Wednesday links: deluded portfolio managers

MarketsA history of stock market pullbacks. (awealthofcommonsense.com)If gold isn't a safe haven, what is it? (ft.com)The market is putting pressure on Trump. (axios.com)Private assetsRetail investors are kinda predictable. (morningstar.com)Investors can't get enough of the Fundrise Innovation Fund ($VCX) which owns takes in Anthropic, SpaceX and OpenAI. (sherwood.news)CompaniesEverybody knows Elon wants to merge Tesla ($TSLA) with SpaceX. So why hasn't he? (sherwood.news)Pinduoduo ($PDD) holds A LOT of cash on the balance sheet. (ft.com)What a standalone Siri app could do. (spyglass.org)VotingMilan Singh, "Voters having faith in the system matters, just as making voting broadly accessible matters." (theargumentmag.com)How did Kansas' 'proof of citizenship' voting law turn out? (nytimes.com)Trump just voted by mail. (nbcnews.com)EconomyThe economic pain of the Iran war will hit disproportionately outside the U.S. (noahpinion.blog)How will higher gasoline prices be reflected in CPI? (bo