Tuesday links: extreme capriciousness

MarketsRates are up all over the world. (axios.com)Bonds and stocks are living in two different worlds. (mrzepczynski.blogspot.com)Are one-time effects driving S&P 500 earnings? (axios.com)The ERP is essentially zero. (wsj.com)FinancePublic shareholders of SpaceX have no say in company governance. (ft.com)The SEC and CFTC are largely on the sidelines. (nadig.com)How the rise of AI driving M&A activity. (giftarticle.ft.com)How startup dilution works. (ilyastrebulaev.substack.com)ETFsThere are now more ETFs than stocks in the U.S. (apollo.com)ETFs are taking share from mutual funds. What about hedge funds? (bloomberg.com)The SEC isn't ready for prediction markets-backed ETFs. (thedailyupside.com)Real estateThe Avalonbay ($AVB) and Equity Residential ($EQR) merger is not coming from a position of strength. (wsj.com)Charlotte is struggling with the consequences of rapid growth. (axios.com)Downtown Denver has an office vacancy problem. (wsj.com)Why Idaho is allowing for smaller lot sizes.