Markets

• A look at the stocks that have jumped more than 100% over the past year. (morningstar.com)
• The American stock market has shifted from buying back stock to issuing stock. (bloomberg.com)
• On the parallels between the railroad and AI booms. (newyorker.com)

SpaceX

• Retail is betting big on SpaceX ($SPCX). (axios.com)
• There is is going to be plenty of volume in SpaceX ($SPCX) shares. (ft.com)
• SpaceX ($SPCX) performance matters more than index machinations. (wsj.com)

AI

• How Anthropic differs from OpenAI. (stratechery.com)
• Why Anthropic and the current administration are beefing. (spyglass.org)
• Users are increasingly mixing and matching AI models. (wsj.com)
• What if AI doesn't mean the end of software engineering? (theargumentmag.com)

Work

• You can't increase luck in your career, but you can do this. (ritholtz.com)
• In the AI age, job references once again matter. (wsj.com)
• On the pros and cons of remote work. (wsj.com)
• Want a job? Respond quickly. (pubsonline.informs.org)

Iran

• Secondary powers have embarrassed both Russia and the U.S. (danieldrezner.substack.com)
• The world can thank China for a muted oil price response to the Iran war. (coldeye.earth)
• A look at Iran's struggling economy. (theatlantic.com)

Global

• The UK is still living with the impact of Brexit. (time.com)
• Cuban Americans are a lifeline for Cubans. (wsj.com)
• Influence buying has gone global. (semafor.com)

Earlier on Abnormal Returns

• Adviser links: the reality of aging. (abnormalreturns.com)
• What you missed in our Sunday linkfest. (abnormalreturns.com)
• Top clicks last week on Abnormal Returns. (abnormalreturns.com)
• Don't miss a thing! Sign up for our daily e-mail newsletter. (abnormalreturns.com)

Mixed media

• AI is killing the self-help non-fiction book. (tim.blog)
• The late David Hockney embraced technology. (nytimes.com)
• Artists have always used technology. (seths.blog)

Podcasts

• Frazer Rice talks with Ted Merz, of Principals Media, about how social media works for companies these days. (frazerrice.com)
• Scott Martin talks with Zach Conway, CEO of Seed Investor, about how to best use direct indexing. (thewealthadvisor.com)
• Josh Brown talks with Sarah Solomon about why financial planners are reporting record-high compensation and job satisfaction. (youtube.com)

The biz

• RIA investors are moving away from old fashioned roll-up operators. (riabiz.com)
• Schwab ($SCHW) wants to compete with Fidelity in 401(k) recordkeeping. (riabiz.com)
• Flourish and Orion want to disrupt the big banks. (riabiz.com)

Advisers

• When prospects say its about fees, there's a good chance it's not about fees. (advisorpedia.com)
• Research shows people diagnosed with dementia show larger declines in net worth. (nber.org)
• On the how (and when) to pass down wealth. (hellomortal.substack.com)
• Student debt has a real impact on how people live their lives. (alphaarchitect.com)
• Financial advisers are not immune from burnout. (tim.signaturefd.com)
• Why no one is moving to fix Social Security. (paulkrugman.substack.com)
• Are you a financial advisor? Sign up for the weekly Talking Wealth newsletter. (talkingwealthpod.com)
• Every adviser makes mistakes. (xyplanningnetwork.com)

Markets

• Big IPOs lock in a series of market events. (rockandturner.substack.com)
• Is European stock market a viable alternative to the U.S.? (wsj.com)
• How the AI boom is remaking the stock market. (ft.com)
• Can you build a better S&P 500? (tker.co)

Private assets

• ZIRP did a number on PE firms. (fa-mag.com)
• Accounting firm Crowe agreed to sell a stake to KKR ($KKR). (wsj.com)
• Monroe Capital has had to limit withdrawals from a BDC. (citywire.com)
• Barry Ritholtz talks with Jean Eric Salata, chair of EQT Group. (ritholtz.com)

ETFs

• Index funds are booming, but so is retail trading. (awealthofcommonsense.com)
• Vanguard now has more ETF assets than Blackrock ($BLK). (msn.com)
• Schwab ($SCHW) now challenges Vanguard on ETF fees. (morningstar.com)
• How Vanguard approaches mega IPOs. (riabiz.com)
• How the SpaceX ($SPCX) IPO will affect space-related ETFs. (ft.com)
• CLO ETFs are seeing big inflows. (bloomberg.com)

Companies

• The trucking business has bottomed. (wsj.com)
• Why Elon Musk's personal cost of capital has been lower than anybody else's. (tomtunguz.com)
• How John Malone helped shaped modern American business. (thebignewsletter.com)
• Public companies want you to know they are acting with 'intention.' (ft.com)

Retail

• What makes for a great brand? (howardlindzon.com)
• GLP-1s are throwing clothing retail into chaos. (wsj.com)
• The business of clothing rental is booming. (theatlantic.com)

Defense

• How drones have leveled the battlefield between large and small countries. (wsj.com)
• Why Europe shouldn't be dependent on key Chinese defense components. (noahpinion.blog)
• How the European boom in defense spending is boosting certain towns. (wsj.com)
• The U.S. is blowing up boats that it cannot confirm are carrying drugs or weapons. (nytimes.com)

Law and order

• The Justice Department’s Public Integrity Section has been hollowed out. (notus.org)
• Judges no longer take DOJ statements at face value. (theatlantic.com)
• The attorney general is supposed to represent the interests of the American people, not one man. (buttondown.com)

Trump

• Trump's name is off the Kennedy Center but the damage is already done. (theatlantic.com)
• If you are not present in D.C. you may not realize how Trump has transformed the city. (slate.com)
• The UFC fight at the White House is also a win for sports gambling. (wapo.st)

Economy

• What PPI implies for future CPI. (bonddad.blogspot.com)
• Why we can still trust the jobs numbers. (newsletter.platypuseconomics.com)
• The world continues to draw down oil reserves. (nytimes.com)
• Another look at Powell's tenure as Fed chairman. (conversableeconomist.com)
• The economic schedule for the coming week. (economicweekly.substack.com)

Earlier on Abnormal Returns

• Top clicks this week on Abnormal Returns. (abnormalreturns.com)
• What you missed in our Saturday linkfest. (abnormalreturns.com)
• Radical uncertainty and global demographic decline. (abnormalreturns.com)
• Don't miss a thing! Sign up for our daily e-mail newsletter. (abnormalreturns.com)

Mixed media

• Sebastian Smee, "The Greatest Generation didn’t need to erect triumphal arches." (theatlantic.com)
• American society used to be more 24/7. Not any more. (marginalrevolution.com)
• In praise of dated, old fashioned flags. (worksinprogress.news)

Also on the site

• Radical uncertainty and global demographic decline. (abnormalreturns.com)
• Are you a financial advisor? Sign up for the weekly Talking Wealth newsletter. (talkingwealthpod.com)
• Don't miss a thing! Sign up for our daily e-mail newsletter. (abnormalreturns.com)

Top clicks this week

1. Corporate profit margins rule all. (tker.co)
2. Which analysts add the most value? (klementoninvesting.substack.com)
3. Good luck trying to forecast earnings a decade out. (ritholtz.com)
4. Do you really have to retire 'to something'? (melizabethgeorge.substack.com)
5. Pursuing 'dying with zero' can be stressful. (rogersplanning.blogspot.com)
6. Tony Isola, "Relying on willpower is a proven failure."
   (tonyisola.com)
7. How much of S&P 500 profits is being driven by investment gains? (substack.com)
8. Why American cars can't have normal headlights. (theatlantic.com)
9. Optimizing for future memories is a mistake. (jordangrumet.substack.com)
10. Germany is spending big to revive its rail system. (giftarticle.ft.com)

Autos

• Why American cars can't have normal headlights. (theatlantic.com)
• China's EV adoption rate is soaring. (sherwood.news)
• The Rivian ($RIVN) R2 is here. (cnbc.com)

Transport

• Protected bike lanes give a big boost to riding. (phys.org)
• How driverless trucks are doing in practice. (wsj.com)
• How drones can help fight wildfires. (godspeed.today)
• What problem(s) air taxis solve. (notboring.co)

Environment

• The Trump administration is pulling the plug on the Ocean Observatories Initiative. (thebulwark.com)
• Amazon deforestation hits lowest level since 2019. (semafor.com)
• Measuring the costs of the drying up of the Great Salt Lake. (papers.ssrn.com)
• Weather can't be avoided, it can only be priced. (unstableequilibria.substack.com)

Animals

• The case for wildlife crossings. (goodgoodgood.co)
• How pet hospice works. (newyorker.com)

Science

• The Trump administration wants to defund social science research. (theatlantic.com)
• Centralizing decision making is a disaster for American science. (marginalrevolution.com)
• The Trump administration is doing everything it can to dismantle science programs. (bloomberg.com)
• Will AI kill the academic research paper format? (marginalrevolution.com)

Apple

• The iPhone is still central to what Apple ($AAPL) does. (stratechery.com)
• Apple ($AAPL) is making the iPhone an AI device. (spyglass.org)
• The new Siri just needs to work. (spyglass.org)

Technology

• We are beginning to sort through where AI models make the most sense. (spyglass.org)
• Why aren't there American open source AI models? (cloudedjudgement.substack.com)
• Dwarkesh Patel talks with Alex Imas and Phil Trammel about the economics of AI. (youtube.com)
• Five things you need to know about AI. (technologyreview.com)
• ChatGPT has not killed Google Search. (sherwood.news)
• OpenAI has filed to go public. (wsj.com)

Cancer

• More people are surviving cancer. That doesn't mean they are in the clear. (npr.org)
• How CRISPR can be used to destroy cancer cells. (innovativegenomics.org)
• GLP-1 use may reduce the incidence of breast cancer. (sciencedaily.com)

Health

• The American College of Obstetricians & Gynecologists has released its own recommendations for maternal vaccination, (arstechnica.com)
• The U.S. is finally getting a new (better) sunscreen ingredient. (marginalrevolution.com)
• A look at recent pharmaceutical breakthroughs. (worksinprogress.news)
• Can we turn back the clock on human cells? (nature.com)
• A reminder that measles is no joke. (wired.com)
• How doctors are using AI. (nytimes.com)

Fitness

• Wearables data is nearing the clinic. (statnews.com)
• Comparing Whoop, Oura, Fitbit and Apple Watch. (wsj.com)
• Left to our own devices we tend to veer left when talking. (nytimes.com)

Drink

• New federal guidelines are out of sync with the research on the harms of alcohol consumption. (statnews.com)
• How brewers filter beer. (slate.com)

Sports

• On the marriage between Trump and UFC. (axios.com)
• The story of the turf World Cup games are getting played on. (theatlantic.com)
• Despite poor performance on the pitch, the U.S. increasingly drives world football. (ft.com)
• Professionalized youth sports is displacing places for kids to play for free. (bloomberg.com)

College

• Eight predictions for the future of colleges including 'The prestige of the truly elite colleges will, sadly, not change all that much.' (newyorker.com)
• Keep your syllabi up to date! (papers.ssrn.com)
• What is an AI degree worth? (nytimes.com)

Earlier on Abnormal Returns

• Radical uncertainty and global demographic decline. (abnormalreturns.com)
• Longform links: the decline of books. (abnormalreturns.com)
• Personal finance links: a proven failure. (abnormalreturns.com)
• Research links: setting strategic goals. (abnormalreturns.com)
• Adviser links: what truly matters. (abnormalreturns.com)
• Don't miss a thing! Sign up for our daily e-mail newsletter. (abnormalreturns.com)

Mixed media

• Marketers are now optimizing for the AI bots. (theatlantic.com)
• There is a good chance the latest viral video is company sponsored. (garbageday.email)
• Influencers are the new PR department. (bloomberg.com)
• Wrangling paid influencers isn't always easy. (semafor.com)

Global

• Germany is spending big to revive its rail system. (giftarticle.ft.com)
• Sweden's wage inequality is markedly lower than the U.S. (arindube.substack.com)
• Why Russia has hobbled its own internet. (giftarticle.ft.com)
• North Korea's economy is booming. (wsj.com)

Musk

• SpaceX, like Tesla ($TSLA), is above all a big bet on Elon. (bloomberg.com)
• Nothing Musk says, or does, seems to affect his businesses. (axios.com)

AI

• The non-AI companies have benefited from AI. (giftarticle.ft.com)
• How back office jobs are put at risk by AI. (nytimes.com)

States

• States are going out of their way to subsidize data centers. (popular.info)
• ICE detention facilities are going up whether localities want them or not. (bloomberg.com)

Longreads

• How finfluencers can make extravagant claims and get away with it. (noemamag.com)
• What does it mean to have unlimited digital storage? (libertiesjournal.substack.com)
• How the destruction of USAID helped the Ebola wave spread more quickly. (slate.com)
• Adam Gopnik, "The most American thing about the American Revolution was its revolutionary claim that belonging need not be fixed by birth, blood, or station, that citizenship could be chosen, extended, and remade." (newyorker.com)
• Putting your name on a box of Oreos is commerce, not art. (experimental-history.com)
• Marriage is not just one thing. (theatlantic.com)

Podcasts

• Cameron Passmore and Benjamin Felix talk with Ben Carlson, author of "Risk and Reward." (rationalreminder.libsyn.com)
• Peter Lazaroff talks with Prof. Henrik Bessimbinder about the long term record of the stock market. (peterlazaroff.com)
• Jordan Grumet talks with Justin Bayer, author of "House of Fidelity." (jordangrumet.substack.com)

SpaceX

• The SpaceX IPO is not that big a deal, yet. (ofdollarsanddata.com)
• Banks are using SpaceX as a lure for clients and prospects. (nytimes.com)
• You are likely going to end up have some SpaceX exposure. (ft.com)

Stocks

• Americans own a lot of stock these days. (substack.com)
• Why young people are investing in the stock market. (awealthofcommonsense.com)

Dying with zero

• Pursuing 'dying with zero' can be stressful. (rogersplanning.blogspot.com)
• Optimizing for future memories is a mistake. (jordangrumet.substack.com)

Personal finance

• Diversification isn't an end in itself. (advisorperspectives.com)
• Financial plans are never set it and forget it. (meaningfulmoney.life)
• ETFs are increasingly marketed as a way to defer taxes. (bloomberg.com)
• Five things to consider when helping your parents with their money. (nytimes.com)
• Sometimes you have to adjust your (housing) dreams to reality. (readthejointaccount.com)
• Bank tellers are often the last line of defense against scams. (nytimes.com)
• You can measure your life by money, but it would be a mistake. (mr-stingy.com)
• Do you really have to retire 'to something'? (melizabethgeorge.substack.com)
• Life is to be lived. (tonyisola.com)

Research

• Just how activist are activist investors? (ft.com)
• Which analysts add the most value? (klementoninvesting.substack.com)
• How much of S&P 500 profits is being driven by investment gains? (substack.com)
• What happens when you properly measure the value of all firms in the U.S.? (papers.ssrn.com)
• What you can learn from what fund managers say about their own performance. (klementoninvesting.substack.com)
• Revisiting the performance of active mutual funds. (morningstar.com)
• The "lottery ticket effect" helps explain retail trading behavior. (alphaarchitect.com)
• A round-up of recent research on risk management including 'How Fear Beats Greed: The Impact of Positive and Negative Sentiment on Global Stock Markets.' (capitalspectator.com)
• How do prediction markets do in practice? (quantpedia.com)

Podcasts

• Brian Adams talks with Frazer Rice, Director of Family Office Services at Next Capital Management, about what happens after trusts and estate plans are established. (podcasts.apple.com)
• Daniel Crosby talks with Jamie Hopkins is the chief wealth officer WSFS/Bryn Mawr Trust, and the CEO of Bryn Mawr Trust Advisors. (standarddeviationspod.com)
• Thomas Kopleman talks with Ben Lake about withdrawing funds during retirement. (youtube.com)

The biz

• Advisers are skeptical of Charles Schwab's ($SCHW) move into the HNW space. (riabiz.com)
• Altruist is adding some alts capabilities. (thinkadvisor.com)
• SpaceX employees want a deal on wealth management services. (finance.yahoo.com)

TradePMR

• Robinhood ($HOOD) is rapidly building out an in-house custody solution for TradePMR. (riabiz.com)
• Robinhood and TradePMR’s RIA referral program is live. (wealthmanagement.com)

Taxes

• The expanded QSBS is the hot new tax break. (bloomberg.com)
• ETFs are increasingly marketed as a way to defer taxes. (bloomberg.com)
• Links to white papers mentioned at Basis Northwest 2026. (taxalphainsider.com)

Advisers

• What you need to know about starting your own firm. (xyplanningnetwork.com)
• Clients don't want to feel judged. (advisorperspectives.com)
• How to respond to a client who uses ChatGPT to check you. (kitces.com)
• Are you a financial advisor? Sign up for the weekly Talking Wealth newsletter. (talkingwealthpod.com)
• The latest in advisortech news including 'Flourish launching a new mortgage lending platform.' (kitces.com)
• AI trading seems like a bad idea for most investors. (thedailyupside.com)

Markets

• Corporate profit margins rule all. (tker.co)
• AI trades are not a US-only phenomenon. (awealthofcommonsense.com)
• Good luck trying to forecast earnings a decade out. (ritholtz.com)

ETFs

• A change is coming for cannabis stocks and ETFs. (sherwood.news)
• What makes for a successful liquid alts ETF. (hedgeco.net)

AI

• Anthropic is now calling for a slowdown in AI development. (semafor.com)
• OpenAI wants to take the chat out of ChatGPT. (spyglass.org)

Immigration

• Well-funded startups are still able to hire H-1B workers. (pitchbook.com)
• There has not been a surge of denaturalizations under Trump. (npr.org)
• Eliminating birthright citizenship causes its own set of problems. (nytimes.com)

Law

• What happens when the courts can no longer trust DOJ attorneys? (thebulwark.com)
• Why lawyers are fleeing federal government jobs. (nytimes.com)
• How the Trump administration wants to preempt whistleblowers. (theatlantic.com)
• Publicly acknowledged donors to Trump's ballroom keep winning federal contracts. (washingtonpost.com)
• ICE doesn't want to have to disclose deaths of recently released detainees. (washingtonpost.com)

States

• Calling for the end of property taxes is fiscal nihilism. (hamiltonnolan.com)
• No matter where you look religion is getting injected into public schools. (wapo.st)
• More states are looking to launch child-focused savings programs. (thinkadvisor.com)

Economy

• What's behind the boost in payrolls? (wsj.com)
• Real yields are headed higher. (econbrowser.com)
• A look the cap table of the US of A. (thetwocents.substack.com)
• The economic schedule for the comgng week. (economicweekly.substack.com)

Earlier on Abnormal Returns

• Top clicks this week on Abnormal Returns. (abnormalreturns.com)
• What you missed in our Saturday linkfest. (abnormalreturns.com)
• Saying no to algorithmic slop. (abnormalreturns.com)
• Don't miss a thing! Sign up for our daily e-mail newsletter. (abnormalreturns.com)

Mixed media

• Why Putin can't obtain his ultimate goal in Ukraine. (theatlantic.com)
• How Russian oligarchs get around Western sanctions. (wsj.com)
• Russia has been jamming GPS signals in Europe. (news.sky.com)
• Why Putin wants is investing in anti-aging technologies. (wsj.com)

Also on the site

• Saying no to algorithmic slop. (abnormalreturns.com)
• Are you a financial advisor? Sign up for the weekly Talking Wealth newsletter. (talkingwealthpod.com)
• Don't miss a thing! Sign up for our daily e-mail newsletter. (abnormalreturns.com)

Top clicks this week

1. Five thoughts about the stock market including the surge in earnings. (ritholtz.com)
2. There is no one perfect way to invest. (awealthofcommonsense.com)
3. Why the stock market often seems to defy common wisdom. (tker.co)
4. How major asset classes performed in May 2026. (capitalspectator.com)
5. Joe Wiggins, "There is no process, no matter how robust, that works in all environments and at all times." (behaviouralinvestment.com)
6. There's little sign of stress in the financial markets. (trendlabs.com)
7. How Detroit markets pickup trucks to people who don't really need pickup trucks. (nytimes.com)
8. What makes for a great conversation. (moretothat.com)
9. What is a 'dickover'? (daringfireball.net)
10. Gold is well off its highs. (axios.com)

Autos

• How Detroit markets pickup trucks to people who don't really need pickup trucks. (nytimes.com)
• Americans are keeping their cars longer than ever. (wsj.com)
• Why the U.S. fell behind in EV adoption. (econofact.org)
• Why hybrid sales are surging. (wsj.com)
• So are sedans. (sherwood.news)

Transport

• How robotaxi companies deal with 'edge cases.' (wsj.com)
• Some farmers don't want or need high tech tractors. (404media.co)
• Why all commercial aircraft don't yet have Automatic Dependent Surveillance-Broadcast, or ADS-B. (wsj.com)

Energy

• The world should be taking advantage of China's largesse when it comes to solar panels. (ft.com)
• How to think about land use and solar. (theconversation.com)
• India has embraced solar. (grist.org)
• How plug-in solar works. (wsj.com)
• Bury those power lines! (grist.org)

Animals

• People love looking at fireflies. (wsj.com)
• How pigeons find their way home. (smithsonianmag.com)
• Deterring sharks isn't easy. (wsj.com)

Apple

• PC makers are now targeting the Macbook Neo. (wired.com)
• A review of Geoffrey Cain’s latest book, "Steve Jobs in Exile." (arstechnica.com)
• Apple ($AAPL) isn't going to buy Perplexity. (daringfireball.net)

Behavior

• Why middle aged men are more at risk of suicide. (anthonybbradley.substack.com)
• Derek Thompson talks with Laurie Santos about the loneliness crisis. (derekthompson.org)
• On the downsides of remote work. (scientificamerican.com)
• How EMDR therapy works. (wsj.com)
• How catastrophizing comes at us. (yearofmentalhealth.com)
• On the power of overcoming friction. (twopct.com)
• Just invite people over. (theatlantic.com)

Ebola

• How Ebola kills. (npr.org)
• Moderna ($MRNA) gets $50 million to develop mRNA Ebola vaccine against Bundibugyo. (arstechnica.com)

Melanoma

• How mRNA vaccines are being used to treat melanoma. (npr.org)
• How melanoma spreads at different ages. (sciencedaily.com)

Cancer

• Revolution Medicines ($RVMD) has the biggest breakthrough in pancreatic cancer, ever. (yahoo.com)
• Roche used to dominate the cancer market. No more. (giftarticle.ft.com)

Health

• The raft of medical innovations announced recently have been years in the making. (axios.com)
• Researchers are testing a universal coronavirus vaccine. (sciencedaily.com)
• The chair of the President’s Cancer Panel is a co-author on a new paper promoting ivermectin as a cancer treatment. (importantcontext.news)
• The Office of Human Research Protections has largely been defunded. (statnews.com)
• U.S. cigarette smoking has hit an all-time low. (apnews.com)

Drink

• Canned cocktails are gaining share. (theatlantic.com)
• Scotch, an AI startup, wants to remake liquor retailing. (news.crunchbase.com)

Cattle

• The screwworm is back in the U.S. (axios.com)
• Ranchers have problems on top of the screwworm. (nytimes.com)

Food

• Hershey's ($HSY) makes bank marketing s'mores. (fooddive.com)
• Higher scotch bonnet prices mean higher hot sauce prices. (semafor.com)
• Belgium has a surplus of potatoes. (nytimes.com)
• Why 7 Brew seems to be everywhere these days. (cnn.com)
• The foreign food chains that have come to NYC. (listomania.substack.com)
• Americans want farm animals to be treated humanely. (nytimes.com)

Entertainment

• Why should Hollywood learn from the success of 'Backrooms' and 'Obsession'? (slate.com)
• People now watch YouTube more than Netflix in average daily viewing time. (mediaplaynews.com)

Sports

• What a run to the NBA Finals is worth for the Knicks. (huddleup.substack.com)
• Ohio State is setting cases regarding sexual abuse by former OSU sports medicine and team doctor Richard Strauss. (sportico.com)

College

• Finance is the top career choice of university students and recent graduates. (thinkadvisor.com)
• Why colleges are reluctant to crack down on (AI) cheating. (freddiedeboer.substack.com)
• Why every college graduate should read Benjamin Todd’s newly updated book, "80,000 Hours." (marginalrevolution.com)

Children

• How the OBBBA undermines public schools. (slate.com)
• Estonia gave all its 11th and 12th graders a free ChatGPT account. (semafor.com)

Earlier on Abnormal Returns

• What you missed in our Friday linkfest. (abnormalreturns.com)
• Saying no to algorithmic slop. (abnormalreturns.com)
• Don't miss a thing! Sign up for our daily e-mail newsletter. (abnormalreturns.com)

Mixed media

• Brett Steenbarger, "In all areas of life, the greatest returns come from well thought out, meaningful investments and the ability to commit to those." (traderfeed.blogspot.com)
• LinkedIn is now the province of influencers. (nytimes.com)
• Why VCs look for founders with 'heart in the game.' (hunterwalk.com)
• You don't have to yield to the machines. (theconvivialsociety.substack.com)

Markets

• Gold is well off its highs. (axios.com)
• Semiconductor stocks have taken a hit from their highs. (semafor.com)
• ASML Holding ($ASML) is Europe's most valuable company, ever. (bloomberg.com)
• When do rising interest rates start to matter? (trendlabs.com)
• Is an AI bubble inevitable? (awealthofcommonsense.com)

ETFs

• Low costs matter, even for Bitcoin ETFs. (wsj.com)
• The Vanguard S&P 500 ETF ($VOO) has crossed $1 trillion in assets. (etf.com)

Private assets

• Blackstone ($BX) is having to gate BCRED. (wsj.com)
• Private credit lenders are now tightening up their lending standards. (wsj.com)

IPOs

• S&P took a stand. (philbak.substack.com)
• S&P stands alone among index providers when it comes to SpaceX. (ft.com)
• The vast majority of American investors will soon be SpaceX shareholders. (thebulwark.com)
• A look at the investors who are going to clean up on SpaceX. (om.co)
• Traders and investor should view SpaceX differently. (aswathdamodaran.blogspot.com)
• You are under no obligation to have an opinion about the SpaceX IPO. (godspeed.today)

Prediction markets

• Signs that prediction markets are taking share from sports books. (barrons.com)
• How Polymarket utilizes paid influencers. (politico.com)
• Not everyone is happy about the approval of perpetual futures. (theblock.co)
• Robinhood ($HOOD) is shifting trades away from Kalshi. (bloomberg.com)
• Prediction market companies have rapidly built up their regulatory efforts. (newrepublic.com)

Economy

• The May NFP showed continued payroll growth and a 4.3% unemployment rate. (bonddad.blogspot.com)
• Jobs growth continues, but its still largely driven by healthcare jobs. (newsletter.platypuseconomics.com)
• How the stock market is driving American wealth. (axios.com)
• Americans just keep spending. (finance.yahoo.com)

Earlier on Abnormal Returns

• Longform links: suspicious markets. (abnormalreturns.com)
• What you missed in our Wednesday linkfest. (abnormalreturns.com)
• Personal finance links: winning at life. (abnormalreturns.com)
• Saying no to algorithmic slop. (abnormalreturns.com)
• Don't miss a thing! Sign up for our daily e-mail newsletter. (abnormalreturns.com)

Mixed media

• Half of all web traffic is now algorithmic, i.e. bots. (tomshardware.com)
• A lot data center projects are getting pushed through despite widespread opposition. (slate.com)
• Some skepticism on space-based data centers. (splittinginfinity.substack.com)

Books

• A look at Tyler Goodspeed’s "Recession: The Real Reasons Economies Shrink and What to Do About It." (worksinprogress.news)
• Joe Weisenthal and Tracy Alloway talk with Brendan Greeley, author of "The Almighty Dollar: 500 Years of the World's Most Powerful Money." (podcasts.apple.com)
• Five insights from "Longevity Nation: The People, Ideas, and Trends Changing the Second Half of Our Lives" by Michael Clinton. (nextbigideaclub.com)
• Tyler Cowen talks with Toby Wilkinson author of "The Last Dynasty: Ancient Egypt from Alexander the Great to Cleopatra." (conversationswithtyler.com)

AI

• How close are we to self-improving AI? (ft.com)
• The case for data centers as engines for innovation. (notboring.co)

Longreads

• The Consumer Financial Protection Board has been gutted. (bloomberg.com)
• Why home building isn't a business with economies of scale. (construction-physics.com)
• Why the Great Lakes, and other bodies of water, are filling up with plastics. (chicagotribune.com)
• Lessons from Peter Magyar's defeat of Viktor Orban. (nytimes.com)
• How BPC-157 became a high profile peptide. (statnews.com)
• Why trucks full of cheese are getting stolen. (longreads.com)
• What makes for a great conversation. (moretothat.com)