Books

• Five insights from "How to Disagree Better" by Julia Minson. (nextbigideaclub.com)
• Five insights from "Hard Feelings: Finding the Wisdom in Our Darkest Emotions" by Daniel Smith. (nextbigideaclub.com)

Companies

• Is Disney ($DIS) now just milking the theme parks? (readtrung.com)
• How Airbnb ($ABNB) came to create a category. (fiscal.ai)
• The story of Chipotle ($CMG). (quartr.com)

Bitcoin

• The search for the inventor of Bitcoin lands on a new candidate. (nytimes.com)
• Then again, does it really matter any more? (ft.com)

Longreads

• Willy Staley, "With so much of our world being so rapidly reshaped for such stupid reasons, it’s hard not to feel as if we’re living in one of the canonical A.I. doom scenarios without even noticing it." (nytimes.com)
• Hungary's economy under Orban is a story of corruption and decline. (cato.org)
• Another example of how budget cuts are affecting science education. (statnews.com)
• The environmental history of offshore oil drilling isn't great. (newyorker.com)
• Is America really seeing a religious revival? What the numbers actually say. (derekthompson.org)
• How the British experienced the Revolutionary War. (smithsonianmag.com)
• Life lessons learned from abandoned storage units. (nytimes.com)

Fund management

• Diversification is a shock absorber for Blackrock ($BLK). (wsj.com)
• Asset management is going to look very different in ten years. (philbak.substack.com)

Prediction markets

• Joe Weisenthal and Tracy Alloway talk with Thomas Peterffy, founder and Chairman of Interactive Brokers ($IBKR), about prediction markets. (podcasts.apple.com)
• Eric Balchunas and Joel Weber talk with Matt Hougan, CIO of Bitwise, about how prediction market ETFs would work. (podcasts.apple.com)

TBPN

• Why OpenAI bought TBPN. (npr.org)
• The TBPN deal has unleashed more podcast acquisition talk. (theankler.com)

GLP-1s

• Where the GLP-1 market stands. (sherwood.news)
• Novo Nordisk ($NVO) is launching a high dose Wegovy. (wsj.com)
• Eli Lilly's ($LLY) GLP-1 pill, Foundayo, is easier to take. (biopharmadive.com)
• GLP-1 drugs have been found to improve symptoms of arthritis, even without weight loss. (refractor.io)
• An experiment with microdosing GLP-1s to treat disease. (jodiettenberg.com)

Global

• Where does the U.S. stand vs. before the Iran war? (danieldrezner.substack.com)
• America's allies have no idea how to deal with an erratic leader. (wsj.com)
• The Swiss love their public referendum. (ft.com)

Economy

• Still no meaningful pickup in weekly initial unemployment claims. (bonddad.blogspot.com)
• The Fed is facing a tough environment. (carsongroup.com)
• Is falling labor share driving corporate profitability? (klementoninvesting.substack.com)

Earlier on Abnormal Returns

• Longform links: inverting our lives. (abnormalreturns.com)
• What you missed in our Wednesday linkfest. (abnormalreturns.com)
• Personal finance links: increased tax complexity. (abnormalreturns.com)
• Don't miss a thing! Sign up for our daily e-mail newsletter. (abnormalreturns.com)

Mixed media

• Americans overwhelmingly agree that the wealthy are not paying their fair share of taxes. (pewresearch.org)
• It's hard to argue the American aviation system is getting safer. (giftarticle.ft.com)
• The fertility rate in the U.S. continues to decline. (wsj.com)

Markets

• TIPS are trading at historically high levels. (wsj.com)
• Momentum has outperformed since the start of the Iran war. (capitalspectator.com)
• Roundhill Memory ETF ($DRAM) is off to a fast start. (etf.com)

Companies

• What Greg Abel, the new CEO of Berkshire Hathaway ($BRK.A) can learn from Tim Cook. (kingswell.io)
• What 1000-year old companies can teach us about resilience. (bigthink.com)
• Why Dr. Bronner sales are booming. (wsj.com)

SpaceX

• Of course Elon Musk wants to merge SpaceX with Tesla ($TSLA). (barrons.com)
• This aspect of a SpaceX IPO is notable, and worrying. (ft.com)

Finance

• How private credit's problems redound on private equity. (axios.com)
• Stocks backed by this company all tend to go down, a lot. (ft.com)

Prediction markets

• Google ($GOOGL) is now featuring Polymarket odds. (futurism.com)
• A lot more athletes have invested in Kalshi. (frontofficesports.com)

Social media

• Twitter downgrades external links. (niemanlab.org)
• Max Tani and Ben Smith talk with Bluesky COO Rose Wang. (semafor.com)
• Why can't billionaires just stay off Twitter? (wsj.com)

Iran

• What's getting through the Strait of Hormuz? (axios.com)
• What the Gulf states have learned about American power. (paulkrugman.substack.com)
• Who is going to pay Hormuz tolls? (wsj.com)
• Helium is hard to replace. (construction-physics.com)

Economy

• March CPI showed a 3.3% annual increase. (bonddad.blogspot.com)
• Derek Thompson talks with Roge Karma about the labor market for new college graduates. (podcasts.apple.com)
• These measures of consumer sentiment are in the crapper. (axios.com)

Earlier on Abnormal Returns

• What you may have missed in our Thursday linkfest. (abnormalreturns.com)
• Longform links: inverting our lives. (abnormalreturns.com)
• Don't miss a thing! Sign up for our daily e-mail newsletter. (abnormalreturns.com)

Mixed media

• Why does the media feel compelled to unmask anonymous artists? (om.co)
• In a world of AI slop you can't fake up close up magic. (nytimes.com)
• Why you should always carry a book with you. (ryanholiday.net)
• How 'zombie flow' took over our lives. (derekthompson.org)

Podcasts

• Morgan Housel on how spend your money without spoiling your kids. (podcasts.apple.com)
• Christine Benz and Amy Arnott talk with Wade Pfau about the benefit of higher rates for retirees. (morningstar.com)
• Peter Lazaroff about what you need to know about Trump Accounts. (podcasts.apple.com)

Housing

• America's housing stock is rapidly aging. (wsj.com)
• Why VA mortgage foreclosure rates are soaring. (npr.org)
• How the Augusta Rule works. (moneychangeseverything.substack.com)

Accounts

• On the pros and cons of 529 plans. (wsj.com)
• BNY and Robinhood are set to launch Trump Accounts this summer. (semafor.com)

Passwords

• Couples need a plan for their passwords. (readthejointaccount.com)
• How to use a password manager. (obliviousinvestor.com)

Wealth

• The ranks of the super rich are growing and gaining more political power. (awealthofcommonsense.com)
• Why it is so difficult to jump out of the upper middle class: expectations. (ofdollarsanddata.com)

Personal finance

• How to get better at spending money. (moneytalksmatter.com)
• How donor-advised funds work. (wsj.com)
• The nature of financial advice has changed over the years from portfolio management to holistic advice. (ritholtz.com)
• Tax complexity only goes in one direction in the U.S. (yourbrainonmoney.substack.com)
• The Social Security Administration's customer service is in decline. (morningstar.com)
• How to reframe things. (dariusforoux.com)

Markets

• Some highlights from Q1 returns including a big move in energy stocks. (novelinvestor.com)
• Most investors come up with a theory and then look for evidence. (chartkidmatt.com)
• Pictures of the moon are quite a contrast to the mess here on Earth. (howardlindzon.com)

Finance

• Can AI be used to do audits? (wsj.com)
• Why the definition of a swap matters. (dopaminemarkets.com)
• The Morgan Stanley Bitcoin Trust ($MSBT) is now live. (wealthmanagement.com)

IPOs

• How different index providers are planning to deal with mega IPOs like SpaceX. (morningstar.com)
• Looser inclusion rules will stick index investors with the bag. (acadian-asset.com)
• How private markets will get reshuffled after the big three go public. (morningstar.com)
• When will SpaceX and Tesla ($TSLA) merge? (wsj.com)

Claude Mythos

• Why Anthropic is holding back the release of Claude Mythos. (nytimes.com)
• AI can now break, and fix stuff, at scale. (spyglass.org)
• Why spending will now shift to hardening systems. (tomtunguz.com)
• Are future AI model releases going to get gated? (axios.com)

Apple

• All the companies Apple ($AAPL) has outlasted. (asymco.com)
• How a PC user became a Mac user for life. (spyglass.org)

Economy

• The resilience of the American economy is impressive. (awealthofcommonsense.com)
• The labor participation rate is falling. (wsj.com)

Earlier on Abnormal Returns

• Personal finance links: increased tax complexity. (abnormalreturns.com)
• What you missed in our Tuesday linkfest. (abnormalreturns.com)
• Research links: the economics of financial economics. (abnormalreturns.com)
• Don't miss a thing! Sign up for our daily e-mail newsletter. (abnormalreturns.com)

Mixed media

• What Ukraine can teach us about the future of naval warfare. (wsj.com)
• How Ukraine is disrupting Russian oil infrastructure. (nytimes.com)
• What the U.S. needs to learn from Ukraine. (cbsnews.com)

Podcasts

• Michael Batnick talks with Stephen Caruso, Associate Director of Wealth Management at Cerulli Associates. (youtube.com)
• Brendan Frazier talks with Parul Somani, author of "The Path of Least Regret." (youtube.com)

Practice management

• More wealth managers are launching their own tax practices. (citywire.com)
• How to create evergeen content for your social media strategy. (kitces.com)
• Why midsize RIAs struggle to keep up with larger firms. (wealthmanagement.com)

Advisers

• The nature of financial advice has changed over the years from portfolio management to holistic advice. (ritholtz.com)
• Career changers bring a unique perspective to financial advice. (investmentnews.com)
• On the myth that 70% of widows fire their adviser. (thinkadvisor.com)
• How helping adult children financially can backfire. (advisorperspectives.com)
• A Q&A with Ben Carlson, author of "Risk & Reward: How to Handle Market Volatility and Build Long-term Wealth." (barrons.com)
• Are you a financial advisor? Every Friday we send a (free) advisor-focused newsletter. (newsletter.abnormalreturns.com)
• SSGA is getting into the custody business, again. (riabiz.com)
• When it makes sense to disclaim an inherited IRA. (wsj.com)

Fund management

• Blackrock ($BLK) is launching a competitor to the iShares Nasdaq 100 ETF ($QQQ). (wealthmanagement.com)
• Alternatives in 401(k) plans are a solution in search of a problem. (morningstar.com)

OpenAI

• A big profile of Sam Altman and his leadership of OpenAI. (newyorker.com)
• There seems to be some doubt internally whether OpenAI is ready to IPO. (wheresyoured.at)
• OpenAI published a policy paper on how to deal with the effects of AI on the economy. (axios.com)

Iran

• The Strait of Hormuz 'is not closed. It has been converted.' (theomission26.substack.com)
• The war in Iran has highlighted limits of U.S. power. (theatlantic.com)
• How the war is entrenching Iran's position. (nytimes.com)
• The war in Iran is a boon for China's renewable energy industries. (wapo.st)

Economy

• Gasoline prices are higher, but not historically high. (bonddad.blogspot.com)
• Companies are not acting as if they exepectan extended Iran war. (thetranscript.substack.com)
• Where manufacturing employment is growing (and shrinking) around the U.S. (agglomerations.eig.org)
• How energy disruptions are rippling out across the globe. (axios.com)

Earlier on Abnormal Returns

• Adviser links: convinced clients. (abnormalreturns.com)
• What you missed in our Sunday linkfest. (abnormalreturns.com)
• Top clicks last week on Abnormal Returns. (abnormalreturns.com)
• Don't miss a thing! Sign up for our daily e-mail newsletter. (abnormalreturns.com)

Mixed media

• NBA Europe is coming closer to fruition. (axios.com)
• Fixing the NBA's tanking problem isn't simple. (newyorker.com)
• Tanking isn't the NBA's only problem. (scottsumner.substack.com)

Round-ups

• A round-up of recent white papers including 'The Price of Having Fun.' (bpsandpieces.com)
• A round-up of recent academic research including 'Rethinking Trend Following: Optimal Regime-Dependent Allocation.' (alphainacademia.substack.com)

Society

• Some insights into the persistence of family wealth. (mailchi.mp)
• The U.S. is falling in different ranks of democracy and economic freedom. (abnormalreturns.com)

Research

• How does the carry factor work? (alphaarchitect.com)
• The VIX and economic policy uncertainty measure two different things. (rpc.cfainstitute.org)
• How risk comes to the junk bond market historically. (mailchi.mp)
• How face-to-face interactions matter when it comes to analyzing a company. (alphaarchitect.com)
• Kai Wu talks with Michael Mauboussin about why today’s AI expectations may be historically unmatched. (podcasts.apple.com)
• Is financial economics still economics? (marginalrevolution.com)

Strategy

• Recognize that you are not built to be a great investor. (humbledollar.com)
• The sell is as important as the buy. (klementoninvesting.substack.com)

Deals

• Bill Ackman wants to buy Universal Music Group ($UMG). (cnbc.com)
• Paramount's ($PSKY) bid for Warner Bros. is dependent on Gulf sovereign wealth funds. (wsj.com)
• Why aren't private equity firms doing more company IPOs? (pitchbook.com)
• The big banks are pushovers for Musk. (ft.com)

Private assets

• Josh Brown talks with Nick Nemeth⁠, writer of the Mispriced Assets blog, about the risks of private credit on insurance company balance sheets. (youtube.com)
• Opportunistic credit is gearing up to dig through distressed private credit. (fa-mag.com)

ETFs

• Leveraged ETFs are a double-edge sword. (optimisticallie.com)
• The new Roundhill Memory ETF ($DRAM) has a great ticker symbol. (etf.com)
• Now State Street ($STT) is jumping into the Nasdaq 100-tracking ETF game. (fa-mag.com)

AI

• AI is going to increase frictions, not reduce them. (educatedguesser.substack.com)
• PE is now pushing AI onto their portfolio companies. (wsj.com)
• Companies are asking what to do with all that AI-generated code? (nytimes.com)
• Some older workers see the AI writing on the wall. (wsj.com)

OpenAI

• It's evident OpenAI is nervous about public opinion. (arstechnica.com)
• OpenAI's purchase of TBPN really makes no sense. (garbageday.email)
• Alex Kantrowitz talks with OpenAI President Greg Brockman. (bigtechnology.com)

Prediction markets

• Why the definition of a 'swap' matters. (dopaminemarkets.com)
• Prediction market tax treatment is not locked down. (wired.com)
• How prediction markets are like the old bucket shops. (barrons.com)

Kalshi

• Fox Corp. ($FOX) is going to start integrating Kalshi data. (theblock.co)
• Kalshi picked up a legal win in New Jersey. (nypost.com)
• Kalshi's CEO thinks 'bad actors' on the platform will eventually be prosecuted. (axios.com)

Real estate

• Jamie Dimon and JP Morgan Chase ($JPM) love tall buildings - London edition. (ft.com)
• Downtown office buildings around the country are changing hands for cents on the dollar. (wsj.com)

Hungary

• MAGA is all-in on Orban's re-election. (axios.com)
• So is Russia. (nytimes.com)
• A look at how right wing influencers have taken over Elon-owned Twitter. (natesilver.net)

Earlier on Abnormal Returns

• Research links: the economics of financial economics. (abnormalreturns.com)
• What you missed in our Monday linkfest. (abnormalreturns.com)
• Adviser links: convinced clients. (abnormalreturns.com)
• Don't miss a thing! Sign up for our daily e-mail newsletter. (abnormalreturns.com)

Mixed media

• Howard Lindzon, "Building trust, capturing and growing attention are now the hardest it has ever been in this era of centralized search, LLMs and chatbots." (howardlindzon.com)
• Marketers are now advertising their no-slop tactics. (wsj.com)
• Sincerity is a contrarian strategy. (dariusforoux.com)

Strategy

• Stock market returns can be lumpy. (awealthofcommonsense.com)
• How the 'winner's curse' works in practice. (humbledollar.com)
• Roben Farzard talks markets and media with Sam Ro of TKer fame. (youtube.com)

Private assets

• How close are we to alts in 401(k) plans? (riabiz.com)
• If alts were a slam dunk, then providers wouldn't need legal protections to include them in their plans. (thealtview.substack.com)

ETFs

• How the SPDR Portfolio S&P 500 ETF ($SPYM) gathered some $110 billion in AUM. (etf.com)
• The average lifespan of an ETF liquidated has fallen dramatically. (advisorperspectives.com)
• Why you should expect additional consolidation in the asset management industry. (ft.com)

AI

• How Elon is putting the screws to potential SpaceX bankers. (arstechnica.com)
• AI and the future of work. (noahpinion.blog)
• David Sacks will continue to have his fingers on AI policy. (axios.com)

Defense

• Trump was counting on a quick victory in Iran. What that means going forward. (danieldrezner.substack.com)
• What is happening in Iran is not a failure of the intelligence community. (theatlantic.com)
• The administration wants more money for the Pentagon at the expense of pretty much everything else. (axios.com)
• Why Pete Hegseth is blocking so many military promotions. (nbcnews.com)

Entitlements

• America spends a lot more on the elderly than children. (msn.com)
• Who wins when Medicaid is cut? (kffhealthnews.org)

Government

• The Trump administration has denied the vast majority of disaster requests from blue states. (politico.com)
• This nursing home operator stole millions of dollars. He was quickly pardoned. Victims will get nothing. (propublica.org)
• State-level wealth taxes won't work if billionaires can just pick up and leave. (wealthmanagement.com)

Economy

• Is the Las Vegas slump, secular or cyclical? (barrons.com)
• Manufacturing employment is falling. (econbrowser.com)
• Aluminum consumers are seeing higher prices and supply shortages. (wsj.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)
• Making peace with your inner critic. (abnormalreturns.com)
• Friction rules the world around us. (abnormalreturns.com)
• A repudiation of America's values. (abnormalreturns.com)
• Don't miss a thing! Sign up for our daily e-mail newsletter. (abnormalreturns.com)

Mixed media

• Kyle Harrison, "(Y)ou can make a lot of money selling drugs if you don’t care about the health of the people you sell them to." (investing101.substack.com)
• Brene Grown, "Any emotionally resonant language will absolutely eventually be weaponised and become [fodder] for the grifters." (giftarticle.ft.com)

Prediction markets

• Who's making money on prediction markets? (giftarticle.ft.com)
• Prediction market structured notes are here. (bloomberg.com)

IPOs

• The big IPOs are going to rely on the growing class of individual investors. (newcomer.co)
• Why OpenAI and Anthropic are in a rush to go public. (axios.com)

Private assets

• Why private credit investors are asking for their money back. (wsj.com)
• The life insurance industry is a big investor in private credit. (axios.com)

Media

• The wealthiest people in the world are buying up media properties. (hollywoodreporter.com)
• What OpenAI wants with TBPN. (om.co)
• Why Joanna Stern quit the WSJ to go solo. (semafor.com)

GLP-1s

• Eli Lilly's ($LLY) new weight loss pill Foundayo just got approved. (statnews.com)
• Could python blood lead to the next weight loss drug? (smithsonianmag.com)
• GLP-1s seem to help with psoriatic arthritis. (medpagetoday.com)

War

• Derek Thompson talks with Alex Turnbull about how China is a winner from the Iran war. (theringer.com)
• The U.S. needs to get serious about drones. (theatlantic.com)
• South Korea makes effective missile interceptors. (nytimes.com)

Economy

• The March NFP report showed a bounce back in jobs. (bonddad.blogspot.com)
• The trends in manufacturing employment aren't great. (mrzepczynski.blogspot.com)

Earlier on Abnormal Returns

• What you missed in our Thursday linkfest. (abnormalreturns.com)
• Longform links: outsourcing predictions. (abnormalreturns.com)
• Making peace with your inner critic. (abnormalreturns.com)
• Friction rules the world around us. (abnormalreturns.com)
• A repudiation of America's values. (abnormalreturns.com)
• Don't miss a thing! Sign up for our daily e-mail newsletter. (abnormalreturns.com)

Mixed media

• It's not your imagination, movies are getting longer. (stephenfollows.com)
• Smoking in Hollywood is cool again. (theankler.com)
• Why people love 'Project Hail Mary.' (bigthink.com)

EVs

• The Trump administration has stranded billions in EV investment. (wsj.com)
• The Iran War highlights the problem with sidelining EVs. (noahpinion.blog)
• Battery hype is rampant. On the prospects for a production-ready solid-state battery for EVs. (wsj.com)

Driving

• Stephen Dubner on a hidden risk of driving - new album releases. (freakonomics.com)
• It typically falls on children to take a parent's car keys away. (npr.org)

Batteries

• Cheaper batteries make round-the-clock solar power feasible. (reuters.com)
• The economics of falling battery prices is undeniable. (paulkrugman.substack.com)
• How to use cement to turn energy into usable heat. (wsj.com)

Energy

• Great Britain has set a new wind generation record. (renews.biz)
• The Pentagon is stalling reviews of wind power projects. (axios.com)
• The Iran war is giving a boost to coal. Ugh. (economist.com)

Environment

• The lack of snow in the West is alarming. (theconversation.com)
• Forecasting where wildfire risk will be the highest this Summer. (grist.org)

Travel

• How AI could help air traffic controllers. (msn.com)
• National parks are going to be jammed this summer. (theconversation.com)

Technology

• The data center backlash is causing companies to elide their identities. (hntrbrk.com)
• Joe Weisenthal and Tracy Alloway talk with Max Spero, the CEO of Pangram Labs, about how to identify AI text. (podcasts.apple.com)
• When will quantum computers crack Bitcoin? (sherwood.news)
• Chess players are now playing less optimal moves to mess with the AI. (bloomberg.com)

Behavior

• The 'hygiene hypothesis' applied to stress. (twopct.com)
• We are speaking fewer words per day than we did a couple decades ago. (phys.org)
• Dan Harris talks with author John Green about dealing with our noisy minds. (podcasts.apple.com)

CDC

• On the decline in standards at the CDC. (biopharmadive.com)
• The CDC has paused testing for rabies and pox viruses. (nytimes.com)

Health

• Despite little research, peptides are everywhere these days. (sherwood.news)
• The American Heart Association has taken issue with this MAHA recommendation. (wsj.com)
• A new way to cross the blood-brain barrier. (worksinprogress.news)

Fitness

• On the tyranny of an Oura ring. (wsj.com)
• Walking pace as an indicator of health. (nautil.us)
• What is 'electrical muscle stimulation'? (wsj.com)
• How simplifying your diet could aid weight loss. (sciencedaily.com)

Drink

• Constellation Brands ($STZ) is buying Hopwtr. (fooddive.com)
• What now for the craft brew industry? (punchdrink.com)

Food

• On the dangers of raw milk cheese. (theatlantic.com)
• Fake meat had problems before MAHA. (sherwood.news)
• Why Pat's classic cheesesteak recipe got tweaked. (wapo.st)
• How pistachios took over California. (nytimes.com)

Sports

• How the splintering of sports rights has affected viewers. (awfulannouncing.com)
• DC's golf courses are supposed to be for the people. (thebulwark.com)
• Fantasy sports as a balm for male loneliness. (theringer.com)

College

• What to expect if you are waitlisted at your preferred college. (thecollegefinanciallady.com)
• Colleges are designing more 3-year bachelor's degree programs. (hechingerreport.org)
• This instructor has her students physically type their papers. (apnews.com)

Earlier on Abnormal Returns

• What you missed in our Friday linkfest. (abnormalreturns.com)
• Making peace with your inner critic. (abnormalreturns.com)
• Friction rules the world around us. (abnormalreturns.com)
• A repudiation of America's values. (abnormalreturns.com)
• Don't miss a thing! Sign up for our daily e-mail newsletter. (abnormalreturns.com)

Mixed media

• How the end of birthright citizenship would affect newborn care. (npr.org)
• More detainees are dying in ICE custody. (abcnews.com)

Books

• An excerpt from "How to Disagree Better" by Julia Minson. (annieduke.substack.com)
• Five insights from "Good Writing: 36 Ways to Improve Your Sentences" by Neal Allen and Anne Lamott. (nextbigideaclub.com)
• A Q&A with Josh Owens, author of "The Madness of Believing: A Memoir from Inside Alex Jones' Conspiracy Machine.." (npr.org)

The Infinity Machine

• An excerpt from “The Infinity Machine: Demis Hassabis, DeepMind and the Quest for Superintelligence,” by Sebastian Mallaby. (wsj.com)
• David Senra has read “The Infinity Machine: Demis Hassabis, DeepMind and the Quest for Superintelligence,” by Sebastian Mallaby. (open.spotify.com)
• An excerpt from “The Infinity Machine: Demis Hassabis, DeepMind and the Quest for Superintelligence,” by Sebastian Mallaby. (colossus.com)

Apple

• An oral history of the early days of Apple ($AAPL). (fastcompany.com)
• How Japanese ideas about quality affected Steve Jobs and Apple ($AAPL). (ft.com)

History

• Why Scotland punched above its economic weight. (ageofinvention.xyz)
• Why the Renaissance started in Florence. (unchartedterritories.tomaspueyo.com)

Longreads

• Jobs are a bundle of tasks. AI can replace some of them. (asymco.com)
• It's hard to imagine a world without the spreadsheet. (davidoks.blog)
• What we lose when we outsource our thinking to machines. (theamericanscholar.org)
• Where new manufacturing startups are happening. (agglomerations.eig.org)
• What happens if vaccines go away? A simulation. (projects.propublica.org)
• Friction rules the world around us. (abnormalreturns.com)
• We can't ever truly revive an extinct species, but we can do something else. (aeon.co)

Strategy

• Why it's so tempting to go bottom fishing in washed out stocks. (awealthofcommonsense.com)
• How to avoid choice overload. (mrzepczynski.blogspot.com)

Private assets

• Blue Owl ($OWL) continues to see big outflow requests. (semafor.com)
• A closer look at Blackstone’s $48.2bn BCRED. (citywire.com)

Prediction markets

• Content creators are scouring prediction markets for insider trading. (theverge.com)
• Prediction markets want to attract more women to the platform. (theatlantic.com)

Apple

• How the Mac changed people's lives and careers. (sixcolors.com)
• David Pogue's "Apple: The First 50 Years" is a 'veritable encyclopedia of Apple history.' (daringfireball.net)
• Ben Thompson talks Apple ($AAPL) with Asymco's Horace Deidu. (asymco.com)
• Apple ($AAPL) still cares about computers. (marco.org)

Real estate

• Migration into Miami has dramatically slowed. (housingnotes.com)
• Office vacancies hit a record high. (axios.com)

Tariffs

• Checking in on things, one-year post Liberation Day. (ritholtz.com)
• Tariff policies changed more than 50 times in the past year. (taxfoundation.org)

Earlier on Abnormal Returns

• Longform links: outsourcing predictions. (abnormalreturns.com)
• What you missed in our Wednesday linkfest. (abnormalreturns.com)
• Personal finance links: amazingly charitable. (abnormalreturns.com)
• Making peace with your inner critic. (abnormalreturns.com)
• Friction rules the world around us. (abnormalreturns.com)
• A repudiation of America's values. (abnormalreturns.com)
• Don't miss a thing! Sign up for our daily e-mail newsletter. (abnormalreturns.com)

Mixed media

• OpenAI bought tech talk show TBPN. (variety.com)
• Beehiiv has launched podcast support. (techcrunch.com)
• Gmail users can now change their address. (engadget.com)

Round-ups

• A round-up of recent research on crash risk(s). (capitalspectator.com)
• A round-up of recent academic research including 'Expected Returns with Cash Flow Trends and Cycles.' (alphainacademia.substack.com)

Economics

• How WFH helps fertility. (cepr.org)
• How abortion bans affect rents. (econofact.org)

Research

• Size and value work...if you concentrate. (morningstar.com)
• There's more information in daily returns. (alphaarchitect.com)
• Not all value stocks are created equal. (fa-mag.com)
• A sharp visualization of the disposition effect. (klementoninvesting.substack.com)

Strategy

• How to de-bias your decision making. (mrzepczynski.blogspot.com)
• The financial markets are always uncertain. (behaviouralinvestment.com)

Companies

• How Apple ($AAPL) can keep winning, despite the threat from AI. (stratechery.com)
• A look at the reasons behind Lennar's ($LEN) struggles. (hntrbrk.com)
• Allbirds ($BIRD) is going private. (sherwood.news)

Private assets

• Why alternatives have higher fees. (rpc.cfainstitute.org)
• Blackstone ($BX) wants to sell you a hedge fund. (fa-mag.com)
• Evergreen fund incentive fee disclosure could be better. (pitchbook.com)

Media

• Why video podcasts have devolved into celebrity chat sessions. (garbageday.email)
• Beehiiv is making a podcasting push. (semafor.com)

Economy

• How the oil shock is playing out. (axios.com)
• How oil shocks have historically affected the economy. (econbrowser.com)
• How crude oil makes its way around the globe. (paulkrugman.substack.com)

Earlier on Abnormal Returns

• Research links: increasingly exotic signals. (abnormalreturns.com)
• What you missed in our Monday linkfest. (abnormalreturns.com)
• Adviser links: gifting business interests. (abnormalreturns.com)
• Making peace with your inner critic. (abnormalreturns.com)
• Friction rules the world around us. (abnormalreturns.com)
• A repudiation of its values. (abnormalreturns.com)
• Don't miss a thing! Sign up for our daily e-mail newsletter. (abnormalreturns.com)

Mixed media

• AI is only one factor behind the decline of satisfaction at work. (wsj.com)
• The government is buying your data from data brokers. (npr.org)
• How to improve your information diet. (davidepstein.substack.com)

Podcasts

• Jim Dahle talks with Bill Bengen, author of "A Richer Retirement: Supercharging the 4% Rule to Spend More and Enjoy More." (whitecoatinvestor.com)
• Barry Ritholtz talks with Judd Kessler, author of “Lucky by Design: The Hidden Economics You Need to Get More of What You Want.” (ritholtz.com)
• Derek Thompson talks with Brad Stulberg, author of "The Way of Excellence." (podcasts.apple.com)

Housing

• Case-Shiller showed a 0.9% annual increase in national home prices through January. (calculatedrisk.substack.com)
• How to think about housing prices today. (ofdollarsanddata.com)
• What is a crypto mortgage? (thebasispoint.com)

Wealth building

• Perspective matters when it comes to building long term wealth. (tonyisola.com)
• Wealth compounds. A look at the growing number of uber-wealthy Americans. (wsj.com)

Work

• A horror story of a small business that borrowed from a MCA lender. (npr.org)
• How to build your case for a raise at work. (readthejointaccount.com)

Personal finance

• Long term success in investing requires short term pain. (awealthofcommonsense.com)
• On the power of test driving your dream(s). (tim.signaturefd.com)
• What type of spending brings you joy? (blairbellecurve.com)
• Middle class depends on who lives around you. (awealthofcommonsense.com)
• Making peace with your inner critic. (abnormalreturns.com)
• On the high costs of long term care. (retirementresearcher.com)
• Do you really need a trust? (theretirementmanifesto.com)
• A single day can matter. (rootofall.substack.com)

Markets

• The S&P 500 fell 4.98% in March 2026. (on.spdji.com)
• How major asset classes performed in March 2026. (capitalspectator.com)

Strategy

• What happens when you make it dramatically easier to invest. (awealthofcommonsense.com)
• We are risking the trust in capital markets. (tonyisola.com)

Crypto

• CoinShares ($CSHR) is now public, via a SPAC. (theblock.co)
• Strategy's ($MSTR) Bitcoin stash is trading below its average cost. (ft.com)

Private assets

• Cliffwater is defending itself and private credit. (wsj.com)
• How T Rowe Price ($TROW) is building up its alternatives business. (riabiz.com)
• Why good governance matters for private assets. (rpc.cfainstitute.org)

Fund management

• Why Vanguard investors have cleaned up. (morningstar.com)
• The state of the 2026 ETF market. (etf.com)
• Another example of why low fees matter. (morningstar.com)

IPOs

• SpaceX has confidentially filed for an IPO. (wsj.com)
• OpenAI is pushing hard for an IPO. (om.co)

Technology

• Rising DRAM prices are going to make your gadgets more expensive. (theatlantic.com)
• Apple ($AAPL) largely controls its own technology. (sixcolors.com)
• What one OpenAI buys you. (sherwood.news)

Europe

• How Zelesnky is using the Iran war to Ukraine's advantage. (thebulwark.com)
• Why Hungary is awash in paranoid propaganda. (theatlantic.com)
• Hungary regularly shares EU intel with Russia. (semafor.com)
• Russia is cleaning up on higher commodity prices. (cnbc.com)

Economy

• Good ISM manufacturing news comes with a big caveat. (bonddad.blogspot.com)
• How global trade has changed since Liberation Day. (economist.com)

Earlier on Abnormal Returns

• Personal finance links: amazingly charitable. (abnormalreturns.com)
• What you missed in our Tuesday linkfest. (abnormalreturns.com)
• Research links: increasingly exotic signals. (abnormalreturns.com)
• Making peace with your inner critic. (abnormalreturns.com)
• Friction rules the world around us. (abnormalreturns.com)
• A repudiation of America's values. (abnormalreturns.com)
• Don't miss a thing! Sign up for our daily e-mail newsletter. (abnormalreturns.com)

Mixed media

• Sysco ($SYY) is buying competitor Jetro Restaurant Depot. (cnbc.com)
• McCormick & Company ($MCK) is combining with Unilever’s food business. (bnnbloomberg.ca)
• How Nestle turned a Kit Kat heist into a PR boon. (wsj.com)

Podcasts

• Brendan Frazier on how to build out a client service calendar. (podcasts.apple.com)
• Ben Carlson⁠ talks with ⁠Joe Mrak⁠, CEO of Foundation Source, to discuss the often-overlooked role philanthropy plays in wealth management. (youtube.com)

The biz

• Fidelity is raising fees on long-short SMAs. (citywire.com)
• The OpenArc-Merrill war is fascinating. (riabiz.com)

Taxes

• How to do Section 351 exchanges in a compliant way. (papers.ssrn.com)
• On the pros and cons of gifting business interests prior to a sale. (kitces.com)

Advisers

• How AI can mess with a client-adviser relationship. (sciencedirect.com)
• Why the cutoff for a 'small RIA' matters. (riabiz.com)
• Advisers have not been much of a road bump for private credit withdrawal requests. (pitchbook.com)
• An adviser's job changes as a firm grows. (xyplanningnetwork.com)
• Three things to keep in mind when dealing with multi-generational wealthy families. (citywire.com)
• Some common estate planning questions. (theretirementmanifesto.com)
• Are you a financial advisor? Every Friday we send a (free) advisor-focused newsletter. (newsletter.abnormalreturns.com)
• On the financial lives of dentists. (wsj.com)

Markets

• A look at forward P/E ratios. (econbrowser.com)
• The flight-to-safety trade hasn't worked in March. (axios.com)

Prediction markets

• Don't hold your breath that anyone will be held accountable for recent insider trading. (newyorker.com)
• What if prediction markets had existed before D-Day? (spencerjakab.substack.com)

Private credit

• How private credit industry got here. (giftarticle.ft.com)
• For private credit funds, how you define software matters. (wsj.com)

Finance

• PE continuation vehicles were once a stopgap. Now they are mainstream. (cashandcarried.substack.com)
• Do retail investors care about tokenization? (observer.com)

SpaceX

• How the SpaceX IPO is different. (axios.com)
• SpaceX is betting on retail investor participation. (cnbc.com)

Technology

• The Neo is a huge hit, for good reason. (pogueman.substack.com)
• Paid Claude users are soaring. (techcrunch.com)
• RIP, Sora. (wsj.com)

Business

• Last Vegas' economy is struggling. (nytimes.com)
• Cold-storage vacancy rates are on the rise. (wsj.com)

Iran

• War with Iran is increasingly looking like a long-term proposition. (danieldrezner.substack.com)
• We don't really know how the war in Iran is going. (theomission26.substack.com)
• Why cultural knowledge of your enemy matters. (nytimes.com)

Earlier on Abnormal Returns

• Adviser links: gifting business interests. (abnormalreturns.com)
• Making peace with your inner critic. (abnormalreturns.com)
• Friction rules the world around us. (abnormalreturns.com)
• A repudiation of its values. (abnormalreturns.com)
• What you missed in our Sunday linkfest. (abnormalreturns.com)
• Top clicks last week on Abnormal Returns. (abnormalreturns.com)
• Don't miss a thing! Sign up for our daily e-mail newsletter. (abnormalreturns.com)

Mixed media

• The Iran war has showed the world the fragility of the natural gas system. (nytimes.com)
• Gulf air traffic has rebounded but is still well below pre-war levels. (semafor.com)
• How the Iran war is hitting California farmers. (msn.com)
• Fertilizer costs are up around the world. (ft.com)

AVs

• This time around, the AV hype seems real. (wsj.com)
• Amazon’s Zoox is preparing to launch its robotaxis in Austin and Miami later this year. (cnbc.com)
• PJ Vogt on who wins (and loses) in a driverless world. (freakonomics.com)
• The case for taxing driverless cars. (worksinprogress.news)

Autos

• This Chinese company is at the center of the battery economy. (wsj.com)
• A cyberattack on a U.S. vehicle breathalyzer company left drivers across the U.S. unable to start their vehicles. (techcrunch.com)
• On the societal balancing act of licensing older drivers. (npr.org)

Renewables

• One thing the Trump administration is consistent on is opposition to renewable energy. (paulkrugman.substack.com)
• Trading wind power for natural gas seems like a bad trade. (prospect.org)
• Why not put solar panels on every school's roof? (reasonstobecheerful.world)

Energy

• China's economy is rapidly electrifying. (libertystreeteconomics.newyorkfed.org)
• Higher oil prices, means more oil theft. (audacy.com)
• How a 'virtual power plant' works. (msn.com)

Forests

• Wildfires are starting sooner and in unique places this year. (msn.com)
• The American West has a big water/snow issue this Spring. (theconversation.com)
• Why the administration wants more roads in national forests. (insideclimatenews.org)

Environment

• It's not clear that deep ocean mining can be done safely. (arstechnica.com)
• Why eradicating the Arundo weed is so challenging. (motherjones.com)
• Why everyone hates their weather app. (newyorker.com)
• Why restoring mangroves matters. (npr.org)

Animals

• Ugandan wildlife authorities have reintroduced rhinos into a remote protected area. (apnews.com)
• It's (almost) open season on mountain lions in Utah. (hcn.org)
• How gophers helped reinvigorate Mount St. Helens. (popularmechanics.com)
• What happens when a sperm whale is born. (npr.org)
• Beavers as carbon warriors. (sciencedaily.com)

Science

• Trump's new science advisors don't really have science backgrounds. (nature.com)
• Static energy is still a bit of a mystery. (nature.com)
• How volcanoes talk to each other. (quantamagazine.org)
• How fermented foods interact with our biology. (asimov.press)

War

• What Ukraine can teach the Mideast about protecting energy infrastructure. (nytimes.com)
• Will tourists return to the Gulf, post-war? (wsj.com)

Big Tech

• They really want you to consume AI slop. (honest-broker.com)
• Big Tech is the new Big Tobacco. (spyglass.org)
• Opt out is not consent. (feld.com)

GLP-1s

• What we know about the benefits of GLP-1 drugs. (wapo.st)
• An interesting GLP-1 result in menopausal women. (sciencedaily.com)
• GLP-1s are changing the food industry. (cnbc.com)

Medicine

• America's immigrant doctors are facing a chaotic visa landscape. (axios.com)
• Radiology seems like a perfect fit for AI, but there are still plenty of radiologists. (worksinprogress.news)
• Why leaving medicine is terrifying to doctors. (statnews.com)

CDC

• RFK Jr.' s CDC is a hot mess. (nytimes.com)
• NIH restrictions on overseas research has disrupted programs. (statnews.com)
• The CDC again searching for a new leader. (npr.org)

Health

• It's not just vaccines. Parents of newborns are now refusing other routine care. (cnn.com)
• Pregnant women who get vaccinated for Covid pass immunity to their babies. (npr.org)
• Islet cell therapy could be transformative for Type I diabetics. (news.mit.edu)
• Rising health insurance costs for forcing people to make difficult decisions. (npr.org)
• In retirement, spouses play a big role in care giving. (papers.ssrn.com)
• Cold weather is associated with additional cardiovascular-related deaths. (sciencedaily.com)
• MAHA loves peptides. (wsj.com)

Fitness

• Variety is the spice of life when it comes to exercise. (insidehook.com)
• How to sit better. (twopct.com)

Dogs

• The dog establishment is fed up with doodles. (newyorker.com)
• Humans may have lived with dogs for far longer than earlier thought. (science.org)

DIning

• Fine dining has a culture problem. (cnn.com)
• J Lee talks fine dining and 'Top Chef' with Tom Colicchio. (readfeedme.com)

Drink

• How to use AI to track the price of a pint of Guinness. (tech.eu)
• Why China's wine market has collapsed. (wsj.com)

Sports

• Which prep races best predict the Triple Crown? (neilpaine.substack.com)
• College athletic departments are becoming full-blown content studios. (frontofficesports.com)
• The new owner of the Portland Trail Blazers has an interesting background. (propublica.org)

College

• One way to combat AI is in-person exams. (yahoo.com)
• College campuses are not seeing much political dissent. (theatlantic.com)
• These African students had scholarships to attend school in the U.S. Their visas have been pulled. (wsj.com)
• In this study high school GPA is a better predictor than the SAT for college achievement. (papers.ssrn.com)
• Why college? (thecollegefinanciallady.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)

Mixed media

• The problem with jargon. (om.co)
• Don't automate something that shouldn't be done any more. (hunterwalk.com)
• Right doesn't always win in the end. (noahpinion.blog)

Markets

• The only game in town is energy stocks. (trendlabs.com)
• When everything feels crazy, focus on earnings. (tker.co)
• Earnings estimates have held up while the stock market has pulled back. (chartkidmatt.com)

Strategy

• There's only one way to own all the best-performing stocks. (awealthofcommonsense.com)
• The more compelling a forecast, the more skeptical you should be. (humbledollar.com)

ETFs

• The ETF industry is booming. (fa-mag.com)
• It's now cheaper to launch (and operate) an ETF. (thedailyupside.com)

Prediction markets

• Prediction markets require binary outcomes. (bloomberg.com)
• A bet on prediction markets comes with regulatory uncertainty. (pitchbook.com)
• Iran is the 'first prediction market war.' (dopaminemarkets.com)

Iran

• The U.S. has fired A LOT of Tomahawk missiles at Iran. (msn.com)
• How Iran prepped its economy for war. (ft.com)

Bombs

• The U.S. destroyed another boat in the Caribbean. (nbcnews.com)
• The U.S. and Ecuador apparently destroyed a dairy farm, not a drug depot. (nytimes.com)
• How the U.S. came to bomb a girl's school in Iran. (theguardian.com)

DOJ

• The Trump administration is out of the antitrust business. States are stepping up. (boondoggle.substack.com)
• What would a post-Trump DOJ look like? (politico.com)

Trump

• In no other administration has the president's face (and name) been so splattered all over government. (theatlantic.com)
• No sitting President has ever put their name on the currency. (axios.com)

Immigration

• The research demonstrates immigration doesn't increase crime rates. A majority of people don't believe it. (msn.com)
• H-1B visa holders are a fiscal boon to the country. (agglomerations.eig.org)

Economy

• Why is no one talking about the long term fiscal situation in the U.S.? (axios.com)
• Derek Thompson talks with economist Gabriel Zucman about the challenges of taxing billionaires. (podcasts.apple.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)
• Don't miss a thing! Sign up for our daily e-mail newsletter. (abnormalreturns.com)

Mixed media

• Seth Godin, "Every system eventually acts as if it’s more important than the people it was built to serve." (seths.blog)
• How fraudsters co-opt their victims. (davidnroberts.com)
• Nobody cares. Take your shot. (annamackstack.substack.com)

Strategy

• Sometimes an investment works out, even when it shouldn't. (morningstar.com)
• Don't discount the impact of skew on investment returns. (fortunesandfrictions.com)

Bonds

• More bond ladder ETFs are coming to market. (thedailyupside.com)
• Credit, 101. (giftarticle.ft.com)

Finance

• What a SpaceX IPO could look like. (reuters.com)
• Intercontinental Exchange ($ICE) is putting another $600 million into Polymarket. (theblock.co)

Big Tech

• How Amazon ($AMZN) is building out fast rural delivery. (wsj.com)
• Apple ($AAPL) actually cares about making great computers. (spyglass.org)
• Google ($GOOGL) is getting out of the fiber business. (om.co)

Food

• NotCo is helping big food create 'plant-based alternatives for products typically made from dairy and meat.' (forbes.com)
• Danone is buying protein shake maker Huel. (sherwood.news)
• Vertical farming hasn't lived up to its promise. (nytimes.com)
• How to get Americans to eat more seafood. (apnews.com)

AI

• Derek Thompson talks AI with Anthropic co-founder Jack Clark. (derekthompson.org)
• Companies don't need to pay taxes on agents. (tomtunguz.com)
• AI needs the open web. (techdirt.com)
• AI has a PR problem. (yahoo.com)

Drones

• In the age of drones are tanks and artillery outdated? (theatlantic.com)
• The U.S. military is not prepared for a full-on drone war. (wsj.com)
• A Russian drone put a hole in the containment dome at Chernobyl. (ft.com)

Economy

• Diesel price increases are outpacing gasoline. (nytimes.com)
• The helium shortage is real. (ft.com)
• The war isn't helping consumer confidence. (econbrowser.com)
• There are now more women employed in the U.S. than men. (axios.com)
• Jerome Powell didn't ask to be a part of the resistance. (thebulwark.com)

Earlier on Abnormal Returns

• What you missed in our Thursday linkfest. (abnormalreturns.com)
• Longform links: a policeman on the take. (abnormalreturns.com)
• Don't miss a thing! Sign up for our daily e-mail newsletter. (abnormalreturns.com)

Mixed media

• An actual feel-good story. (msn.com)
• You can just do stuff. (wapo.st)

Podcasts

• Peter Lazaroff talks markets and earnings with Sam Ro of TKer fame. (podcasts.apple.com)
• Christine Benz and Amy Arnott talk with Emily Guy Birken about the importance five years leading up to retirement. (morningstar.com)
• Michael Lazaroff talks with Brad Stulberg, author of "The Way of Excellence." (peterlazaroff.com)
• Laurence Kotlikoff talks with John Campbell, co-author of "Fixed: Why Personal Finance is Broken and How to Make It Work for Everyone." (larrykotlikoff.substack.com)

Housing

• Don't discount the hassles of being a landlord. (wsj.com)
• The Midwest seems like the last place where home ownership seems affordable. (theatlantic.com)

Social comparison

• Why we compare up, not down. (mr-stingy.com)
• It's easy to forget, not everyone is like you. (bestinterest.blog)
• How 'lifestyle creep' works in practice. (meaningfulmoney.life)

Financial literacy

• You're not going to become financially literate overnight. (vox.com)
• An increasing number of high schools are teaching personal finance. (wsj.com)

How stuff works

• How Trump Accounts work. (crr.bc.edu)
• How 351 exchanges work. (advisorperspectives.com)
• How passkeys work. (obliviousinvestor.com)

Personal finance

• Good luck predicting future market returns. (awealthofcommonsense.com)
• Retirement is a waste if you can't enjoy it. (tonyisola.com)
• Why it's so challenging for wealthy families to hold onto their wealth over time. (ofdollarsanddata.com)
• How a financial life shifts over time and perspective. (bogumilbaranowski.substack.com)
• Designed friction is real. (yourbrainonmoney.substack.com)

Markets

• A history of stock market pullbacks. (awealthofcommonsense.com)
• If gold isn't a safe haven, what is it? (ft.com)
• The market is putting pressure on Trump. (axios.com)

Private assets

• Retail investors are kinda predictable. (morningstar.com)
• Investors can't get enough of the Fundrise Innovation Fund ($VCX) which owns takes in Anthropic, SpaceX and OpenAI. (sherwood.news)

Companies

• Everybody knows Elon wants to merge Tesla ($TSLA) with SpaceX. So why hasn't he? (sherwood.news)
• Pinduoduo ($PDD) holds A LOT of cash on the balance sheet. (ft.com)
• What a standalone Siri app could do. (spyglass.org)

Voting

• Milan Singh, "Voters having faith in the system matters, just as making voting broadly accessible matters." (theargumentmag.com)
• How did Kansas' 'proof of citizenship' voting law turn out? (nytimes.com)
• Trump just voted by mail. (nbcnews.com)

Economy

• The economic pain of the Iran war will hit disproportionately outside the U.S. (noahpinion.blog)
• How will higher gasoline prices be reflected in CPI? (bonddad.blogspot.com)

Earlier on Abnormal Returns

• Personal finance links: inside the slowdown. (abnormalreturns.com)
• What you missed in our Tuesday linkfest. (abnormalreturns.com)
• Research links: not the same thing. (abnormalreturns.com)
• Don't miss a thing! Sign up for our daily e-mail newsletter. (abnormalreturns.com)

Mixed media

• It's hard to argue that U.S. air travel is getting safer. (theatlantic.com)
• What ICE can (and can't) do at airports. (edition.cnn.com)
• The TSA crisis is worsening. (axios.com)

Books

• A review of "The Science of Second Chances: A Revolution in Criminal Justice" by Jennifer Doleac. (washingtonmonthly.com)
• Insights from "How American Children Became the Fussiest Eaters in History" by Helen Zoe Veit. (thebulwark.com)
• An excerpt from "True Color: The Strange and Spectacular Quest to Define Color–from Azure to Zinc Pink" by Kory Stamper. (longreads.com)
• An excerpt from Bill Gifford’s forthcoming book, "Hotwired: How The Hidden Power of Heat Makes Us Stronger." (theatlantic.com)

Business

• Jerry Neumann, "The Red Queen hypothesis is the closest thing entrepreneurship has to a foundational law." (colossus.com)
• A Red Lobster turnaround is a big ask. (bloomberg.com)
• The story of Tetra Pak. (quartr.com)

Unreasonable Hospitality

• Ted Seides talks with Will Guidara author of "Unreasonable Hospitality: The Field Guide." (capitalallocators.com)
• Simon Sinek talks with Will Guidara author of "Unreasonable Hospitality: The Field Guide." (simonsinek.com)

Global

• How the world's 'shadow fleet' is cashing in on the Iran war. (ig.ft.com)
• Corruption is alive and well in Hungary. (ft.com)
• China is all-in on robotics. (theguardian.com)

War

• Ben Buchheim-Jurisson, "Private market civilians cannot be said to be engaging in service." (warontherocks.com)
• How cheap drones have completely transformed the conduct of war. (reuters.com)
• Fighting in the Arctic is no small thing. (nytimes.com)

Longreads

• Gambling has a lot of (negative) knock-on effects. (yourbrainonmoney.substack.com)
• Vaccines have a whole lot of downstream benefits we are ignorant of, or just ignore entirely. (statnews.com)
• Rasmus Rosenberg Larsen, "The aggregation of scientific evidence does not corroborate the idea of psychopathy. If anything, it throws the whole notion into doubt." (aeon.co)
• You've heard a lot of synch music, even if you don't realize it. (nytimes.com)
• How to interview someone interesting. (om.co)
• On the fine art of taking a vacation. (nytimes.com)

Markets

• A look at weakness in the Mag 7 stocks. (trendlabs.com)
• Why prices never land on fair value. (mrzepczynski.blogspot.com)

Startups

• A look at the potential valuation of SpaceX at IPO. (sherwood.news)
• What happens when a CEF, full of startups, trades at a big premium to NAV? (morningstar.com)

OpenAI

• OpenAI's business strategy has been 'haphazard' at best. (theatlantic.com)
• OpenAI is buliding “an autonomous AI research intern.” (technologyreview.com)
• Why Sora failed. (spyglass.org)

Gambling

• The speed with which gambling has ripped through society is shocking. (derekthompson.org)
• Gambling thrives on the fear of being left behind. (kyla.substack.com)
• How gambling shows up in worse credit outcomes. (libertystreeteconomics.newyorkfed.org)
• A firsthand account of someone who left the gambling industry. (defector.com)

Media

• Netflix ($NFLX) is raising subscription prices (again). (variety.com)
• Some veteran podcasters are calling it quits. (wsj.com)
• The bloom is off the reality TV rose. (nytimes.com)

Economy

• Jobless claims are still not on the rise. (bonddad.blogspot.com)
• War isn't good for economic uncertainty. (econbrowser.com)

Earlier on Abnormal Returns

• Longform links: a policeman on the take. (abnormalreturns.com)
• What you missed in our Wednesday linkfest. (abnormalreturns.com)
• Personal finance links: inside the slowdown. (abnormalreturns.com)
• Don't miss a thing! Sign up for our daily e-mail newsletter. (abnormalreturns.com)

Mixed media

• Lessons from five years of running an independent bookstore. (ryanholiday.net)
• Twelve lessons from starting up an asset management firm. (flyoverstocks.com)
• Lessons from designing a book cover. (substack.com)

AI

• Tom Brakke, "AI bots can mimic what has worked in the past. Humans should bring something else to the endeavor." (investmentecosystem.com)
• Jayant Gandhi, "Agentic AI does not eliminate accountability. It relocates it." (rpc.cfainstitute.org)

Government bonds

• It's hard for managers to add value to Treasury bond fund returns. (papers.ssrn.com)
• Just how safe are government bonds? (cepr.org)

Policy

• Political pressure on the Fed is real and measurable. (larryswedroe.substack.com)
• Using AI to parse information about deregulation. (papers.ssrn.com)

Behavior

• Fund manager incentives matter. (klementoninvesting.substack.com)
• Why CEOs embark on more M&A activity. (papers.ssrn.com)
• Want to move the needle on fertility? Encourage WFH. (papers.ssrn.com)

Research

• Bessimbinder has updated his research on U.S. stock market returns. (papers.ssrn.com)
• Traditional style indices don't really do the trick. (wealthmanagement.com)
• Good luck trying to time the returns to a trend following strategy. (alphaarchitect.com)
• How pre-tax alpha impact tax-aware long-short strategies. (papers.ssrn.com)
• A round-up of recent research including 'How Wise is the Crowd? Bias and Edge in Prediction Markets.' (alphainacademia.substack.com)
• An interview with Dan Rasmussen of Verdad Advisors. (arenamag.com)

Markets

• Washington DC leaks are now hitting the oil market. (giftarticle.ft.com)
• Looking for value? Look overseas. (mailchi.mp)

Strategy

• Good luck trying to time the stock market. (morningstar.com)
• On the benefits of writing about markets every day. (trendlabs.com)

Polymarket

• Polymarket is adding some rules to prevent insider trading. (engadget.com)
• Polymarket's social feed is full of less than truthful posts. (nytimes.com)

Apple

• The scale of Apple ($AAPL) at 50 is stunning. (asymco.com)
• The iPhone spyware problem is getting worse. (axios.com)
• Why the Apple Macbook Neo matters. (sixcolors.com)

Global

• The Strait of Hormuz is not the only choke point in the globe. (paulkrugman.substack.com)
• How's the hostile takeover of Venezuela going? (theatlantic.com)
• Why Paraguay's economy is booming. (bloomberg.com)

Earlier on Abnormal Returns

• Adviser links: simple and strategic reflection. (abnormalreturns.com)
• What you missed in our Sunday linkfest. (abnormalreturns.com)
• Top clicks last week on Abnormal Returns. (abnormalreturns.com)
• Don't miss a thing! Sign up for our daily e-mail newsletter. (abnormalreturns.com)

Mixed media

• Ads - another reason to avoid a refrigerator with a screen. (wsj.com)
• Secret tricks to using Google better. (cardcatalogforlife.substack.com)
• Twitter turned 20. Nobody cares. (engadget.com)

Strategy

• Joe Wiggins, "Availability [bias] isn’t generally about imaginary risks; it is about real risks being overstated because of how aware of them we are." (behaviouralinvestment.com)
• Investors are like moths to a flame when it comes to complexity. (moneychangeseverything.substack.com)
• The best investors put their clients first. (roberthuebscher.substack.com)

Private assets

• How Cliffwater is dealing with the private credit frenzy. (bloomberg.com)
• Another private credit fund is having to cap investor withdrawals. (ft.com)
• When your hurdle rate for incentive fees is on income, not total return... (thealtview.substack.com)

Trading

• The NYSE is joining with Securitize to develop a tokenized securities trading platform. (wsj.com)
• Trading on government secrets is really, really bad. (paulkrugman.substack.com)

Prediction markets

• Kalshi is going to ban block athletes and political candidates from trading. (axios.com)
• Kalshi is making it easier for institutions to trade on the platform. (barrons.com)
• Kalshi and Polymarket are trying hard to preempt additional regulation. (theblock.co)

Work

• College-educated workers are saying the jobs market sucks. (axios.com)
• The struggle for new college graduates is real. (nytimes.com)
• Allison Schrager, "If you think the world is changing so fast that almost anything goes, then you may decide that you have no choice but to try to get in on the next big thing and hope for the best." (advisorperspectives.com)

Economy

• The Fed can't do much about an oil shock. (macroeconomicpolicynexus.substack.com)
• The bond market is no longer betting on Fed rate cuts. (bonddad.blogspot.com)

Earlier on Abnormal Returns

• Research links: not the same thing. (abnormalreturns.com)
• What you missed in our Monday linkfest. (abnormalreturns.com)
• Adviser links: simple and strategic reflection. (abnormalreturns.com)
• Don't miss a thing! Sign up for our daily e-mail newsletter. (abnormalreturns.com)

Mixed media

• Naming stuff after people (living or dead) ends badly more often than not. (fritinancy.substack.com)
• Across the board, introspection is lacking these days. (thebulwark.com)
• What is the 'failure gap'? (papers.ssrn.com)

Markets

• The stock market doesn't know more about war than anyone else. (tker.co)
• Domestic fertilizer makers are cashing in on the Iran war. (ft.com)
• You can't ignore the news, you can only manage it. (awealthofcommonsense.com)

IPOs

• Anthropic, OpenAI, and SpaceX are going to define the IPO market in 2026. (pitchbook.com)
• The stakes around these IPOs are impactful for everyday investors. (humbledollar.com)
• SpaceX's investment bankers have a big wild card to deal with. (pitchbook.com)

ETFs

• DFA US Micro Cap ETF ($DFMC), a share class of an existing mutual fund, is now trading. (morningstar.com)
• Competition is coming to the box spread ETF space. (etf.com)
• Why ETFs are more tax friendly than mutual funds. (morningstar.com)

Iran

• Why the Strait of Hormuz has gotten more important over time. (nytimes.com)
• Even if the war ended today, energy infrastructure has been damaged. (economist.com)
• Too long we have dismissed the importance of the physical world. (wsj.com)
• Iran and the U.S. are fighting two very different wars. (foreignaffairs.com)
• Why you aren't seeing photos or videos from inside Iran. (bloomberg.com)
• How the Iran war is threatening global food supplies. (npr.org)

DHS

• There may be no fixing DHS. (theatlantic.com)
• Another detainee has died in DHS custody. (nbcnews.com)
• What is going to happen to Kristi Noem's detention warehouses? (theatlantic.com)
• The border wall with Mexico is growing, the environment be damned. (wapo.st)

Crime

• What's behind the drop in crime rates? (wsj.com)
• Why alternatives to 911 are important. (papers.ssrn.com)

Fraud

• Trump has pardoned at least 70 people convicted of fraud. (nytimes.com)
• The administration is collecting visa fees it has no intention of fulfilling. (cato.org)

Democracy

• There's no evidence of widespread voter fraud. (thebulwark.com)
• In less democratic countries incumbents manipulate elections to maintain power. (papers.ssrn.com)
• By this measure, the U.S. is no longer a democracy. (theguardian.com)

Government

• The IRS has been hollowed out. (brookings.edu)
• Why administration officials are camping out in military housing. (nytimes.com)
• James Fallows, "A national leader, who celebrates any prominent citizen’s death, is not fit to lead." (fallows.substack.com)

Economy

• How economic chart crimes can rile us up. (awealthofcommonsense.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)
• Don't miss a thing! Sign up for our daily e-mail newsletter. (abnormalreturns.com)

Mixed media

• A work of art doesn't need to be permanent to be impactful. (hellomortal.substack.com)
• This Dutch art detective tracks down stolen masterpieces. (npr.org)
• Why some artists crave anonymity. (cnn.com)

Podcasts

• Ben Carlson and Michael Batnick talk tax alpha with Erkko Etula, CEO and CIO of Brooklyn Investment Group. (awealthofcommonsense.com)
• Ashley Quamme and Meghaan Lurtz talk about how 'OARS can transform how you connect with people.' (meghaanlurtz.substack.com)
• Barry Ritholtz talks billionaire divorce with Patrick Kilbane is General Counsel of the RIA Ullman Wealth Partners, where he leads the Divorce Advisory Group. (ritholtz.com)
• Diana Britton chats with Jamie Hopkins, CEO of Bryn Mawr Trust and co-author of "Your Retirement Sketchbook." (wealthmanagement.com)

Altruist

• Fidelity has doubled its staff since 2020. (riabiz.com)
• Savant Wealth is spending big on its AI-powered platform. (citywire.com)
• Goldman Sachs ($GS) has made an investment in GeoWealth. (riabiz.com)
• Edelman Financial Engines’ financial planners will now be part owners of the firm. (citywire.com)

The biz

• Altuist says RIAs continue to flock to Hazel. (riabiz.com)
• Altruist now has their own in-house direct indexing solution. (investmentnews.com)

Advisers

• A five-step framework for framing discovery conversations. (kitces.com)
• Tax planning is a big part of retirement planning. (thinkadvisor.com)
• Wealthy families are relying on private bankers to do more stuff for them. (wsj.com)
• How policy risk affects retirement planning. (crr.bc.edu)
• The four components of senior adviser satisfaction. (kitces.com)
• Are you a financial advisor? Every Friday we send a (free) advisor-focused newsletter. (newsletter.abnormalreturns.com)
• A Q&A with Jamie Hopkins and Bonnie Trechdel, authors of "Your Retirement Sketchbook." (investmentnews.com)

AVs

• AVs are racing ahead of regulators. (axios.com)
• Uber ($UBER) and Rivian ($RIVN) made a deal for 50,000 robotaxis. (engadget.com)
• A first hand account of Tesla ($TSLA) FSD gone wrong. (theatlantic.com)
• PJ Vogt on the rich history of the development of driverless cars. (freakonomics.com)

Trucks

• Self-driving semi-trucks on the highway are closer than you think. (nytimes.com)
• Truckers love the new Tesla ($TSLA) semi. (wsj.com)

Autos

• This guy is turning car price negotiations into content. (wsj.com)
• Higher gasoline prices are going to make EVs more attractive. (sherwood.news)

Power lines

• Who is going to pay for all those new high-voltage power lines? (wsj.com)
• Your utility regulator is probably not doing a great job. (boondoggle.substack.com)

Energy

• To power data centers, hyperscalers are turning to dirty energy. (nytimes.com)
• The Trump administration has spared geothermal energy. Fervo Energy is a key beneficiary. (bloomberg.com)
• Tracking down the world's worst methane leaks leads to Turkmenistan. (theguardian.com)
• Agrivoltaics can work, if we let them. (motherjones.com)

Fire

• The downside of a snow shortfall this Winter - increased fire risk. (nytimes.com)
• Drones are a potentially great application for firefighting. (arstechnica.com)

Environment

• A new U.S. national high temperature record for the month of March was just set. (msn.com)
• The Colorado River could reach a crisis this year. (lasvegassun.com)
• South Carolina has experienced a recent swarm of earthquakes. (accuweather.com)
• Old-growth forests store a lot more carbon than managed forests. (eurekalert.org)
• Lava can now be redirected from important sites. (nytimes.com)

Animals

• How bearded vultures made a comeback in the Alps. (bbc.com)
• Why are birds adding cigarette butts to their nests? (nytimes.com)

Archaeology

• The Goths were a surprisingly diverse bunch. (newscientist.com)
• When the bow-and-arrow came to North America. (arstechnica.com)

Science

• The decline at NIH activity visualized. (elizabethginexi.substack.com)
• Why the central limit theorem applies in so many places. (quantamagazine.org)

Travel

• The flying experience these days is abysmal. (bloomberg.com)
• How war has affected Emirates, Qatar Airways and Etihad Airways. (nytimes.com)
• Glacier tourism is growing and so are the dangers. (grist.org)

Technology

• Phishers are getting way too good. (ma.tt)
• Computer programming has gotten really weird. (nytimes.com)
• Are we wired to believe that AI is actually 'thinking.' (wsj.com)
• Can an AI-forward phone make headway with consumers? (spyglass.org)
• How quantum computing works. (wsj.com)

Behavior

• Five insights from Nir Eyal's new book, "Beyond Belief: The Science-Backed Way to Stop Limiting Yourself and Achieve Breakthrough Results." (nextbigideaclub.com)
• Men are a shrinking minority of the psychology profession. (wsj.com)

GLP-1s

• Ozempic is soon going generic in a big chunk of the world. (morningbrew.com)
• A problem for weight loss drug trials: patients on a placebo know it. (msn.com)
• How to offset weight gain after stopping GLP-1s. (sciencedaily.com)

The ACA

• Millions of Americans have dropped their ACA coverage. (wsj.com)
• The state of New Mexico is stepping up to maintain ACA enrollment. (nytimes.com)

Health

• Interest in peptides are taking off while the FDA is largely sidelined. (theatlantic.com)
• Don't blame emergency departments for 'hallway patients.' (statnews.com)
• The shingles vaccine seems to reduce cardiac events. (sciencedaily.com)
• Why doctors are now testing for lipoprotein(a). (npr.org)
• How to treat snoring without a CPAP. (theatlantic.com)

Heat

• Five insights from Bill Gifford's new book, "Hotwired: How the Hidden Power of Heat Makes Us Stronger." (nextbigideaclub.com)
• Brett McKay talks with Bill Gifford, author of "Hotwired: How the Hidden Power of Heat Makes Us Stronger." (artofmanliness.com)

Fitness

• Why walking matters. (twopct.com)
• Is modern gear better than what we used to have? (carryology.com)
• Consistency matters when it comes to resistance training. (sciencedaily.com)

Drink

• Craft breweries have shifted to canning about as much as they can. (fooddive.com)
• Meet a 'Guinness inspector' roaming bars to make sure your pint is perfect. (wsj.com)

Gambling

• MLB has cut a deal with Polymarket. (frontofficesports.com)
• Derek Thompson talks with McKay Coppins about his article: "Sucker: My year as a degenerate gambler." (podcasts.apple.com)

Sports

• The scale of the youth sports industry will surprise you. (theargumentmag.com)
• Women's sports are getting more physical. (theatlantic.com)

Media

• RIP, CBS News Radio. (apnews.com)
• The popular Netflix ($NFLX) show 'Everybody Feed Phil' is headed to YouTube. (tubefilter.com)

Children

• Why private school isn't worth the cost. (ofdollarsanddata.com)
• Children don't need everything to be easy. (readthejointaccount.com)

College

• American students are flocking to Scotland's University of St. Andrews. (wsj.com)
• How business schools are dealing with the squeeze on international students. (bloomberg.com)
• UMass Amherst has been ranked No. 1 for campus food in the country. (wsj.com)
• How to appeal a financial aid award. (thecollegefinanciallady.com)
• How weather affects college enrollment.. (papers.ssrn.com)

Earlier on Abnormal Returns

• What you missed in our Friday linkfest. (abnormalreturns.com)
• Podcast links: the end of the road. (abnormalreturns.com)
• Don't miss a thing! Sign up for our daily e-mail newsletter. (abnormalreturns.com)

Mixed media

• Chris Guillebeau, "Nostalgia isn’t just remembering the past. It’s remembering an edited version of the past." (yearofmentalhealth.com)
• Subsidies are not the solution to the fertility crisis. (fasterplease.substack.com)
• How to recapture your focus. (seths.blog)

Books

• An excerpt from "Project Maven: A Marine Colonel, His Team, and the Dawn of AI Warfare" by Katrina Mason. (bloomberg.com)
• An excerpt from "The Science of Repair: How People who Believe in Facts Can Build a Better Future" by ​Gwen Ottinger. (behavioralscientist.org)
• A review of "Against the Machine: On the Unmaking of Humanity" by Paul Kingsnorth. (thenewatlantis.com)
• A profile of Melissa Auf der Maur, on the publication of her memoir "Even the Good Girls Will Cry." (oldster.substack.com)

Profiles

• Peter Attia built a big public presence. His friendship with Jeffrey Epstein has put it all at-risk. (bloomberg.com)
• A profile of Trevor Milton, who's career has been revived by a Trump pardon. (wsj.com)
• Cesar Chavez legacy is being called into question. (nytimes.com)
• How Hungary's Victor Orban has lined his own pockets. (ft.com)

Gambling

• A first hand account of getting sucked down the sports gambling wormhole. (theatlantic.com)
• In the U.S., when will the push back against gambling begin? (giftarticle.ft.com)

Foreign policy

• Marco Rubio says no one died due to USAID cuts. That is demonstrably false. (youtube.com)
• The U.S. doesn't have a great track record on regime change. (nytimes.com)

Construction

• Why manufactured housing has never really taken off. (construction-physics.com)
• How data centers affect our lived environment. (theatlantic.com)
• How location affects architecture. (unchartedterritories.tomaspueyo.com)

Longreads

• Lindsay M. Chervinsky, "From the very beginning of the United States, Americans have rejected a standing army enforcing domestic law in their cities." (thebulwark.com)
• There's a lot to learn from what happened from Minnesota. (nytimes.com)
• Wide swaths of the country are seeing a structural loss of workers. (panoptica.ai)
• More college-educated Americans are facing economic precarity. (theatlantic.com)
• The GIving Pledge has fallen on hard times. (nytimes.com)
• Why modern movies don't feel real any more. (youtube.com)
• How Banksy was unmasked. (reuters.com)

Finance

• The case for this being the end of the private asset boom. (blogs.cfainstitute.org)
• Jeff Bezos is out raising money for a fund to acquire manufacturing companies and apply AI for automation. (wsj.com)

AI

• AI's effects on company economic moats is not straightforward. (morningstar.com)
• Data centers now require their own logistics network. (wsj.com)
• The best AI isn't necessarily the most expensive. (tomtunguz.com)

War

• The U.S. military is coming face-to-face with the drone revolution. (npr.org)
• How the war will affect the finances of the Gulf states. (semafor.com)
• How the Trump administration has turned destruction into Internet content. (politico.com)

Europe

• Europe's defense industries are booming. (ft.com)
• Ireland's tax revenue from multinational companies is only growing. (cfr.org)

Macbook Neo

• By this measure the Apple ($AAPL) Macbook Neo is a real bargain. (asymco.com)
• M.G. Siegler, "The MacBook Neo is truly, honest-to-goodness, great." (spyglass.org)
• Why only Apple can make the Neo. (macworld.com)

Economy

• The five-year inflation-breakeven is up some 50bp since the beginning of the year. (econbrowser.com)
• The U.S. may be self-sufficient in oil, but it is still a global market. (economist.com)
• How would the Iran war lead to stagflation? (paulkrugman.substack.com)
• How AI is showing up in academic economics papers. (ft.com)

Earlier on Abnormal Returns

• Longform links: neck-snapping velocity. (abnormalreturns.com)
• What you missed in our Wednesday linkfest. (abnormalreturns.com)
• Personal finance links: extended expenses. (abnormalreturns.com)
• Don't miss a thing! Sign up for our daily e-mail newsletter. (abnormalreturns.com)

Mixed media

• How Banksy's unmasking will affect the value of his art. (wsj.com)
• This is a cool application of digital art. (smithsonianmag.com)

Strategy

• Big portfolio changes are hard to reverse. (wsj.com)
• How your strengths and weaknesses as an investor relate. (microcapclub.com)

Private assets

• Goldman ($GS) and JPMorgan Chase ($JPM) are offering hedge funds ways to bet against the private credit market. (msn.com)
• What will private credit look like on the other side of a redemption cycle? (morningstar.com)
• This vintage of software buyouts looks most at-risk. (thealtview.substack.com)

Business

• Texas is making its pitch to corporate America. (ft.com)
• Data centers are a boon to construction company margins. (sherwood.news)
• Align Technologies ($ALGN) is the biggest user of 3-D printers in the world. (wired.com)
• The funeral business is ripe for disruption. (news.crunchbase.com)
• Nilay Patel talks with Rich Greenfield about Parmount's ($PSKY) deal for WBD. (theverge.com)

Startups

• Kalshi has raised more than $1 billion at a $22 billion valuation. (theblock.co)
• Employee share tender offers are often reserved for just the biggest startups. (pitchbook.com)
• VCs are investing big in defense and security robotics. (pitchbook.com)
• Bluesky raised a $100 million Series B and didn't tell anyone about it for a year. (bsky.social)

Economy

• A CPI spike is coming. (bonddad.blogspot.com)
• How oil shocks reverberate around the economy. (thebulwark.com)
• Gen X is a hard working generation. (advisorperspectives.com)

Earlier on Abnormal Returns

• Podcast links: end of the road. (abnormalreturns.com)
• What you missed in our Thursday linkfest. (abnormalreturns.com)
• Longform links: neck-snapping velocity. (abnormalreturns.com)
• Don't miss a thing! Sign up for our daily e-mail newsletter. (abnormalreturns.com)

Mixed media

• How an AI-generated military service member went viral. (washingtonpost.com)
• Is AI the antidote to social media? (readthejointaccount.com)
• AI-generated music fools us all. (klementoninvesting.substack.com)

Podcasts

• Amy Arnott and Christine Benz talk retirement plans with Jamie Hopkins and Bonnie Treichel, who are co-authors of a new book, "Your Retirement Sketchbook." (morningstar.com)
• Bogumil Baranowski talks wealth building with Arie van Gemeren, CEO of Lombard Equities Group (podcasts.apple.com)
• Stephen Dubner on why we are facing new scams all day long. (freakonomics.com)

Taxes

• There is a bull market is tax-aware investment strategies. (bloomberg.com)
• Tax planning is a family affair. (readthejointaccount.com)

Housing

• Don't go broke buying a house. (moneychangeseverything.substack.com)
• How the collapse of condo building has hampered the U.S. housing market. (theatlantic.com)
• Should consumer credit info affect home insurance? (papers.ssrn.com)

Personal finance

• Investment success is about singles, not home runs. (tonyisola.com)
• Financial independence is a lifestyle choice. (meaningfulmoney.life)
• How and when to annuitize in retirement. (morningstar.com)
• What should we make of MrBeast's move into financial services? (marketwatch.com)
• Why do rich people borrow money? (awealthofcommonsense.com)

Oil

• Commodities have been the only haven YTD. (capitalspectator.com)
• A look beyond the headlines in the oil market. (ft.com)
• The Strait of Hormuz is not entirely closed off. (sherwood.news)

Strategy

• The median alternative investment is probably not worth your time. (ritholtz.com)
• Investors get in trouble when they have big asset-liability mismatches. (awealthofcommonsense.com)
• The best charts are off the beaten path. (chartkidmatt.com)

Fund management

• Thematic ETF launches are now in overdrive. (morningstar.com)
• Vanguard's TDFs do exactly what you think. (morningstar.com)

Finance

• Which of OpenAI, Anthropic or SpaceX are going to IPO first? (om.co)
• Can AI disrupt the Bloomberg Terminal? Adherents are skeptical. (wsj.com)
• Multi-strategy hedge funds are seeing more pods jump ship to start their own funds. (bloomberg.com)
• Just how big is private credit? (ft.com)

Regulation

• The SEC and CFTC have issued new crypto guidance. (theblock.co)
• Eliminating quarterly reports will do nothing to encourage more companies to go public. (pitchbook.com)
• The SEC needs a new head of enforcement. (ft.com)

AI

• Jensen Huang of Nvidia ($NVDA) is a great presenter. (spyglass.org)
• OpenClaw is not ready for prime time. (om.co)
• Just how big a bet are hyperscalers making on continued growth? (tomtunguz.com)
• The exodus of AI talent from academia to industry is real. (papers.ssrn.com)
• Being first in something doesn't mean you necessarily win. (theatlantic.com)

Business

• Commercial real estate is increasingly being driven by service business not retail. (wsj.com)
• Data center construction now outpaces office construction. (paulkedrosky.com)
• Meet the small business owners who don't want to sell to PE. (nypost.com)

War

• How Israel enlisted the U.S. in a war on Iran. (giftarticle.ft.com)
• Do autonomous weapons make conflict more likely? (time.com)
• Ukraine is stringing nets over cities to thwart drones. (npr.org)
• How GPS spoofing works. (theconversation.com)

Economy

• Inflation was problem even before the Iran war. (newsletter.mikekonczal.com)
• Is anyone going to get their tariff refund any time soon? (theatlantic.com)

Earlier on Abnormal Returns

• Personal finance links: extended expenses. (abnormalreturns.com)
• Research links: more transacting. (abnormalreturns.com)
• What you missed in our Monday linkfest. (abnormalreturns.com)
• Adviser links: trust and relationships. (abnormalreturns.com)
• Don't miss a thing! Sign up for our daily e-mail newsletter. (abnormalreturns.com)

Mixed media

• Utah makes it really easy to ban books. (bookriot.com)
• How to fix your information diet. (ryanholiday.net)

Podcasts

• Josh Brown and Michael Batnick talk with Rick Wurster, CEO of Charles Schwab ($SCHW). (youtube.com)
• Meb Faber talks with Wes Gray, Co-CIO of Alpha Architect, and Brent Sullivan, Editor of Tax Alpha Insider, about the search for tax alpha. (podcasts.apple.com)
• Frazer Rice talks the trustee crisis with Jennifer Zelvin McCloskey. (frazerrice.com)
• Ben Carlson talks box spread loans with Joseph Wang, co-founder and CRO of SyntheticFi. (youtube.com)

Custodians

• Charles Schwab is not fazed by new custodian competitors. (citywire.com)
• Altruist is planning to roll out additional AI agents. (wealthmanagement.com)
• Some surprises from a candid talk with Rick Wurster, CEO of Charles Schwab ($SCHW). (downtownjoshbrown.com)

AI

• Why AI won't replace financial advisors. (awealthofcommonsense.com)
• Don't add technology, just for technology's sake. (wealthmanagement.com)
• In the age of AI, why do clients hire financial advisors? (kitces.com)
• Perplexity has a deal with Plaid for financial data access. (wealthmanagement.com)

Taxes

• Direct indexing is now table stakes for advisers. (investmentnews.com)
• 351 Exchanges are not risk-free. (morningstar.com)
• How QSBS has gotten better for founders. (advisorperspectives.com)

CFP Board

• The CFP Board is splashing out on a new ad campaign. (financial-planning.com)
• The CFP Board has no real competition. (riabiz.com)

Longreads

• Pheasant and Lurtz, "Goal-setting is hard." (financialplanningassociation.org)
• Why marketing doesn't scale. (kitces.com)
• How to better structure an internship program. (barrons.com)
• Are advisers too focused on asset accumulation vs. decumulation in retirement? (thedailyupside.com)
• How care giving changes a client's perspective. (thinkadvisor.com)
• Why do rich people borrow money? (awealthofcommonsense.com)
• Are you a financial advisor? Every Friday we send a (free) advisor-focused newsletter. (newsletter.abnormalreturns.com)
• Tim Maurer, "Our personal development is inescapably intertwined with our professional success." (tim.signaturefd.com)

Markets

• There is plenty of dispersion in S&P 500 stocks this year-to-date. (axios.com)

IPOs

• Owen Lamont, "Stock market bubbles are often heralded by specific IPOs which mark their beginning and not necessarily their end." (acadian-asset.com)
• Will S&P follow Nasdaq down the road of early index entry for big IPOs like SpaceX? (giftarticle.ft.com)

VC

• Where Tether is investing it vast cash holdings. (pitchbook.com)
• Why it doesn't really make sense to talk about 'venture capital' as one thing anymore. (investing101.substack.com)

Private assets

• Private credit funds have a transparency problem. (wsj.com)
• Prime brokers are moving to give hedge funds access to prediction markets. (bloomberg.com)

AI

• Ben Thompson, "(I)f agents are making Anthropic and OpenAI the point of integration in the value chain, then the bubble argument that these companies are overvalued...may not be correct." (stratechery.com)
• xAI and Meta show throwing more money at AI doesn't necessarily work. (spyglass.org)
• Tomasz Tunguz, "Like a dog or a device, you are responsible for your agent." (tomtunguz.com)
• We are going to have to grieve the jobs/careers that AI displaces. (hellomortal.substack.com)

Economy

• Where in the U.S. rents are rising and falling. (axios.com)
• How the housing market has split in two. (agglomerations.eig.org)

Earlier on Abnormal Returns

• Adviser links: trust and relationships. (abnormalreturns.com)
• What you missed in our Sunday linkfest. (abnormalreturns.com)
• Top clicks last week on Abnormal Returns. (abnormalreturns.com)
• Don't miss a thing! Sign up for our daily e-mail newsletter. (abnormalreturns.com)

Mixed media

• Services business are advertising their independence relative to private equity owned competitors. (bloomberg.com)
• The 'concierge economy' is taking over America. (ft.com)

Factors

• The value premium is better found overseas. (mailchi.mp)
• Under what conditions do low-beta stocks stop working? (klementoninvesting.substack.com)

Alternatives

• A look at the performance characteristics of music royalties. (papers.ssrn.com)
• Do collectibles provide 'emotional yield'? (papers.ssrn.com)

Work

• AI hIring models can show significant bias. (papers.ssrn.com)
• Remote work doesn't seem to increase loneliness in the long run. (papers.ssrn.com)

Research

• Two big firms dominate U.S. equity trading. That's can't be good, right? (papers.ssrn.com)
• Retail traders love binary options a little too much. (sciencedirect.com)
• How to use models to understand intangible investments. (alphaarchitect.com)
• Active managers would do well being less active. (morningstar.com)
• A round-up of recent academic research including 'Effects of Monsoon on Indian Stock Market.' (alphainacademia.substack.com)
• More types of companies should exist, but don't. (anastasiagamick.substack.com)

AVs

• Google ($GOOGL) is tying part of Sundar Pinchai's pay to Waymo. (sherwood.news)
• Amazon’s ($AMZN) Zoox will test its robotaxis in Dallas and Phoenix. (engadget.com)
• Zoox plans to make its robotaxis available on the Uber ($UBER) app in Las Vegas later this year (techcrunch.com)

EVs

• Honda is giving up on planned new EVs. (theverge.com)
• Rivian ($RIVN) is launching a new lower cost SUV. (wsj.com)
• The Chevy Bolt is back, briefly. (arstechnica.com)
• What to know if you buy an EV. (wsj.com)

Transport

• The FAA just gave eVTOLs the green light. (godspeed.today)
• BART has a big problem. (nytimes.com)

Solar energy

• Solar panels don't traverse the Strait of Hormuz. (semafor.com)
• Last year, solar installations dipped in the U.S. (nytimes.com)
• A U.S. Senator who mocked renewable energy has solar panels on his own house. (politico.com)

Energy

• Despite a lot of talk and press releases, not much nuclear power is getting built. (semafor.com)
• Nuclear power is more flexible than you think. (klementoninvesting.substack.com)
• How renewable energy projects can revive an area. (theatlantic.com)
• Why not use geothermal energy to power data centers? (rockandturner.substack.com)
• Why aren't there wind turbines in Lake Michigan? (chicago.suntimes.com)

Environment

• The number of worldwide extreme heat days is growing over time. (bloomberg.com)
• The war in Iran is already an environmental disaster. (yahoo.com)
• The EPA is down, but not out. (biographic.com)
• The Trump administration has targeted the National Center for Atmospheric Research for closure. (science.org)
• A look at the life of the A23a iceberg as it nears its end. (bbc.co.uk)
• How AI is being used to remove snow up faster. (insurancejournal.com)
• How AI could help recycling operations. (qz.com)

Animals

• The Trump administration can't make up its mind about the threat of Asian carp in the Great Lakes. (chicago.suntimes.com)
• Why are black bear attacks rising in Japan? (vox.com)

Travel

• Climate change is going to make flying bumpier. (newyorker.com)
• The airlines act as if they hate basic economy passengers. (msn.com)

Technology

• Pokemon Go has provided Niantic with a lot of geo-data. (technologyreview.com)
• War ultimately requires human oversight. (theconversation.com)

Behavior

• People are seeking out new third spaces. (cnbc.com)
• On the prospects of psychoactive compounds without the trip. (sciencedaily.com)
• Five insights from Sunita Sah's "Defy: The Power of No in a World That Demands Yes." (nextbigideaclub.com)

Addiction

• Are GLP-1s going to become the standard treatment for addiction? (npr.org)
• Higher doses of buprenorphine seem to better prevent opioid relapse. (theconversation.com)
• A single dose of psilocbybin seems to help smokers quit. (npr.org)
• Recreational marijuana does displace illegal markets. (eurekalert.org)

Health

• How mammograms could be used to identify heart disease. (msn.com)
• How pediatricians are navigating an increasingly complex vaccine landscape. (nytimes.com)
• The state of Florida is doing its best to ignore a measles outbreak. (theatlantic.com)

Food

• You're eating more cabbage than you think. (worksinprogress.news)
• Who is spending money on DoorDash? (theargumentmag.com)
• The U.S. pistachio industry traces its origins to Iran. (bloomberg.com)
• Eat more fiber. (sciencedaily.com)

Drink

• More signs the craft brewing industry is in trouble. (chicago.suntimes.com)
• Running a business, especially a microbrewery, is a challenge. (illiquid.beer)

Sports

• The NFL wants to own another day. (sportico.com)
• How sports drove the adoption of television. (worksinprogress.co)

Entertainment

• How highly engineered short form video has taken over China. (hbr.org)
• Filmmakers are returning to the center of the Hollywood universe. (theatlantic.com)
• Every stream of an AI-produced song, dilutes royalties for humans. (perthirtysix.com)

College

• How to compare financial aid awards. (thecollegefinanciallady.com)
• Universities have largely been successful in court against the administration. (theatlantic.com)

Earlier on Abnormal Returns

• What you missed in our Friday linkfest. (abnormalreturns.com)
• Podcast links: limiting yourself. (abnormalreturns.com)
• The 2026 UBS Global Investment Yearbook is here! (abnormalreturns.com)
• Don't miss a thing! Sign up for our daily e-mail newsletter. (abnormalreturns.com)

Mixed media

• "Trust, attention and belonging" doesn't scale. (seths.blog)
• Remember when a big chunk of Silicon Valley got bailed out? A look back at the failure of Silicon Valley Bank. (slate.com)
• The ultra-wealthy are splashing out on giant aquariums. (wsj.com)

Markets

• If you're not confused right now, you're doing it wrong. (howardlindzon.com)
• Degens are now trading perpetual oil futures 24/7. (wsj.com)

Strategy

• There's no investing without some anxiety. (tker.co)
• Sean McLaughlin, "Every trade exists in its own context with its own participants and its own set of circumstances that have never existed before and will never exist again." (allstarcharts.com)

Companies

• Microsoft ($MSFT) trades its lowest relative valuation in over a decade. (barrons.com)
• Dick's ($DKS) is the obvious winner of the youth sports boom. (wsj.com)
• Americans have once again fallen in love with Barnes & Noble. (theatlantic.com)

Meta

• Meta ($META) is reportedly planning big layoffs. (techcrunch.com)
• There is a backlash against devices like Meta's smart glasses. (wsj.com)

Private credit

• To gate, or not to gate, that is the question for private credit managers. (pitchbook.com)
• On the difference good PIKs and bad PIKs. (larryswedroe.substack.com)

The media

• The FCC commissioner has threatened to pull broadcast licenses due to Iran war coverage. (usatoday.com)
• The Secretary of Defense if openly pining for a change in ownership of CNN. (variety.com)
• The Pentagon is taking great control of Stars and Stripes because it's too 'woke.' (npr.org)

DHS

• The DHS has gutted its oversight function. (theguardian.com)
• The next DHS head has a contracting mess to clean up. (axios.com)
• The DHS keeps pushing for access to data it doesn't have a legal basis for. (propublica.org)
• In any other administration this would be a major scandal. (msn.com)

Entitlements

• Social Security is our best anti-poverty program. (crr.bc.edu)
• What happens if If Medicare’s hospital insurance fund runs out of money? (theincidentaleconomist.com)

Oversight

• The U.S. Department of Education has abandoned key oversight of the companies that run the federal student loan program (npr.org)
• A DOGE employee reportedly took a mess of Social Security data. (techcrunch.com)

Power

• More evidence that billionaire money now dominates American politics. (nytimes.com)
• Jared Kushner is soliciting investments from foreign governments while acting as a 'diplomat.' (nytimes.com)
• Trump just does stuff. (nplusonemag.com)
• This story is telling. (defector.com)

Iran

• Ezra Klein talks the history of Iran-U.S. relations with Ali Vaez who is the Iran project director at the International Crisis Group. (open.spotify.com)
• Mishal Husain talks with Vali Nasr, author of "Iran’s Grand Strategy: A Political History." (youtube.com)

Economy

• The potential risks to the economy are adding up. (stayathomemacro.substack.com)
• The administration is now pushing the H-2A program, i.e. temporary visas for farm workers. (nytimes.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)
• Don't miss a thing! Sign up for our daily e-mail newsletter. (abnormalreturns.com)

Mixed media

• Ukraine drone technology is now in high demand. (nbcnews.com)
• Suspended sanctions and higher oil prices make Russia a winner from the Iran war. (msn.com)
• Ukraine is weaning itself off of China-made drone parts. (nytimes.com)

Economics

• Cardiff Garcia talks with Stefanie Stantcheva about a paper she co-authored, "Zero-Sum Thinking and the Roots of US Political Differences." (podcasts.apple.com)
• Larry Kotlikoff in a wide-ranging economics talk with Prof. Gregory Mankiw. (larrykotlikoff.substack.com)

Finance

• Barry Ritholtz talks ETF innovation with Wes Gray of ETF Architect. (ritholtz.com)
• Ryan Detrick and Sonu Varghese talk the AI economy with Steve Hou of Bloomberg and Kai Wu of Sparkline Capital. (youtube.com)
• Ted Seides talks with Katelin Holloway, a Founding Partner at Seven Seven Six. (capitalallocators.com)

Nir Eyal

• Jordan Harbinger talks with Nir Eyal, author of "Beyond Belief: The Science-Backed Way to Stop Limiting Yourself and Achieve Breakthrough Results." (jordanharbinger.com)
• Derek Thompson talks with Nir Eyal, author of "Beyond Belief: The Science-Backed Way to Stop Limiting Yourself and Achieve Breakthrough Results." (podcasts.apple.com)

Non-finance

• Josh Wolfe talks with Bill Gurley, author of "Runnin' Down a Dream: How to Thrive in a Career You Actually Love." (riskgaming.com)
• Sean Illing talks with Hanna Pickard, author of "What Would You Do Alone in a Cage With Nothing But Cocaine?" (podcasts.apple.com)
• Ben Southwood, Aria Schrecker, and Saloni Dattani look at the biology of long-lived animals and what we can learn about human longevity. (worksinprogress.news)

Retail trading

• Five minute bets on crypto? Sure, why not? (ft.com)
• Are retail traders finally pulling back? (sherwood.news)

Finance

• Nasdaq ($NDAQ) is bending over backwards to accommodate SpaceX. (wsj.com)
• SPVs are booming. Not all of them have clear title to the stock they are selling. (bloomberg.com)
• Wealthfront ($WLTH) is seeing outflows from its cash management business. (riabiz.com)
• The structured note business keeps growing. (citywire.com)

AI

• If the Department of Defense can blacklist Anthropic then no company is safe. (wsj.com)
• A political backlash against AI was brewing, the Iran war just backburnered it. (riskgaming.com)
• There's a lot more to replacing labor than just automating tasks. (davidoks.blog)

GLP-1s

• How the market for GLP-1s has evolved. (wapo.st)
• Not everyone responds well to GLP-1s. (nytimes.com)
• Eli Lilly ($LLY) warns about GLP-1 knockoffs. (biopharmadive.com)

Art market

• Art auctions saw a boost in sales last year. (barrons.com)
• David Gilmour's 'Black Strat' just sold for a record $14.55 million. (rollingstone.com)
• The Jim Irsay Collection is unique. (newatlas.com)

Earlier on Abnormal Returns

• Podcast links: limiting yourself. (abnormalreturns.com)
• What you missed in our Thursday linkfest. (abnormalreturns.com)
• Longform links: a built environment. (abnormalreturns.com)
• The 2026 UBS Global Investment Yearbook is here! (abnormalreturns.com)
• Don't miss a thing! Sign up for our daily e-mail newsletter. (abnormalreturns.com)

Mixed media

• How Mackenzie Scott gives money away. (wsj.com)
• Another example of how you can just do stuff. (wsj.com)

Podcasts

• Jon Luskin talks with Heather and Douglas Boneparth, authors of "Money Together." (bogleheads.podbean.com)
• Christine Benz and Amy Arnott talk with David Bach, author of "The Automatic Millionaire." (morningstar.com)
• Thomas Kopelman talks with Brent Sullivan about 351 exchanges. (podcasts.apple.com)

Housing

• In Atlanta it's now more expensive to live in the suburbs than the city. (wsj.com)
• Home affordability is better than it was. (thebasispoint.com)
• Know your home insurance coverages. (whitecoatinvestor.com)
• Why not retire TO the city? (nytimes.com)

Investing

• Don't let the tax tail wag the investment dog. Period. (whitecoatinvestor.com)
• The 60/40 portfolio vs. a bucket strategy. (theretirementmanifesto.com)
• Money market funds, 101. (morningstar.com)

Taxes

• The case for donating shares, not cash. (flowfp.com)
• How the step-up in tax basis works. (moneychangeseverything.substack.com)

Work

• How to set up your business for the long run. (moneychangeseverything.substack.com)
• AI is giving entrepreneurs the push to start new businesses. (wsj.com)

Personal finance

• Wealth is more than money. (meaningfulmoney.life)
• How Robinhood's ($HOOD) new Platinum credit card stacks up. (wsj.com)
• Americans are increasingly raiding their 401(k) plans. (wsj.com)
• Why you should switch to an authenticator app. (obliviousinvestor.com)
• Some beliefs are assets, other are liabilities. (ofdollarsanddata.com)
• On the power of letting stuff go. (wggtb.substack.com)
• Maintenance matters. (rootofall.substack.com)
• Fear sells. (tonyisola.com)

Private assets

• JP Morgan Chase ($JPM) is reportedly tightening lending standards. (barrons.com)
• The Cliffwater Corporate Lending fund has experienced notable redemption requests. (citywire.com)
• Why the investment industry is hell-bent on pushing alternative assets into TDFs and individual invesrtor portfolios. (thealtview.substack.com)
• Asset managers are now trying to push private assets on European individual investors. (ft.com)

Indices

• Why Nasdaq ($NDAQ) is planning to cave to Elon. (keubiko.substack.com)
• What happened to the Wilshire Indices business? (ft.com)

AI

• OpenAI is rapidly bundling and unbundling features. (spyglass.org)
• Can AI predict human behavior better than humans? (wsj.com)
• How LLMs could change public discourse. (conspicuouscognition.com)

Apple

• The MacBook Neo is a real Mac. (sixcolors.com)
• The MacBook Neo is 'enough' for the vast majority of people. (om.co)
• John Gruber, "The Neo is a mass-market device that was conceived of, designed, and engineered to expand the Mac user base to a larger audience." (daringfireball.net)

Defense

• Remember Signalgate? A year later no one has been punished. (theatlantic.com)
• The Pentagon has dramatically cut back the office tasked with avoiding civilian casualties. (propublica.org)
• In any other administration this would be a major scandal. (wsj.com)

Immigration

• Why are Kiwis emigrating in record numbers? (edition.cnn.com)
• An example of how a sudden immigration stop affected the South Korean economy. (nber.org)

Economy

• The February 2026 CPI report was the last before the Iran war. (propublica.org)
• War makes the Fed's job harder. (capitalspectator.com)
• What the Challenger Layoff Tracker actually measures. (besttrousers.substack.com)
• Adam Ozimek, "Our willingness to pay for the human touch does not mean that AI will not be disruptive to the labor market." (theatlantic.com)

Earlier on Abnormal Returns

• Personal finance links: addressing both things. (abnormalreturns.com)
• What you missed in our Tuesday linkfest. (abnormalreturns.com)
• Research links: excluded variables. (abnormalreturns.com)
• The 2026 UBS Global Investment Yearbook is here! (abnormalreturns.com)
• Don't miss a thing! Sign up for our daily e-mail newsletter. (abnormalreturns.com)

Mixed media

• Copywriters are now writing for bots. (semafor.com)
• When everything is a merch drop, nothing is. (theatlantic.com)
• Why do indie coffee shops all look alike? (theconversation.com)

Books

• An excerpt from "After Covid: The Health Impacts That Will Last Generations" by Jason Gale. (bloomberg.com)
• David Epstein talks with Olga Khazan, author of "Me, But Better: The Science and Promise of Personality Change." (davidepstein.substack.com)
• A profile of Tom Junod, author of "In the Days of My Youth I Was Told What It Means to Be a Man: A Memoir." (nytimes.com)

Business

• The story of Reddit ($RDDT). (quartr.com)
• A profile of Grab Holdings ($GRAB) the Southeast Asian super app. (fiscal.ai)

Global

• Finland understand the threat from Russia. (bloomberg.com)
• How the petrostates are vulnerable in a future world less dependent on oil. (unchartedterritories.tomaspueyo.com)
• Is China fudging its poverty numbers? (ft.com)

Environment

• What happens when big chunks of the world are simply uninsurable? (aeon.co)
• Corpus Christi, Texas has a water problem. (texastribune.org)

History

• The history of nuclear power in the U.S. begins with Admiral Hyman Rickover. (worksinprogress.news)
• An excerpt from "Safe Passage: The Untold Story of Diplomatic Intrigue, Betrayal​, and the Exchange of American and Japanese Civilians by Sea During W​o​rld War II" by Evelyn Iritani. (smithsonianmag.com)

Entertainment

• How Pixar lost its way. (thebaffler.com)
• How The Sphere works. (readtrung.com)
• How (why?) James Patterson feeds his publishing machine. (bloomberg.com)

Sports

• An oral history of the Sloan Sports Analytics conference. (theringer.com)
• How the PGA Tour turned A $1 swamp, i.e. Sawgrass, and a $150 million a year business. (huddleup.substack.com)

Longreads

• How the destruction of the middle class affects everyone. (yourbrainonmoney.substack.com)
• Why American universities have failed to see a backlash coming. (newyorker.com)
• Why reducing the cost of CAR-T therapy would be such a big deal. (newyorker.com)
• Humans have been debating the mind-body connection forever. (theatlantic.com)
• Another example of Elon Musk's hype machine gone wrong. (washingtonian.com)
• How to spot a huckster. (investing101.substack.com)

Companies

• Apple ($AAPL) now makes about 25% of iPhones in India. (asymco.com)
• The LiveNation ($LYV) deal will do nothing to bring down ticket prices. (boondoggle.substack.com)
• Why are people so freaked out about institutional ownership of single family homes? (marginalrevolution.com)

Private assets

• Insurance companies have a lot of private credit exposure. (philbak.substack.com)
• 2028 will see a lot of lower-grade software debt mature. (apolloacademy.com)
• Are target date and 401(k) managers going to scared off from adding private asset exposure? (fa-mag.com)
• The investment industry has overhyped the case for private assets. (thealtview.substack.com)

AI

• Will AI turn out to be a good bubble or a bad bubble? (theatlantic.com)
• Why AI may never be cheaper that it is right now. (axios.com)
• The best Go players now mimic AI moves. (technologyreview.com)

Iran

• Charles Edward Gehrke, "The system that governs international shipping is, at its foundation, voluntary." (theconversation.com)
• How the U.S. came to strike an elementary school. (nytimes.com)
• On the strategic incoherence of the Iran war. (danieldrezner.substack.com)

Earlier on Abnormal Returns

• Longform links: a built environment. (abnormalreturns.com)
• What you missed in our Wednesday linkfest. (abnormalreturns.com)
• Personal finance links: addressing both things. (abnormalreturns.com)
• The 2026 UBS Global Investment Yearbook is here! (abnormalreturns.com)
• Don't miss a thing! Sign up for our daily e-mail newsletter. (abnormalreturns.com)

Mixed media

• Kyle Chayka, "As American journalistic institutions are consolidated and politicized by tech billionaires seeking to dominate the industry, those who consume news on the internet are increasingly left to assemble the disparate pieces on their own." (newyorker.com)
• NewsGuard has launched an AI content farm detection tool. (adweek.com)
• The mainstream media has dramatically decreased coverage of climate issues. (grist.org)
• Apparently we just stopped fact checking so-called experts on TV. (awfulannouncing.com)

Quant stuff

• Kris Longmore, "AI is a tool for doing the technical work faster. I use it every day. But the technical work was never the hard part. The real scarcity is judgment." (krislongmore.substack.com)
• A round-up of recent academic research including 'Minimum Wages and Rise of the Robots.' (alphainacademia.substack.com)
• The 2026 UBS Global Investment Yearbook is here! (abnormalreturns.com)

Research

• Betas change. (mrzepczynski.blogspot.com)
• The case for diversification. (larryswedroe.substack.com)
• Applying a Beseimbinder type model to the UK stock market. (link.springer.com)
• A long-term look at two strategies that actually are defensive. (alphaarchitect.com)
• Cameron Passmore and Benjamin Felix talk with Prof. James Choi about his paper 'Practical Finance: An Approximate Solution to Lifecycle Portfolio Choice.' (rationalreminder.libsyn.com)
• Analysts have only so much attention to give. (phys.org)
• How noise traders can affect the real economy, think negative oil prices. (nber.org)
• Try not to get liquidated. (papers.ssrn.com)