Tuesday links: political pressures

StrategyMost fixed income investors should avoid both long duration and big credit risks. (fa-mag.com)A good reminder that active management is really hard. (ft.com)Value investors need to update their priors. (mojo3324106.substack.com)CompaniesElliott Investment Management has made a big investment into Pinterest ($PINS) (wsj.com)Bitcoin mining is now unprofitable for the vast majority of firms. (sherwood.news)Chinese biotech is growing in influence. (mailchi.mp)Private assetsAsset managers want their fees sooner rather than later. (thealtview.substack.com)Blackstone's ($BX) BCRED saw big redemption requests. (fa-mag.com)How to think about the drivers of VC fund returns. (blogs.cfainstitute.org)AIHow much cash is OpenAI getting upfront? (om.co)The Pentagon has little legal ground to stand on with Anthropic. (lawfaremedia.org)Even when it comes to AI, personalities matter. (spyglass.org)DefenseWhy shutting down Starlink terminals for Russia was such a big deal. (theatlantic.com)Ukraine