Thursday links: choosing a passive provider

MarketsSouth Korea's tech heavy stock market is on a tear. (axios.com)What happens when you buy stocks that benefit from an autocratic regime, and then that regime loses power. (ft.com)TradingKalshi just raised new capital at a $22 billion valuation. (nytimes.com)A look at suspected Insider trading in the crude oil futures market. (paulkrugman.substack.com)Fund managementWhy consistent fund outperformance is hard to find. (tker.co)Fidelity and Schwab ($SCHW) are putting the screws to recalcitrant ETF providers. (riabiz.com)Indexes have always evolved, but mega IPOs are accelerating things. (etf.com)Bank of New York Mellon Corp. and Robinhood are prepping for the launch of Trump Accounts. (fa-mag.com)AIOm Malik, "Like the railroads, hyperscalers have customers, workloads, and hence the monetization. They control the layer above the chips, and they are increasingly designing their own silicon to escape the Nvidia tax." (om.co)Companies that have stakes in OpenAI and Anthropic are booking