Tuesday links: a wave of IPOs

MarketsWhat happens to the Mag 7 when the big AI companies are public? (ft.com)IPOs and secondary sales highlight a shift in the market environment. (theatlantic.com)How the end of cheap capital changes things. (hbr.org)StrategyGlobal stock market return dispersion is historically high. (acadian-asset.com)The World Cup highlights a lot of our behavioral foibles. (behaviouralinvestment.com)Uncorrelated returns are hard to find, enter managed futures. (taxalphainsider.com)Fund managementThe ETF industry is on track for another record (inflow) year. (msn.com)Don't let the name fool you, not all hedge funds are in the same business. (oldroperesearch.substack.com)Apollo ($APO) is forced to cap withdrawals from the Apollo Debt Solutions fund. (citywire.com)TradingHow big a threat are perpetual futures to traditional exchanges? (wsj.com)Meta ($META) is reportedly building a standalone prediction market app. (nytimes.com)BrexitTen years on, Brexit isn't looking great. (axios.com)How the UK