Sunday links: a rich and deep portfolio
MarketsThe top 10 companies in the S&P 500 generate over a third of its earnings. (apollo.com)Have you checked out China's stock market recently? (trendlabs.com)UK stocks are having a moment. (global.morningstar.com)StrategyNobody actually earns 'average' returns. (tker.co)Successful investing is a trade off between 'cynicism and naive exuberance.' (contessacapitaladvisors.com)Why hedge fund managers are so often bearish in public. (awealthofcommonsense.com)Fund managementHow securities lending helps ETF investors. (etf.com)Zero management fee hedge funds sound good, in theory. (cashandcarried.substack.com)How is Vanguard Investor Choice working out? (riabiz.com)Prediction marketsFanDuel and DraftKings are pushing further into prediction markets. (frontofficesports.com)What to make of the pause on prediction market ETFs. (cnbc.com)CompaniesHow did AST SpaceMobile ($ASTS) garner a $25 billion valuation? (bloomberg.com)Google's ($GOOGL) free cash flow could fall to zero next year. (as
Markets
- The top 10 companies in the S&P 500 generate over a third of its earnings. (apollo.com)
- Have you checked out China's stock market recently? (trendlabs.com)
- UK stocks are having a moment. (global.morningstar.com)
Strategy
- Nobody actually earns 'average' returns. (tker.co)
- Successful investing is a trade off between 'cynicism and naive exuberance.' (contessacapitaladvisors.com)
- Why hedge fund managers are so often bearish in public. (awealthofcommonsense.com)
Fund management
- How securities lending helps ETF investors. (etf.com)
- Zero management fee hedge funds sound good, in theory. (cashandcarried.substack.com)
- How is Vanguard Investor Choice working out? (riabiz.com)
Prediction markets
- FanDuel and DraftKings are pushing further into prediction markets. (frontofficesports.com)
- What to make of the pause on prediction market ETFs. (cnbc.com)
Companies
- How did AST SpaceMobile ($ASTS) garner a $25 billion valuation? (bloomberg.com)
- Google's ($GOOGL) free cash flow could fall to zero next year. (asymco.com)
- Markel ($MKL) has attracted an activist investor. (barrons.com)
- Are airlines out of profit levers to pull? (readtrung.com)
Conflicts of interest
- The Trump family is finding new ways to invest in companies that contract with the federal government. (ft.com)
- Not surprisingly the company that is painting the Lincoln Memorial Reflecting Pool has a Trump connection. (nytimes.com)
ICE
- ICE activity has done little to help native-born workers. (papers.ssrn.com)
- DHS is dropping its fast track training program for new ICE agents. (politico.com)
- ICE keeps detaining this American citizen. (motherjones.com)
Iran
- Just how much the war in Iran costing? It's likely more than $25 billion. (nytimes.com)
- The war in Iran has uncovered some uncomfortable truths about American power. (theatlantic.com)
- Gulf countries feel abandoned by the U.S. (wsj.com)
- How much is the Iran war actually costing? (newsletter.platypuseconomics.com)
- Iran's navy is nothing if not resourceful. (giftarticle.ft.com)
Military
- The U.S. military keeps destroying boats in the Caribbean. (nytimes.com)
- Under federal law, military widows lose their family’s survivor benefits if they remarry before age 55. (washingtonpost.com)
Policy
- The 119th Congress has been historically inactive and members are retiring at a rapid pace. (wsj.com)
- The Trump administration is waging a war on public governmental records. (axios.com)
- Trump wants to remake Washington DC in his image. (npr.org)
- Here is a tax that billionaires will actually pay. (theatlantic.com)
Economy
- The labor market is looking better, but inflation worse. (newsletter.mikekonczal.com)
- Why a crackdown on immigrants hasn't helped native born workers. (axios.com)
- What to make of the national debt debate. (newsletter.platypuseconomics.com)
- Penny wise and pound foolish, skimping on economic data costs a country in the long run. (economist.com)
- A look at the K-shaped economy via spending. (libertystreeteconomics.newyorkfed.org)
- 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 confuse something scarce for a novel asset class. (abnormalreturns.com)
- Don't miss a thing! Sign up for our daily e-mail newsletter. (abnormalreturns.com)
Mixed media
- Ezra Klein talks with journalist Julia Belluz about the rise of GLP-1s and the spread of unregulated peptides. (podcasts.apple.com)
- Sean Illing talks with Anna North about the relationship between wellness and conspiracy thinking. (podcasts.apple.com)
- Michael Easter talks with David Epstein, author of "Inside the Box: How Constraints Make us Better." (twopct.com)
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