Wednesday links: private equity rot

MarketsIt's hard not to get nervous looking at tech stock returns. (morningstar.com)Financial stocks are at an all-time high. (trendlabs.com)A closer look at tech sector valuations. (chartkidmatt.com)FinanceLiz Hoffman, "AI may be a revolutionary and exciting technology, but its immediate effect has been to put companies in a defensive crouch." (semafor.com)Allocators are turning to smaller PE firms to try to generate some alpha. (ft.com)Continuation funds can represent a conflict of interest. (nytimes.com)TechnologyIt's not just kids addicted to phones, grandparents are now hooked. (theatlantic.com)When you give technology, also give the gift of installation. (sixcolors.com)Algorithms love regurgitating old stuff. (honest-broker.com)GlobalSwitzerland is increasingly under economic pressure. (ft.com)How China built a big weapons export business. (wsj.com)Under Trump, Europe is on its own. (politico.com)EconomyStill no sign of a meaningful pickup in weekly initial unemployment claims.