Sunday links: absolute vs. relative terms

MarketsRisk is inherent in the stock market, concentration or not. (wsj.com)The U.S. stock market still trades at a premium to the rest of the world. (apolloacademy.com)The stock market is betting on hard infrastructure. (tomtunguz.com)Endowment fundsEndowment fund managers are being forced to rethink their private equity allocations. (wsj.com)College endowments withdrew a record amount of capital in FY 2025. (pitchbook.com)A look at recent endowment fund performance. (mrzepczynski.blogspot.com)FinanceHow big is private credit's exposure to software? (msn.com)Tokenization is real, and also kind of irrelevant. (etf.com)Once more into the ERShares Private-Public Crossover ETF ($XOVR) breach. (jeffreyptak.substack.com)VCsThe VC taboo about investing in portfolio company competitors is over. (bloomberg.com)It's now quite normal for startup founders and employees to sell shares before an IPO. (wsj.com)AIOn the surge in AI deal making. (tomtunguz.com)Good luck trying to pick AI winners and l