Tuesday links: jobs vs. gyms

Strategy'Buying the dip' sounds better in theory than practice. (moneychangeseverything.substack.com)Why you can't optimize the unknowable. (ofdollarsanddata.com)AIAI is increasing the range of outcomes for companies. (behaviouralinvestment.com)Why BDCs are selling off on fears of stress in the software sector. (ft.com)FinanceDan Rasmussen, "Capital has flowed away from an industry [hedge funds] that has been forced to prove alpha under relentless scrutiny and toward one [private equity] that has largely avoided it." (mailchi.mp)Jump Trading is gaining stakes in Kalshi and Polymarket, in exchange for providing market making services. (theblock.co)The CFTC's Chicago office has essentially be shuttered. (barrons.com)CoffeeMore evidence that coffee (and tea) consumption help reduce the incidence of dementia. (sciencealert.com)Luckin, China’s biggest coffee chain, opened its 30,000th store. (semafor.com)Starbucks ($SBUX) did a big menu makeover. (axios.com)EconomyLabor continues to lose GD