Wall Street." (podcasts.apple.com)
• Christine Benz and Amy Arnott talk with Andy Clarke and Nelson Wicas, co-authors of "The Architecture of Wealth: The Art and Science of Portfolio Construction." (morningstar.com)
• Benjamin Felix and Cameron Passmore talk with Bill Bernstein about Jonathan Clements' posthumous book "Money and Me: How to Make Your Finances Work Harder For You and Your Family." (rationalreminder.libsyn.com)

Family

• How to have a family financial meeting. (jordangrumet.substack.com)
• Legal documents you need when your children turn 18. (freedomdaysolutions.com)
• Are equal inheritances always fair? (marketwatch.com)

Wealth

• How wealth is built in America. (ritholtz.com)
• You really don't need a billion dollars to accomplish what you want. (kevinkelly.substack.com)

Investing

• The financial industry encourage investors to do stupid stuff. (behaviouralinvestment.com)
• A look at robo-advice from Vanguard, Fidelity and Schwab ($SCHW). (bestinterest.blog)

Personal finance

• How to build a retirement mainfesto. (theretirementmanifesto.com)
• The 401(k) isn't perfect, but it has been pretty successful. (awealthofcommonsense.com)
• Some real financial problems and how to deal with them. (moneychangeseverything.substack.com)
• The benefits of working with a private banker. (melizabethgeorge.substack.com)
• You don't have to account for all your time. (safalniveshak.com)
• Can you ever be at peace with money? (dariusforoux.com)

Markets

• What's behind the rise in Treasury yields? (ritholtz.com)
• Falling earnings expectations would kill the bull market. (spilledcoffee.co)
• Is this market more like the Nifty Fifty era than the Dotcom boom? (awealthofcommonsense.com)

Managers

• Great investors aren't exactly normal. (economist.com)
• A big profile of Leopold Aschenbrenner, portfolio manager of Situational Awareness. (wsj.com)

ETFs

• SpaceX's ($SPCX) share of various index ETFs is going up. (morningstar.com)
• A closer look at the Alpha Architect 1-3 Month Box ETF ($BOXX). (barrons.com)

Finance

• Why the alternative asset managers have struggled this year. (morningstar.com)
• Victory Capital Holdings Inc. agreed to buy First Eagle Investments (bloomberg.com)
• Signs that institutional investors are coming to embrace evergreen funds. (ft.com)
• Concerns from Mark Walters are spreading through the insurance industry. (wsj.com)
• Vanguard is buying upstart custodian Altruist. (wsj.com)

Stay in touch

• Don't miss a thing! Sign up for our daily e-mail newsletter. (abnormalreturns.com)
• Work in wealth management? Sign up for our exclusive Talking Wealth newsletter. (talkingwealthpod.com)

Chicken

• How chicken came to dominate the global market for protein. (giftarticle.ft.com)
• On the vast scale of the chicken industry in the U.S. (andymasley.com)

Canada

• Daniel Drezner, "The Trump administration’s political tactics have made securing a deal harder while providing powerful political incentives for Canada to stand firm." (danieldrezner.substack.com)
• What does Trump want from Canada? (paulkrugman.substack.com)
• Why toilet paper prices are headed higher. (theguardian.com)

Writing

• AI writing as a billionaire flex. (axios.com)
• Proof of effort means something. (surfacearea.beehiiv.com)
• Noah Brier, "Writing is anti-consensus." (whyisthisinteresting.substack.com)
• Some advice on how to write. (thezvi.substack.com)

Economy

• Q2 PCE came in at 3.7%. Core at 3.3%. (wsj.com)
• The spending gap, by wealth, is growing. (bonddad.blogspot.com)
• Diesel prices are nearing a record high. (nytimes.com)
• Fiscal issues are putting upward pressure on interest rates. (apollo.com)

Earlier on Abnormal Returns

• Personal finance links: safely spending a nest egg. (abnormalreturns.com)
• What you missed in our Tuesday linkfest. (abnormalreturns.com)
• Research links: judgment and accountability. (abnormalreturns.com)

Mixed media

• RIP, Dolly Parton. (theringer.com)
• Dolly Parton, the last bipartisan icon. (wapo.st)
• Dolly Parton's best skill may be as songwriter. (npr.org)
• Dolly Parton’s “Dolly: A True Original Musical” will still open on Broadway. (variety.com)
• How to contribute to Dolly Parton's Imagination Library. (donate.imaginationlibrary.com)

Podcasts

• Michael Batnick talks with Robb Baldwin, ⁠CEO of TradePMR (youtube.com)
• Michael Kitces talks with David Brooks, founder of Retire SMART, about investing in education. (kitces.com)

Charles Schwab

• Charles Schwab ($SCHW) plans to raise the client asset minimum for a referral from $2m to $5m. (citywire.com)
• More signs that Schwab is trying to convert customers into clients. (riabiz.com)
• The number of $5 million clients is limited. (citywire.com)

The biz

• How Vanguard entered the custom model portfolio business. (riabiz.com)
• Morgan Stanley Wealth Management is opting out of the Forbes 'Top Advisor' rankings. (riabiz.com)
• Why Fidelity opted out of the tax-aware long-short business. (fa-mag.com)

Taxes

• The number of cash balance plans is soaring. (wsj.com)
• Double check your clients QCDs on Form 1099-R. (morningstar.com)

Alternatives

• How one big bank pushes PE investments. (thealtview.substack.com)
• RIAs are building their own interval alternatives funds. (altgoesmainstream.substack.com)

Advisers

• Vibe coded apps aren't going to run your practice. (kitces.com)
• Financial planner as conductor, not quarterback. (mywealthplanners.com)
• Everyone needs a Trusted Contact. (wealthmanagement.com)
• How to help clients revisit their beneficiary designations. (rethinking65.com)
• Work in wealth management? Sign up for our exclusive Talking Wealth newsletter. (talkingwealthpod.com)
• What do Americans know about Social Security's funding status? (investmentnews.com)

Markets

• Why everyone hates bonds right now. (awealthofcommonsense.com)
• Microcaps are having a year. (morningstar.com)

ETFs

• More ETFs means more ETF closures. (barrons.com)
• The Invesco S&P 500 Equal Weight ETF ($RSP) surpassed $100 billion in assets for the first time. (cnbc.com)

Finance

• What's behind the surge in new bank applications, including World Liberty Financial? (bloomberg.com)
• Why American firms are snapping up European asset managers. (ft.com)
• How Trade.xyz built a perpetual futures business. (bloomberg.com)

Movies

• On the surprising prospects for a 'Masters of the Universe' sequel. (spyglass.org)
• Are foreign actors taking over Hollywood? Yeah, kinda. (stephenfollows.com)
• Why aren't more movies shot in Imax ($IMAX)? (engadget.com)

Stay in touch

• Work in wealth management? Sign up for our exclusive Talking Wealth newsletter. (talkingwealthpod.com)
• Don't miss a thing! Sign up for our daily e-mail newsletter. (abnormalreturns.com)

Mideast

• Nobody's really sure how much oil is flowing through the Strait of Hormuz. (wsj.com)
• How the war has actually strengthened Iran's strategic position. (theatlantic.com)
• Will the U.S. rebuild destroyed Mideast bases? (giftarticle.ft.com)
• How Oman got offsides with Trump. (theatlantic.com)

Earlier on Abnormal Returns

• Adviser links: doing more and more. (abnormalreturns.com)
• What you missed in our Sunday links. (abnormalreturns.com)
• Top clicks last week on Abnormal Returns. (abnormalreturns.com)

Mixed media

• Why modern bridges rock, design-wise. (marginalrevolution.com)
• How DIYers are using 3-D printing to fix household items. (wsj.com)
• Why dachshunds are growing in popularity. (bloomberg.com)

Autos

• ~25% of global auto sales this year will be electric. (nytimes.com)
• Toyota ($TM) is set to become the biggest American car maker. (wsj.com)
• How rising DRAM prices will affect car prices. (theatlantic.com)
• Modern cars can catch fire even when they are not running. (msn.com)
• Why people are drawn to the new Slate Truck. (wired.com)

Transport

• Chinese car exports are limited by space on ships. (wsj.com)
• Amazon ($AMZN) set to expand drone delivery service. (cnbc.com)
• Brunswick ($BC) is looking to technology to boost boat sales. (cnbc.com)
• Shipping rates, amid war, continue to rise. (ft.com)

Energy

• How extreme heat is affecting the electric grid. (axios.com)
• Grid operators increasingly need to plan for wildfires. (axios.com)
• Qcells is manufacturing solar panels in Georgia. (grist.org)
• How EVs could strengthen the grid. (grist.org)

Environment

• Tornado Alley is shifting east. (insurancejournal.com)
• Cities eliminated streams. We need them back. (bloomberg.com)
• Why fires this Summer are not getting more attention. (theatlantic.com)
• There are no easy fixes to the Colorado River. (wsj.com)
• Wildfire smoke is really bad for you. (nytimes.com)

Animals

• The size of the Atlantic menhaden population has seemingly fallen off. (wapo.st)
• Hotter sand is putting sea turtles at risk. (mazingamazingly.blogspot.com)

Travel

• Despite higher costs, Americans just keep traveling. (axios.com)
• Cruise lines are nickel and diming their customers. (nytimes.com)
• Pilots and flight attendants receive more radiation during their lifetimes. (eurekalert.org)
• A look at the companies that ponied up for DOT Secretary Sean Duffy's 'The Great American Road Trip.' (viewfromthewing.com)

Space

• Satellite companies need more launch capacity. (arstechnica.com)
• How orbital data centers could wreck the night sky. (scientificamerican.com)
• The Neil Gehrels Swift Observatory is coming back to Earth's atmosphere. (axios.com)

Technology

• Smarter robots need eyes. (nytimes.com)
• What is a defunct company's data worth? (doinggroundwork.com)
• What it's like to use Wispr Flow. (nytimes.com)
• Mary Childs talks with Prof. Rohit Lamba about the future of work in the age of AI. (youtube.com)

Behavior

• Suicide hotlines don't seem to decrease the rate of self-harm. (nber.org)
• Some preliminary results from Oregon on psilocybin use. (npr.org)
• Four tips on staying happy from philosopher Baruch Spinoza, including 'Zoom out.' (bakadesuyo.com)
• On the downsides of being a content creator. (theconversation.com)

Longevity

• Why would someone want to live to 150 years old? (nytimes.com)
• Why doctors are prescribing tadalafil for longevity purposes. (npr.org)

Vaccination

• The vaccination rates of US kindergarteners in the 2025–2026 school year fell, again. (arstechnica.com)
• Anti-vaxxers have been successful spreading fear, uncertainty and doubt. (cnbc.com)

Measles

• U.S. measles cases are hitting multi-decade highs. (propublica.org)
• More measles outbreaks in the U.S. are inevitable. (thebulwark.com)

Health

• Cancer surgery wait times are on the rise. (arstechnica.com)
• How patients and doctors are using AI to diagnose difficult conditions. (wsj.com)
• China is pioneering a surgery that purports to treat Alzheimer’s disease. (nature.com)
• What's behind the opposition to IVF? (indianacapitalchronicle.com)

Fitness

• Sit for work? Get up! (wapo.st)
• Why walking gets harder with age. (sciencedaily.com)
• How to add more movement into your day. (twopct.com)
• More protein without exercise is a waste. (theconversation.com)
• The case for sprinting. (sciencedaily.com)

Beverages

• How Coca Cola ($KO) is evolving Freestyle machines. (cnbc.com)
• Drink your coffee! (sciencedaily.com)

Food

• A major supplier to the meal kit industry just went bust. (wsj.com)
• Ground beef prices have been rising steadily post-Covid. (econbrowser.com)
• The salad recession is hitting ranch dressing sales. (morningstar.com)
• Why pickle flavoring is everywhere these days. (wsj.com)
• The science behind cold cuts. (theconversation.com)

Mark Walters

• A loan to Guggenheim Partners’ asset management division has fallen into distressed territory. (ft.com)
• Mark Walters' business practice have been called into question prior. (frontofficesports.com)
• Sammons Enterprises says it is divesting from the Guggenheim network of entities. (hntrbrk.com)
• Mark Walter's business empire is nothing if not convoluted. (wsj.com)

Sports

• The Freedom 250 was planned in a hurry. (npr.org)
• The problem with internationalized sports leagues: time zones. (entertainment.substack.com)
• Enhanced Group ($ENHA) lost nearly $62 million in Q2. (frontofficesports.com)
• Rising water temperatures are ravaging some fishing spots. (bloomberg.com)

Movies

• Movie end credits are getting longer over time. (stephenfollows.com)
• Good luck trying to get tickets to big movies on IMAX ($IMAX) 70mm screens. (slate.com)

College

• College kids have stopped hanging out. (theatlantic.com)
• Parents are paying up for premium gap years. (fa-mag.com)
• The enrollment cliff is coming for America's colleges and universities. (wsj.com)

Children

• Back-to-school shopping was more expensive this year. (washingtonpost.com)
• Do children in day care do worse? (worksinprogress.news)
• AI can't think for you, or your children. (theconversation.com)

Earlier on Abnormal Returns

• What you missed in our Friday linkfest. (abnormalreturns.com)
• Don't miss a thing! Sign up for our daily e-mail newsletter. (abnormalreturns.com)
• Work in wealth management? Sign up for our exclusive Talking Wealth newsletter. (talkingwealthpod.com)

Mixed media

• Florida businesses are scrambling as Haitian immigrants lose TPS. (wsj.com)
• The immigration crackdown is putting pressure on big city populations. (brookings.edu)
• The countries that have already passed 'peak population.' (ourworldindata.org)

Markets

• Oil markets are tuning out Trump's statements. (axios.com)
• Companies in the Stoxx Europe 600 index saw an 18% rise in Q2 earnings. (wsj.com)
• Markets lie less than politicians. (howardlindzon.com)

ETFs

• Bryan Armour, "Single-stock exchange-traded funds are the hoverboards of finance. They provide no real utility and might catch fire and explode at any moment." (morningstar.com)
• T Rowe Price ($TROW) is buying F/m Investments. (etf.com)

Companies

• There is still a ways to go before the Moderna ($MRNA)-Merck ($MRK) cancer vaccine goes commercial. (wsj.com)
• YouTube and Netflix ($NFLX) are on a collision course. (spyglass.org)
• Why is Visa ($V) still so profitable? (fiscal.ai)

Spending

• How is the $1 trillion defense budget being spent? (propublica.org)
• How the DHS is spending its rapidly growing budget. (slate.com)

Subsidies

• Why politicians love corporate subsidies. (boondoggle.substack.com)
• Why some governors have flip-flopped on data centers. (wsj.com)

Stay in touch

• Work in wealth management? Sign up for our exclusive Talking Wealth newsletter. (talkingwealthpod.com)
• Don't miss a thing! Sign up for our daily e-mail newsletter. (abnormalreturns.com)

Voting

• Just how much pressure the Trump administration put on Colorado to free Tina Peters. (ms.now)
• Donald Trump voted by mail, again. (nytimes.com)

The military

• The Pentagon fired the publisher of 'Stars and Stripes.' (stripes.com)
• Nobody really knows what the National Guard is doing in Washington D.C. (theatlantic.com)

Policy

• The National Park Services' spending priorities have changed, a lot. (theatlantic.com)
• The U.S. Forest Service is aiming to open more than 44 million acres of national-forest land to logging and road construction. (wsj.com)
• The CIA is swamped with retirements, so much so that HR can't keep up. (washingtonpost.com)

Trade

• The U.S. and Canada trade war is back on. (wsj.com)
• On the commonalities of recent Trump administration 'trade deals.' (newsletter.platypuseconomics.com)

Economy

• The era of low interest rates is over. (nytimes.com)
• The economic schedule for the coming week. (economicweekly.substack.com)

Earlier on Abnormal Returns

• Top clicks last week on Abnormal Returns. (abnormalreturns.com)
• What you missed in our Saturday linkfest. (abnormalreturns.com)

Mixed media

• How booksellers are reacting to AI companies buying up rare books. (wsj.com)
• The percentage of web pages written by AI is rapidly increasing. (pewresearch.org)
• A majority of young Americans believe AI will take jobs. (wapo.st)

Indexing

• The first retail index fund, via Vanguard, turned 50 years old. (morningstar.com)
• Who won from the index fund revolution? (bloomberg.com)
• 'Bogle's folly' turned out not to be. (wsj.com)

Finance

• A look at the big players in the pre-IPO stock space. (pitchbook.com)
• Is Jane Street a prop trading firm, or a hedge fund? (ft.com)

Walmart

• Last quarter, Walmart ($WMT) sales are best described as mid. (nytimes.com)
• Walmart ($WMT) will finally accept tap-to-pay. (engadget.com)

Technology

• Anthropic is floating talk of a record IPO offering. (fa-mag.com)
• Samsung is returning (big) capital to shareholders. (cnbc.com)
• How Boise, Idaho is feeling the impact of Micron's ($MU) stock surge. (cnbc.com)
• Stripe is buying OpenRouter for some $8 billion. (semafor.com)

Sports business

• Marc Lore is selling control of the Minnesota Timberwolves at a $4.5 billion valuation. (axios.com)
• The story of UWM Holdings ($UWMC), Matt Ishibia and the Phoenix Suns. (huddleup.substack.com)
• The Oakland Raiders already want more public money for Allegiant Stadium. (brobible.com)
• Bill Simmons and Derek Thompson talk about America's sports plutocracy. (podcasts.apple.com)

Stay in touch

• Don't miss a thing! Sign up for our daily e-mail newsletter. (abnormalreturns.com)
• Work in wealth management? Sign up for our exclusive Talking Wealth newsletter. (talkingwealthpod.com)

Health insurance

• Employer health care costs are moving in one direction: up. (axios.com)
• Bank of America ($BAC) spends big on GLP-1s. (cnbc.com)
• Florida saw a big drop in ACA enrollment. (theconversation.com)

Treasury bonds

• Is AI-related borrowing crowding out Treasuries? (nytimes.com)
• Why the Treasury's move isn't going to have lasting effects on the yield curve. (ft.com)
• Secretary Bessent isn't fooling anyone. (paulkrugman.substack.com)

Earlier on Abnormal Returns

• What you missed in our Thursday linkfest. (abnormalreturns.com)
• Longform links: the difference between work and play. (abnormalreturns.com)

Mixed media

• People hate Flock Safety cameras, but spend their days scrolling on apps that surveil them 24/7. (nytimes.com)
• What we lose when we stop reading books. (mariakonnikova.substack.com)
• The value of writing isn't the finished product. (ritholtz.com)
• How LinkedIn became a dating site. (wsj.com)

Podcasts

• Christine Benz and Amy Arnott talk with Jeff Ptak about the power of simplicity in investing. (morningstar.com)
• Frazer Rice talks with Meb Faber, author of "Investing in America: The Rise of a 250-Year Bull Market." (youtube.com)
• Peter Mallouk talks with Morgan Housel about the difference between 'rich' and 'wealthy.' (creativeplanning.com)
• Peter Lazaroff talks with Liz Muirhead, a senior portfolio strategist at Vanguard, about common investor mistakes. (peterlazaroff.com)

Investing

• Tony Isola, "For investors a worse strategy they can adhere to far outweighs a better strategy they will be quick to pull the trigger on." (tonyisola.com)
• How often should you check your portfolio? (awealthofcommonsense.com)
• Cash is a part of a broader financial plan. (ritholtz.com)
• What to ask your advisor when they pitch you a new alternatives fund. (wsj.com)
• If somebody calls you up selling pre-IPO shares, just hang up. (fortune.com)

Taxes

• The SEP-IRA needs a better PR person. (moneychangeseverything.substack.com)
• The future is unknowable: the case for tax diversification. (morningstar.com)

Family

• Six money conversations couples should have before marriage. (readthejointaccount.com)
• How couples share the burdens of everyday life. (yourbrainonmoney.substack.com)

Retirement

• 14 tenets for a better retirement. (theretirementmanifesto.com)
• Want to do something? Don't wait. (meaningfulmoney.life)
• Seriously, don't wait. (savantwealth.com)

Perspective

• A little bit of perspective, people. Life has never been better. (awealthofcommonsense.com)
• Happiness is not a competition. (dariusforoux.com)
• Do you really own your own time? (ofdollarsanddata.com)
• Lifestyle creep IS the goal. (melizabethgeorge.substack.com)

Personal finance

• Michael Remedios, "Math happens in a vacuum. Life doesn’t." (theartofwandering.substack.com)
• 8 financial tasks that are less scary once you've done then once. (whitecoatinvestor.com)
• How much can you afford on a home remodel? (flowfp.com)
• A nice review of Jack Raines' new book "Young Money." (surfacearea.beehiiv.com)
• Gen Z has discovered rewards credit cards. (wsj.com)

Markets

• A look at the state of the bull market. (spilledcoffee.co)
• A look at return dispersion in the components of the S&P 500. (axios.com)

AI

• Recent hacks show AI companies don't have a great handle on things. (ft.com)
• Where small language models (SLMs) can substitute for LLMs. (klementoninvesting.substack.com)
• Patrick O'Shaughnessy talks with Ben Thompson about the binding constraints on the AI buildout. (podcasts.apple.com)
• Hyperscalers are betting big on natural gas. (techcrunch.com)

Apple

• How Apple ($AAPL) 'AirPods Vision' could work. (spyglass.org)
• The Apple ($AAPL) Vision Pro as surgery assistant. (asymco.com)

Pharma

• A Moderna ($MRNA) and Merck ($MRK) mRNA melanoma vaccine proved efficacious. (wsj.com)
• Eli Lilly ($LLY) is taking cues from Silicon Valley. (economist.com)
• Why pharmaceutical price inflation is negative. (axios.com)

Stay in touch

• Don't miss a thing! Sign up for our daily e-mail newsletter. (abnormalreturns.com)
• Work in wealth management? Sign up for our exclusive Talking Wealth newsletter. (talkingwealthpod.com)

Ukraine

• How Ukraine is using satellite imagery in the war. (nytimes.com)
• On the challenges on keeping US-made Bradley infantry fighting vehicles running. (businessinsider.com)
• How the owner of a furniture company became the CEO of Ukraine's leading missile maker. (wsj.com)
• Russian tanks are still struggling against Ukrainian drones. (arstechnica.com)

Economy

• Just how hot is the U.S. economy running? (ft.com)
• More signs of strength in the American economy. (thetranscript.substack.com)
• Why diesel prices aren't going down any time soon. (nytimes.com)
• Federal interest expenditures are projected to increase. (schwab.com)

Earlier on Abnormal Returns

• Personal finance links: following your own rules. (abnormalreturns.com)
• What you missed in our Tuesday linkfest. (abnormalreturns.com)
• Research links: offsetting declines. (abnormalreturns.com)

Mixed media

• Do AI detectors make for better writing? Or just more paranoid authors? (slate.com)
• The 2026 FT Business Book of the Year Award long list including "1873: The First Great Depression and the Making of the Modern World" by Liaquat Ahamed. (ft.com)
• Why reading fiction is good for you. (wapo.st)

Books

• An excerpt from "Valley of Death: How Big Tech Is Fueling the Future of War" by Sharon Weinberger. (wsj.com)
• A look at Danny Meyer’s new book, "What Could Possibly Go Right?" (mattrodbard.substack.com)

Business

• How ESPN helped save Disney ($DIS). (wsj.com)
• Bagged ice is big business in Texas. (texasmonthly.com)
• Family-controlled Lodge Cast Iron pan company has been at it for 130 years. (wsj.com)

Society

• The divide in American is between asset owners and labor providers. (kyla.substack.com)
• How much of the drop in fertility is due to changing preferences? (theatlantic.com)
• Why everything feels like a scam these days. (yourbrainonmoney.substack.com)
• How class affects loneliness in America. (slate.com)

Politics

• A first hand account on how the CIA has been gutted under this administration. (theatlantic.com)
• A look at the lengths Trump is going to put his name and face on just about everything. (theatlantic.com)
• Don't look to politics for meaning. (theargumentmag.com)

Longreads

• Jordan Dworkin, "Our lives today are a gallery of past generations’ heroic efforts to do the same." (ordinaryabundance.com)
• On the challenges of building humanoid robots in the U.S. (nytimes.com)
• It will take technology, time and taste to bend the curve on animal welfare. (worksinprogress.news)
• We have a big, and growing, tick problem with few solutions in sight. (nytimes.com)
• The Soviets drilled the deepest hole in the world. Why? (nautil.us)
• 7 things learned from puzzle master Will Shortz, including 'Progress is possible.' (experimentalliving.substack.com)

Markets

• Bear markets are the price of admission for investors. (awealthofcommonsense.com)
• Don't let your stock picking become your identity. (investmenttalk.co)
• How to avoid blowing up your account. (novelinvestor.com)

Finance

• More evidence that members of the military traded on prediction markets. (reuters.com)
• Hudson River Trading cleaned up in July while Jane Street experienced big losses. (ft.com)

Big Tech

• Meta ($META) is one of Microsoft ($MSFT) Azure's biggest customers. (bloomberg.com)
• Warehouses are a perfect place for robots. (wsj.com)
• The 'Amazon tax' is real and substantial. (seths.blog)

Restaurants

• The burger wars are back with Burger King revamping the Whopper. (wsj.com)
• Do restaurant patrons still want to crack their own crabs? (slate.com)
• This app helps QSRs avoid missed shifts. (npr.org)

Stay in touch

• Don't miss a thing! Sign up for our daily e-mail newsletter. (abnormalreturns.com)
• Work in wealth management? Sign up for our exclusive Talking Wealth newsletter. (talkingwealthpod.com)

Global

• India has its own student loan crisis. (nytimes.com)
• Signs of weakness in China's labor market. (economist.com)
• The Iran war is a boost for Somali pirates. (politico.com)
• Hormuz is not the only problem facing global shipping. (semafor.com)

Economy

• Signs of strain in the Treasury market. (wsj.com)
• Foreign holdings of Treasuries have fallen as a share. (axios.com)
• A visualization how the national debt hit $40 trillion. (washingtonpost.com)
• Claudia Sahm, "Markets do not do the Fed’s job for it; they are expecting the Fed to do its job." (stayathomemacro.substack.com)

Earlier on Abnormal Returns

• Longform links: the difference between work and play. (abnormalreturns.com)
• What you missed in our Wednesday linkfest. (abnormalreturns.com)
• Personal finance links: following your own rules. (abnormalreturns.com)

Mixed media

• Book publisher are struggling to keep up with AI and all its implications. (wsj.com)
• Fake political polls are now a thing, thanks to prediction markets. (yahoo.com)
• How to establish truth from fiction. (experimentalliving.substack.com)

Rates

• The rates environment has changed, forever. (mrzepczynski.blogspot.com)
• No matter where you look rates are rising. (allstarcharts.com)
• America's annualized interest expense now exceeds defense spending. (axios.com)

Markets

• We are in the midst of a legitimate bull market. (awealthofcommonsense.com)
• Fund managers are historically bullish. (ft.com)
• Energy stocks are at new all-time highs. (trendlabs.com)

Finance

• Warren Buffett was behind Berkshire's purchase of Alphabet ($GOOGL) shares. (barrons.com)
• Volatility Shares has filed to launch an exchange-traded fund for every NHL team. (etf.com)
• Independent fund managers have two jobs: CEO and portfolio manager. (theemergingmanager.com)

AI

• Anthropic is reportedly at a $65 billion revenue run rate. (bloomberg.com)
• This planned OpenAI data center, backed by Nvidia ($NVDA), in Ohio is huge. (nytimes.com)
• Sascha Steffen, "The $500 billion platform converts short-lived hardware into long-dated investment-grade paper by borrowing the credit of the offtaker." (sascha-steffen.de)

Stay in touch

• Work in wealth management? Sign up for our exclusive Talking Wealth newsletter. (talkingwealthpod.com)
• Don't miss a thing! Sign up for our daily e-mail newsletter. (abnormalreturns.com)

Work

• Some early evidence that early career workers are at risk of AI. (theargumentmag.com)
• Do weekends still represent a true break from work? (theguardian.com)
• Looking for a job? Be responsive. (wsj.com)

Crime

• Violent crime fell in 2025. (axios.com)
• The homicide rate in Baltimore has fallen dramatically. (nytimes.com)
• Proponents of capital punishment claim an innocent person has never been executed. (slate.com)

Economy

• Claudia Sahm, "Warsh’s Jackson Hole speech is about more than Warsh; it’s about the Fed as a credible institution." (stayathomemacro.substack.com)
• There's no fiscal relief on tap for bond market worries. (capitalspectator.com)
• The AI boom is supporting manufacturing output. (bonddad.blogspot.com)

Earlier on Abnormal Returns

• Research links: offsetting declines. (abnormalreturns.com)
• What you missed in our Monday linkfest. (abnormalreturns.com)
• Adviser links: a human business. (abnormalreturns.com)

Mixed media

• Sports teams have gotten so expensive, that even billionaires can't afford them on their own. (nytimes.com)
• The new Liverpool minority owners have the option to take majority ownership. (cnbc.com)
• Team owners seem more detached from their cities than ever. (throwbacks.substack.com)

Private assets

• How to torture IRRs to get the result you want. (thealtview.substack.com)
• A round-up of recent economic research including 'Buyout Performance with Assets Valued at Market.' (alphainacademia.com)
• Increasingly, asset managers act as lender, owner, sponsor, and fiduciary creating conflicts of interest. (papers.ssrn.com)

Research

• Active fund alpha is declining in the face of passive investing. (morningstar.com)
• High yields bonds today don't look like prior generations. (mailchi.mp)
• How do monetary shocks affect equity discount rates? (libertystreeteconomics.newyorkfed.org)
• Does the VIX improve trend following models? (alphaarchitect.com)
• How CTA ETFs work. (concretumgroup.substack.com)
• Effective financial literacy education is not one-and-done. (alphaarchitect.com)

Markets

• After a rough couple of years, the health care sector has broken out. (trendlabs.com)
• European stocks are sitting at all-time highs as well. (cnbc.com)
• The degenerate economy is only getting more degenerate. (howardlindzon.com)

Fund management

• Vanguard caught up in ETFs after a slow start. Where will the giant turn next? (barrons.com)
• Corgi is a new breed of ETF issuer. (cnbc.com)
• There is a reason why passive funds are trouncing active funds. (wsj.com)
• Risk management is job number one for fund managers. (humbledollar.com)

AI

• SpaceX ($SPCX) has closed its acquisition of Cursor. (pitchbook.com)
• How the AI buildout is fueling demand for industrial equipment. (wsj.com)
• Texas leads the way in planned data center construction. (apollo.com)
• The administration's approach to AI is chaotic, at best. (nytimes.com)
• Alex Kantrowitz talks with Paul Kedrosky about how the AI bubble burts. (podcasts.apple.com)

Stay in touch

• Don't miss a thing! Sign up for our daily e-mail newsletter. (abnormalreturns.com)
• Work in wealth management? Sign up for our exclusive Talking Wealth newsletter. (talkingwealthpod.com)

Elections

• The CISA has lost the trust of its supposed partners. (theatlantic.com)
• Voter registration is not a core competency of DMVs. (wsj.com)

Immigration

• ICE is primarily targeting people who have lived in the U.S. for years. (politico.com)
• Why the head of the Office of Homeland Security Statistics resigned. (theatlantic.com)

Health policy

• Why it's taken so long to track down the source of cyclospora this summer. (nytimes.com)
• Despite protestations, people have died as a result of USAID cuts. (nbcnews.com)
• A study finds that Medicare for All would save lives (and money). (scientificamerican.com)

Conflicts of interest

• The bill for White House construction keeps growing. (wapo.st)
• The "Air Force One" scandal is actually five scandals. (doomsdayscenario.co)
• Trump-backed World Liberty Financial has received preliminary approval for a bank charter. (wsj.com)
• The corruption of this administration is out in the open. (danieldrezner.substack.com)

Economy

• The consumer vibes aren't great. (tker.co)
• What is the bond market missing about the labor market? (morningstar.com)
• Tariff refunds as a fiscal stimulus. (apollo.com)
• GDP isn't a perfect measure, but it's the best we got. (fa-mag.com)
• The economic schedule for the coming week. (economicweekly.substack.com)

Earlier on Abnormal Returns

• Top clicks this week on Abnormal Returns. (abnormalreturns.com)
• What you missed in our Saturday linkfest. (abnormalreturns.com)

Mixed media

• Ukraine's shortage of Patriot missiles is urgent. (ft.com)
• Despite setbacks the Russian people aren't protesting. (theatlantic.com)
• How Russia is trying to protect its nuclear subs from drones. (fastcompany.com)

The biz

• Altruist is laying the ground work for long-short strategies. (riabiz.com)
• Wealth managers are falling over themselves to sign Anthropic and OpenAI employees. (ft.com)
• CAIS raised just $170 million at a reported $2 billion valuation. (riabiz.com)

Rates

• Wealth management clients love cash, just a little too much. (wsj.com)
• Should 3% TIPS yields change what you do for clients? (advisorperspectives.com)

Advisers

• A look at the performance (and tradeoffs) of buffer ETFs. (morningstar.com)
• Why people reduce spending during retirement. (obliviousinvestor.com)
• Estate planning is not a one-and-done thing. (investmentnews.com)
• How to build better career growth paths for advisers. (xyplanningnetwork.com)
• Advisers need a handy explanation of prediction markets for clients. (investmentnews.com)
• Should financial planning be an employee benefit? (wealthmanagement.com)
• How startup founders can maximize QSBS. (howardlindzon.com)
• Work in wealth management? Sign up for our exclusive Talking Wealth newsletter. (talkingwealthpod.com)
• How to thoughtfully use AI. (etf.com)

Finance

• Jane Street had a rough July, performance-wise. (ft.com)
• How private fund placement agents get paid. (cashandcarried.substack.com)
• It's hard to argue the Truth Social API is legal or ethical. (newyorker.com)

Muni bonds

• Why Texas pays more than California for similar muni bonds. (bloomberg.com)
• Does GAAP compliance matter for muni bond investors? (papers.ssrn.com)

AI

• How much of hyperscaler commitments are off balance sheet? (wsj.com)
• How hyperscaler issuance is changing the bond market. (sherwood.news)
• AI companies are buying rare books, scanning them and destroying them. (404media.co)

Stay in touch

• Work in wealth management? Sign up for our exclusive Talking Wealth newsletter. (talkingwealthpod.com)
• Don't miss a thing! Sign up for our daily e-mail newsletter. (abnormalreturns.com)

AI hacks

• Joe Weisenthal and Tracy Alloway talk with Miles Brundage, founder and executive director of the non-profit AVERI, about the HuggingFace hack. (podcasts.apple.com)
• Derek Thompson talks with Alex Stamos, CSO at Corridor, about how hackers use AI. (podcasts.apple.com)

Housing

• Where in the world housing is the most expensive. (awealthofcommonsense.com)
• Abandoned Baltimore homes are catching a bid. (wsj.com)
• Where office-to-residential conversions are happening in NYC. (wsj.com)
• Red states are looking to roll back property taxes. (msn.com)

Global

• How drought is affecting Europe's economy. (giftarticle.ft.com)
• China is winning the war for scientific talent. (nytimes.com)
• A look at Jared Kushner's diplomatic track record. (popular.info)

Earlier on Abnormal Returns

• Adviser links: a human business. (abnormalreturns.com)
• What you missed in our Sunday linkfest. (abnormalreturns.com)
• Top clicks last week on the site. (abnormalreturns.com)

Mixed media

• Mark Walters business empire is under government scrutiny. (nytimes.com)
• Questions about Mark Walters' business dealings have been out there for years. (theringer.com)
• A deep dive into the links between Mark Walters, Guggenheim, and Sammons. (hntrbrk.com)

Autos

• Want to bet on AVs? Buy Uber ($UBER). (barrons.com)
• More Waymo miles driven means more edge cases experienced. (nytimes.com)
• Auto insurers are finding ways to not pay claims. (wsj.com)
• China is making big inroads into Europe's auto market. (ft.com)

eVTOLs

• Boeing ($BA) is swapping its eVTOL assets for a stake in Archer Aviation ($ACHR). (cnbc.com)
• Joby Aviation ($JOBY) is acquiring Resonant Sciences. (axios.com)
• How eVTOLs can be used in emergency medical situations. (axios.com)

Energy

• Wind power is growing, just not in the U.S. (ft.com)
• Why power users are interested in giant iron-air batteries. (wsj.com)
• Why is the DOE blocking grants to improve the grid? (grist.org)
• Rooftop solar is good, but solar farms are even better. (ft.com)
• There are real questions about the viability of the U.S. Strategic Petroleum Reserve. (cnbc.com)
• Base Power as the future of energy. (notboring.co)

Environment

• Snowpack is melting earlier and faster than ever. (grist.org)
• Political decisions are exacerbating the drying up of the Great Salt Lake. (hcn.org)
• The Trump administration is tearing up Big Bend National Park. (npr.org)
• What would it cost to get rid of disposable coffee cups? (reasonstobecheerful.world)

Animals

• The New World screwworm can attack humans as well. (arstechnica.com)
• Five insights from "Animate: How Animals Shape the Human Mind" by Michael Bond. (nextbigideaclub.com)

Travel

• American tourists are running roughshod over Europe. (wsj.com)
• Why the first night in a new location makes for worse sleep. (apnews.com)
• The EU’s new, electronic entry-exit system is a bit of a mess. (wsj.com)

Technology

• Back up your data! (tomshardware.com)
• The Vision Pro is about seeing, not capturing. (asymco.com)
• Why robotics companies are snapping up videos of people doing tasks. (bloomberg.com)

Science

• All living things emit a faint glow. (nature.com)
• Why our understanding of homo sapiens is undergoing such a rapid revision. (theatlantic.com)

Space

• On Mars, Perseverance is still rolling. (arstechnica.com)
• Voyager 2 is getting another year of life. (engadget.com)
• Why astronauts need to be shielded from radiation. (apnews.com)

Behavior

• How exercise can help treat depression. (twopct.com)
• An excerpt from "Inner Propaganda: Leading Hearts and Minds Through Turbulent Times" by Owen Fitzpatrick. (bigthink.com)

Vacines

• Why is a President mucking about with vaccine schedules? (thebulwark.com)
• The goal of the President's executive order is to pressure states to roll back student vaccination requirements. (cnbc.com)
• A Covid-era vaccine study has been retracted over misinformation. (scientificamerican.com)
• Research on how hepatitis C vaccines save money. (papers.ssrn.com)
• Vaccines save lives, research on just how many since 1974. (kottke.org)

Health

• More oral GLP-1 pills are coming. (sciencedaily.com)
• Bank of America ($BAC) is spending big on GLP-1s for employees. (cnbc.com)
• More companies are ditching group insurance for Health Reimbursement Arrangements. (bloomberg.com)
• Testosterone levels in men have been dropping for decades. (theatlantic.com)
• Are medical students already relying too much on AI? (theguardian.com)

Dogs

• Dogs seem to be able to read your facial expression. (arstechnica.com)
• How researchers are using CRISPR to make hypoallergenic dogs. (apnews.com)
• What Americans deem acceptable behavior when it comes to dogs. (yougov.com)

Food

• Dairy farmers are increasingly feeding cattle high oleic soy beans. (latimes.com)
• There is no agreed upon definition of 'ultra-processed foods.' (theatlantic.com)
• Is the science on coffee consumption settled? (scientificamerican.com)
• Extreme heat is threatening Italy’s “cheese banks.” (fortune.com)
• How America reinvented yogurt. (daily.jstor.org)

Sports

• Liverpool sold a roughly 30% stake to a consortium of investors including Jeff Bezos. (espn.com)
• A look at private equity's growing ties with pro sports. (pitchbook.com)
• The new sports futures on the CME ($CME) will work. (chicago.suntimes.com)
• The NFL wanted to revitalize Canton, Ohio. It hasn't worked out well. (nytimes.com)
• Pablo Torre and Wendy Zuckerman of the "Science Vs" podcast explore the viral San Francisco 49ers injury story. (podcasts.apple.com)

Entertainment

• 'Ted Lasso' is a hit, again. (variety.com)
• StubHub has a customer service problem. (wsj.com)
• Why there are big gaps between seasons of shows. (rcmalternatives.com)
• Josh Brown and Michael Batnick talk with Rich Gelfond, CEO of IMAX ($IMAX). (youtube.com)
• 'Pressure,' now on Peacock, is excellent. (marginalrevolution.com)

Children

• More American dads are taking parental leave. (reasonstobecheerful.world)
• Men really do want it to have it all. (theargumentmag.com)

Earlier on Abnormal Returns

• What you missed in our Friday linkfest. (abnormalreturns.com)
• Don't miss a thing! Sign up for our daily e-mail newsletter. (abnormalreturns.com)
• Are you a financial advisor? Sign up for our exclusive Talking Wealth newsletter. (talkingwealthpod.com)

Mixed media

• Iran is in the driver's seat when it comes to control over the Strait of Hormuz. (wsj.com)
• Saudi Arabia, Pakistan, and Turkey are formally allied against...Iran. (theatlantic.com)
• Net migration in Israel has turned negative the past few years. (ft.com)

Markets

• CXMT topped Tencent as China's most valuable company. (bloomberg.com)
• South Korea's stock market has bounced. (marketwatch.com)

Prediction markets

• Don't expect many prediction market inside traders to get prosecuted. (nytimes.com)
• Apex is teaming with Kalshi on prediction markets. (wealthmanagement.com)
• Novig doesn't allow 18-20 year olds on their platform. (wired.com)

Trading

• Charles Schwab ($SCHW) is rolling out single stock futures for customers. (citywire.com)
• EToro agrees to acquire TradeZero. (theblock.co)
• Why Singapore's stock exchange is a laggard. (economist.com)

Fund management

• Goldman Sachs ($GS) is doubling down on 'Boomer candy' ETFs. (wsj.com)
• Mary Childs talks with Amelia Pollard of the FT about the Situational Awareness story. (podcasts.apple.com)
• Why private asset manager M&A is challenging: carried interest. (pitchbook.com)
• Pershing Square is jumping on the pre-IPO fund bandwagon. (fa-mag.com)

AI

• A look at just how much the hyperscalers have committed to new compute. (ft.com)
• What's the OpenAI device going to look like? (spyglass.org)
• Who is Anthropic's auditor? (ft.com)

Stay in touch

• Work in wealth management? Sign up for our exclusive Talking Wealth newsletter. (talkingwealthpod.com)
• Don't miss a thing! Sign up for our daily e-mail newsletter. (abnormalreturns.com)

Defense

• Why the shortage of interceptors matters. (thebulwark.com)
• What it would take to restock America's missile stock. (citriniresearch.com)
• General Dynamics ($GD) got $533 million to build artillery shells, but produced none. (propublica.org)

Economy

• Over the last 12 months, PPI is up 4.7% and up 4.2% for core. (axios.com)
• The U.S. economy is at full employment. The federal budget deficit is soaring. (econbrowser.com)
• The K-shaped economy isn't going anywhere. (newsletter.platypuseconomics.com)

Earlier on Abnormal Returns

• Longform links: replacing the experience. (abnormalreturns.com)
• What you missed in our Wednesday linkfest. (abnormalreturns.com)
• Personal finance links: passion pursuits. (abnormalreturns.com)

Mixed media

• How downtown retail spaces are getting transformed. (npr.org)
• Turning around J. Crew is no small task. (ft.com)
• How furniture got less colorful over time. (europeancorrespondent.com)
• Are suits finally making a comeback? (bloomberg.com)

Books

• Five insights from "Don’t Be Evil: Bad Bosses, Fake Promises, and My Escape from Big Tech" by Claire Stapleton. (nextbigideaclub.com)
• Brett McKay talks with Ian Bogost, author of "The Small Stuff: How to Lead a More Gratifying Life." (artofmanliness.com)
• Jack Raines, author of "Young Money" writes that today authors need to write a book AND market it. (youngmoney.co)
• An excerpt from "Human Raised: Nurturing Connection, Curiosity & Lifelong Learning in the Age of AI" by Dana Suskind. (theatlantic.com)
• Five insights from Sam Roberts' new book, "Are They Dead Yet?: The Art of the Obit." (nextbigideaclub.com)

Global

• AI is a direct threat to the Indian economy. (giftarticle.ft.com)
• The hard work of building a post-Orban Hungary is underway. (thebulwark.com)
• Why China is so fascinated with the discovery of the ancient Sanxingdui. (wsj.com)

Longreads

• Who is 'working class' in America? (kedits.com)
• What John Roberts will be remembered for. (newyorker.com)
• This family doesn't want the public to know the extent of their business with ICE. (hntrbrk.com)
• AI is minting billionaires. How will they give away their money? (vox.com)
• It's truly amazing how much medical innovation we have seen in the past century. (worksinprogress.news)
• What we did before GPS? In short, we got lost. (newyorker.com)
• When caregiving falls on children. (nytimes.com)
• Lessons learned from learning how to freedive. (slate.com)
• Why racehorses stopped getting faster. (worksinprogress.news)

Markets

• RIsk on! Consumer staple stocks are undeperforming. (allstarcharts.com)
• We're nearing 24/7 stock trading. (barrons.com)

Treasury bonds

• The 30-year Treasury bond auction came in at 5.216%, the highest level since 2001. (finance.yahoo.com)
• Hedge funds play a growing role in the Treasury market. (ft.com)

Fund management

• Why Jane Street refinanced its public bonds at a high cost to itself. (ft.com)
• Want to work at Citadel? You are signing at minimum two-year non-compete. (bloomberg.com)
• T Rowe Price ($TROW) has experienced 21 straight quarters of outflows. (ft.com)

Food

• Why Starbucks ($SBUX) and McDonalds ($MCD) are pushing refresher drinks. (slate.com)
• A look at Chipotle ($CMG) nominal and real burrito prices over time. (marginalrevolution.com)
• New Yorkers are lining up for half-price sushi. (nytimes.com)

Sports betting

• A review of "Over/Under: An Unexpected History of Sports Betting" by David Bockino. (wsj.com)
• Kalshi was ordered to stop offering sports betting in Washington State. (nytimes.com)
• Gift cards for sports betting is a workaround. (fastcompany.com)

Stay in touch

• Don't miss a thing! Sign up for our daily e-mail newsletter. (abnormalreturns.com)
• Work in wealth management? Sign up for our exclusive Talking Wealth newsletter. (talkingwealthpod.com)

Corporate transparency

• The Trump administration isn't going to enforce the 2021 Corporate Transparency Act. (nytimes.com)
• Casey Michel, "The American economy is now open for business again for all kinds of mischief." (theatlantic.com)
• Money laundering just got easier. (thebulwark.com)

Economy

• July retail sales saw an actual decline. (bonddad.blogspot.com)
• Diesel prices are a problem. (paulkrugman.substack.com)
• Still no sign of economy-wide job effects from AI. (digitaleconomy.stanford.edu)
• Joe Weisenthal and Tracy Alloway talk trucking capacity with Reed Loustalot, CMO at the Truck Parking Club. (podcasts.apple.com)

Earlier on Abnormal Returns

• What you missed in our Thursday linkfest. (abnormalreturns.com)
• Longform links: replacing the experience. (abnormalreturns.com)

Mixed media

• Grand Rapids, Michigan stands out as a place where young adults can still get onto the housing ladder. (bloomberg.com)
• More rural counties are becoming 'majority minority.' (axios.com)
• How America's cities and towns got their names. (wsj.com)

Podcasts

• Christine Benz talks retirement spending with Stefan Sharkansky author of “The Only Other Spending Rule Article You Will Ever Need,” (morningstar.com)
• Sari Botton talks with Maura McInerney-Rowley, founder of the 'Hello, Mortal' newsletter. (oldster.substack.com)
• Peter Lazaroff talks about what you get with advisor fees. (peterlazaroff.com)

Young Money

• Barry Ritholtz talks with Jack Raines, author of "Young Money: A Field Guide to Wealth and Purpose in Your Twenties." (ritholtz.com)
• Five insights from "Young Money: A Field Guide to Wealth and Purpose in Your Twenties" by Jack Raines. (nextbigideaclub.com)
• Part 1 of our Q&A with Jack Raines, author of "Young Money: A Field Guide to Wealth and Purpose in Your Twenties." (abnormalreturns.com)
• Part 2 of our Q&A with Jack Raines, author of "Young Money: A Field Guide to Wealth and Purpose in Your Twenties." (abnormalreturns.com)

Advice

• Be wary when influencers start pitching tax strategies that are inappropriate for the average investor. (bloomberg.com)
• Retail investors like to listen to friends and family. (alphaarchitect.com)

AI

• Be very careful uploading personal financial data into LLMs. (wallethacks.com)
• When LLMs give advice they generally follow life cycle theory. (papers.ssrn.com)

Retirement

• A look at the four seasons of retirement. (jordangrumet.substack.com)
• How to take advantage of your go-go years. (meaningfulmoney.life)
• Another example when adult caregiving can be a thankless task. (fa-mag.com)

Wealth inequality

• People recognize the problem with wealth inequality, but don't want to do anything about it. (theconversation.com)
• Why most small businesses still don't offer retirement plans. (crr.bc.edu)

Personal finance

• The best way to sell a concentrated position. (ofdollarsanddata.com)
• Default behaviors matter a lot when it comes to investing. (tonyisola.com)
• The pursuit of financial efficiency is making you miserable. (jordangrumet.substack.com)
• 11 principles of the Boglehead including 'Never Try to Time the Market.' (whitecoatinvestor.com)
• Everyone experiences their own inflation rate. (trendlabs.com)
• The costs of landscaping are no joke. (readthejointaccount.com)
• How a 'jury duty' scam works. (wsj.com)

ETFs

• Goldman Sachs ($GS) is buying ETF provider Neos. (citywire.com)
• Leveraged ETFs are increasingly driving market moves. (wealthmanagement.com)

Prediction markets

• The CFTC is backing up Kalshi in its fight with New York state. (gizmodo.com)
• Polymarket is losing share to Kalshi, post-World Cup. (bloomberg.com)
• CME ($CME) is launching the world's first index-based hockey futures. (reuters.com)
• Do we really want people to be able to bet on wildfires? (msn.com)

UWM

• Matt Ishbia, owner of the Phoenix Suns, other business, UWM Holdings ($UWMC), is struggling. (wsj.com)
• Non-bank mortgage origination is tough business. Just ask the Ishbias. (ft.com)
• How did UWM Holdings ($UWMC) lose $600 million interest rates? (hntrbrk.com)

Sports business

• Josh Kushner and Bob Iger are buying the Los Angeles Lakers at a $12.5 billion valuation, just a year after the Buss family gave up control. (espn.com)
• The New York Yankees scored an equity and debt deal with Apollo Sports Capital. (nytimes.com)
• Putting a value on NFL franchises for 2026 with the Dallas Cowboys in the lead. (nytimes.com)
• Sports journalists happily admit they don't do actual journalism. (sportsmediaguy.substack.com)

Work

• China has seen a rise in 'disposable workers.' (giftarticle.ft.com)
• Paul Osterman, author of "Disposable Workers: The Transformation of Employment" on the rise of the 'marginal worker.' (theconversation.com)
• Why non-college grads are struggling in this jobs market. (bloomberg.com)

Stay in touch

• Don't miss a thing! Sign up for our daily e-mail newsletter. (abnormalreturns.com)
• Work in wealth management? Sign up for our exclusive Talking Wealth newsletter. (talkingwealthpod.com)

Economy

• With the help of lower gasoline prices, July CPI came in at 3.4% year-over-year. (bonddad.blogspot.com)
• Diesel prices are not coming down. (axios.com)

Earlier on Abnormal Returns

• Personal finance links: passion pursuits. (abnormalreturns.com)
• What you missed in our Tuesday linkfest. (abnormalreturns.com)
• Research links: zero-sum propositions. (abnormalreturns.com)

Mixed media

• An excerpt from “Gerontocracy in America: How the Old Are Hoarding Power and Wealth ― and What to Do About It” by Samuel Moyn. (news.harvard.edu)
• Five insights from "United States of Oligarchy: How America’s Wealthiest Ally with Dictators, Weaken the U.S., and Destroy Democracy" by Casey Michel. (nextbigideaclub.com)
• Tyler Cowen talks with Daron Acemoglu, author of "What Happened to Liberal Democracy?" (conversationswithtyler.com)

Charles Schwab

• Charles Schwab ($SCHW) is looking for someone to run the long-short separately managed account (SMA) program. (citywire.com)
• Charles Schwab ($SCHW) is dropping FDIC for SIPC coverage for sweep cash. (riabiz.com)
• Why Charles Schwab ($SCHW) could start charging a subscription fee. (riabiz.com)

AI

• What's in your firm's AI policy? (advisorperspectives.com)
• Altruist is boosting Hazel's branding. (citywire.com)

Tax-aware long-short

• AQR is at the forefront of tax-aware long-short strageies. (bloomberg.com)
• Goldman Sachs ($GS) is all-in on tax-aware long short. (citywire.com)

Growth

• Due to asset attrition, RIAs have to grow or die. (riabiz.com)
• Growth is the key factor in RIA valuations. (wealthmanagement.com)

Client behavior

• How to help clients sell long-held assets when they don't want to. (kitces.com)
• Five challenging topics for financial advisers to broach. (melizabethgeorge.substack.com)
• Some common fears of clients. (moneychangeseverything.substack.com)

Aging

• How to support a client through loss and grief. (xyplanningnetwork.com)
• An excerpt from "How to Help Your Parents As They Age: A Financial Planner’s Guide to Caregiving" by Elliott Appel. (kindnessfp.com)

Advisers

• Good advisers play an impactful role in clients' lives. (tim.signaturefd.com)
• If nothing else, "Die With Zero" is a good discussion point. (thedailyupside.com)
• When recruiting, technical skills can be taught. (investmentnews.com)
• What advisers may be missing when working with female clients. (meghaanlurtz.substack.com)
• How gray divorce can negatively affect retirement. (investmentnews.com)
• A round-up of recent advisortech news including a wave of new AI-powered compliance platforms. (kitces.com)
• Does 24-hour trading how advisory firms should work? (investmentnews.com)

Markets

• A list of everything the stock market has overcome in the 2020s. (awealthofcommonsense.com)
• The semiconductors and health care sectors trade at the same forward P/E. (apollo.com)

Private assets

• A look at rising private credit loan default rates. (wsj.com)
• Private equity's backlog of unsold companies keeps growing. (nytimes.com)
• How much hyperscaler debt is sitting in off-balance sheet entities? (ft.com)

Stay in touch

• Work in wealth management? Sign up for our exclusive Talking Wealth newsletter. (talkingwealthpod.com)
• Don't miss a thing! Sign up for our daily e-mail newsletter. (abnormalreturns.com)

Flock Safety

• What's behind the Flock backlash? (nytimes.com)
• Flock would also like to access dashcams. (404media.co)
• In defense of Flock, used appropriately. (theatlantic.com)

Housing

• The housing recession is 4.5 years old. Some signs it may be coming to an end. (conorsen.substack.com)
• Even renters are becoming less likely to move. (libertystreeteconomics.newyorkfed.org)

Earlier on Abnormal Returns

• Adviser links: empathy and communication. (abnormalreturns.com)
• What you missed in our Sunday linkfest. (abnormalreturns.com)
• Top clicks last week on Abnormal Returns. (abnormalreturns.com)

Mixed media

• The U.S. just had its hottest month on record. (axios.com)
• Global sea temperatures keep setting new record highs. (ft.com)
• Europe is suffering through its hottest summer on record. (semafor.com)