Sunday links: concentration of big winners
MarketsMarket concentration in a bull market is a feature, not a bug. (downtownjoshbrown.com)Valuations don't tell you much about what happens the next year. (tker.co)How have Wall Street strategists done with their price forecasts? (chartkidmatt.com)The week in the degenerate economy. (howardlindzon.com)CompaniesSpaceX is buying employee shares at a $800 billion valuation. (cnbc.com)Failed media mergers are the norm, not the exception. (wapo.st)Fund managementMichael Sidgmore, "The asset management industry is in the early innings of the convergence of public and private." (altgoesmainstream.substack.com)We need more fund fee transparency, not less. (morningstar.com)ImmigrationNow legal immigration has ground to a halt. (axios.com)What the numbers say about the economic impact of refugees on the American economy. (wsj.com)A profile of Gregory Bovino of the US Border Patrol. (chicago.suntimes.com)Crime and punishmentIRS tax prosecutions have plunged in 2025. (yahoo.com)Apparently mortg
Markets
- Market concentration in a bull market is a feature, not a bug. (downtownjoshbrown.com)
- Valuations don't tell you much about what happens the next year. (tker.co)
- How have Wall Street strategists done with their price forecasts? (chartkidmatt.com)
- The week in the degenerate economy. (howardlindzon.com)
Companies
- SpaceX is buying employee shares at a $800 billion valuation. (cnbc.com)
- Failed media mergers are the norm, not the exception. (wapo.st)
Fund management
- Michael Sidgmore, "The asset management industry is in the early innings of the convergence of public and private." (altgoesmainstream.substack.com)
- We need more fund fee transparency, not less. (morningstar.com)
Immigration
- Now legal immigration has ground to a halt. (axios.com)
- What the numbers say about the economic impact of refugees on the American economy. (wsj.com)
- A profile of Gregory Bovino of the US Border Patrol. (chicago.suntimes.com)
Crime and punishment
- IRS tax prosecutions have plunged in 2025. (yahoo.com)
- Apparently mortgage fraud is far more widespread than previously thought. (propublica.org)
- Caribbean boat strikes won't do much to reduce drug use. (npr.org)
- The FBI has taken its eye off of Chinese espionage. (thebulwark.com)
Policy
- A view from the outgoing SEC commissioner on investor protections, or lack thereof. (politico.com)
- Here's what happens if you ask the press office of the DOD a tough question. (motherjones.com)
- Why is FEMA denying disaster aid to Northern Michigan? (paulkrugman.substack.com)
- The United States just caught a downgrade on 'civic freedoms.' (monitor.civicus.org)
Economy
- Affordability affects everyone. (lefsetz.com)
- Living standards are rising, so are expectations. (ria.disciplinefunds.com)
- Employment in California and New York is falling. (econbrowser.com)
- Why there's disagreement about how many people work in manufacturing. (agglomerations.substack.com)
- The economic schedule for the coming week. (calculatedriskblog.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
- Marc Lamber, "We treat every robotaxi error as a verdict on the entire technology, while the daily carnage of human driving fades into the background." (wapo.st)
- Christopher Mims, "We tolerate the opacity of human decision-making despite years of research showing our own fallibility. Yet many of us aren’t ready to believe an automated system can do any better." (wsj.com)
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