Thursday links: early admission

StrategyHow big market moves engage different types of investors. (behaviouralinvestment.com)When it pays to bet on great businesses and just hang on. (permanentequity.com)CryptoHODLers are feeling the pain. (ft.com)Altcoins are feeling the pain. (sherwood.news)Fund managementSpaceX wants to reserve its spot in indices early. (wsj.com)Mutual funds are sitting on a lot of unrealized capital gains. (financial-planning.com)A closed-end fund doing closed-end fund things. (wsj.com)AIIs AI going to disrupt the business of financial data? (wsj.com)How institutional investors use AI. (axios.com)FinancePrivate credit may be more exposed to tech and software than investors think. (tomtunguz.com)KKR ($KKR) is buying Arctos Partners, the sports-focused investment firm. (pitchbook.com)How the art lending market works. (ft.com)GlobalValentina Romei, "The 10-year government bond yields for Greece, Spain and Portugal are lower than for France, the UK and the US." (ft.com)China is working hard to shore