Thursday links: the relentless pursuit of goals

MarketsThe junk bond market has become a lot less junky. (morningstar.com)Platinum and palladium are joining in on the metals boom. (etf.com)Defense investment is 'no longer a dirty word' in Europe. (giftarticle.ft.com)Crypto ETFs are seeing outflows. (etf.com)StrategyA look at how emerging markets cycle from outperformance to underperformance. (awealthofcommonsense.com)Sean McLaughlin, "The discomfort of inactivity IS the work. The profits come from what you don't do as much as what you do." (allstarcharts.com)FinanceBlackstone ($BX) has some portfolio companies, like Jersey Mike's, it would like to sell you. (giftarticle.ft.com)A worrisome sign for private equity returns. (permanentequity.com)AIAnthropic and the contradictions of AI. (theatlantic.com)Microsoft ($MSFT) is capacity constrained. (tomtunguz.com)AI is pushing up the price of memory chips. (nytimes.com)EconomySome big companies have announced some big layoffs this week. (wsj.com)In response to U.S. bullying, countries are