Tuesday links: a higher level of investing

StrategyJoe Wiggins, "Availability [bias] isn’t generally about imaginary risks; it is about real risks being overstated because of how aware of them we are." (behaviouralinvestment.com)Investors are like moths to a flame when it comes to complexity. (moneychangeseverything.substack.com)The best investors put their clients first. (roberthuebscher.substack.com)Private assetsHow Cliffwater is dealing with the private credit frenzy. (bloomberg.com)Another private credit fund is having to cap investor withdrawals. (ft.com)When your hurdle rate for incentive fees is on income, not total return... (thealtview.substack.com)TradingThe NYSE is joining with Securitize to develop a tokenized securities trading platform. (wsj.com)Trading on government secrets is really, really bad. (paulkrugman.substack.com)Prediction marketsKalshi is going to ban block athletes and political candidates from trading. (axios.com)Kalshi is making it easier for institutions to trade on the platform. (barrons.com)Kal