Wednesday links: pessimism sells

MarketsConsumer staples now trade a premium to the Mag 7. (chartkidmatt.com)Emerging market equities have undeperformed U.S. stocks for well over a decade, until now. (stockmarketmedia.com)Financial stocks have given up all their relative outperformance. (trendlabs.com)FinanceNobody reads disclaimers. (ft.com)When sell-side research no longer moves markets. (rupakghose.substack.com)Prediction marketsKalshi has fined two people for insider trading. (npr.org)This guy bet his entire net worth on prediction markets, and won. (wsj.com)TechnologyApple ($AAPL) is trying to buy American-made chips. (wsj.com)With AI, everyone is getting into everyone else's business. (spyglass.org)Do users care which AI model they use? (sherwood.news)GLP-1sNovo Nordisk ($NVO) is extending the weight loss drug price war. (wsj.com)Derek Thompson talks GLP-1s with Eli Lilly ($LLY) CEO David Ricks. (podcasts.apple.com)EconomyIf 'housing is the business cycle' we should be concerned. (bonddad.blogspot.com)Some open