Wednesday links: a road to failure

StrategyMost stocks aren't worth owning. (morningstar.com)How allocators should think about AI. (capitalallocators.com)Fund managementThe fund management business continues to concentrate assets in the top firms. (pionline.com)Why the alternatives industry is so interested in allocations into target date funds. (thealtview.substack.com)Frozen yogurtFrozen yogurt is seeing (another) comeback. (financialpost.com)Why are you really standing in line for frozen yogurt? (yourbrainonmoney.substack.com)IranThe official release of the MOU reached with Iran. (cnn.com)It's hard to characterize the Iran war as anything but a loss. (theatlantic.com)How Iran won the war. (noahpinion.blog)EconomyThe Treasury is increasingly dependent on T-bill issuance. (apollo.com)Farm bankruptcies are on the rise. (bloomberg.com)Earlier on Abnormal ReturnsPersonal finance links: the point of money. (abnormalreturns.com)What you missed in our Tuesday linkfest. (abnormalreturns.com)Research links: distinct econo