Bonds

• How rising rates should change how you think about the bond market. (barrons.com)
• Your bond allocation shouldn't give you agita. (morningstar.com)

Strategy

• Why your investment strategy should change over time. (awealthofcommonsense.com)
• Lessons learned from Victor Niederhoffer's long and volatile career. (theatlantic.com)

Venture capital

• How venture capital lost its way, and worse. (anildash.com)
• VCs who missed OpenAI and Anthropic are reassessing their processes. (nytimes.com)
• Not every business is meant to scale, but if you take venture capital you have to. (aswathdamodaran.blogspot.com)
• Are there VC businesses that are AI-proof? (wsj.com)

Stay in touch

• Don't miss a thing! Sign up for our daily e-mail newsletter. (abnormalreturns.com)
• Work in wealth management? Sign up for our exclusive Talking Wealth newsletter. (talkingwealthpod.com)

Food

• Foodborne illnesses typically doesn't peak until late Summer, early Fall. (wired.com)
• Lettuce farmers are abandoning healthy crops. (nytimes.com)
• This Summer's outbreaks could have been a lot worse. (theatlantic.com)

Mideast

• Russia is reportedly helping Iran build supersonic missiles. (giftarticle.ft.com)
• Qatar gave Trump a 747. In return it got a regional war. (theatlantic.com)
• An Abu Dhabi royal holds a sizeable stake in the World Financial Liberty bank operation. (wsj.com)

Economy

• The data center boom is accelerating. (axios.com)
• The economy continues to grow without a lot of hiring. (bonddad.blogspot.com)
• Employer health costs are set to surge in 2027. (nytimes.com)

Earlier on Abnormal Returns

• Longform links: intellectual humility. (abnormalreturns.com)
• The high cost of adulting in America today. (abnormalreturns.com)
• What you missed in our Wednesday linkfest. (abnormalreturns.com)
• Personal finance links: supercharged fraud. (abnormalreturns.com)

Mixed media

• Florida is removing Flock cameras from its highways. (abcnews.com)
• This is why people don't trust police with Flock Safety cameras. (reason.com)
• A policeman's case for Flock Safety, absent the abuses. (worksinprogress.news)

Books

• An excerpt from "The Time Tax: How the Government Wastes Our Time―and How to Fix It" by Annie Lowrey. (theatlantic.com)
• Kai Bird’s "American Scoundrel: Roy Cohn’s Dark Journey From Joe McCarthy to Donald Trump" explains a lot. (slate.com)
• An excerpt from “The Invisible Hand of Maria Edgeworth: How a Nineteenth-Century Novelist Taught the World Economics” by Jeanna Smialek. (nytimes.com)
• An excerpt from "Ausländer: One Family’s Story of Escape and Exile" by Michael Moritz. (colossus.com)
• An excerpt from “The Playbook: The Hidden Forces Shaping Winners and Losers in the Modern NFL” by Joshua Robinson and Jonathan Clegg. (wsj.com)

Business

• Joseph Lawler, "No one will ever cherish a plot of land as much as someone who has a long-term ownership and residence interest in it." (thenewatlantis.com)
• If England can tame the East India Company, the U.S. can tame tech companies. (nytimes.com)
• Dolly Parton managed her businesses with great skill. (wsj.com)

Politics

• The federal government is effectively at war with the state of Minnesota. (newyorker.com)
• Offshore clipping services provide a steady stream of videos in support of the GOP. (theatlantic.com)

Longreads

• How the Strategic Petroleum Reserve is supposed to work. (construction-physics.com)
• We can safely sacrifice mosquito species that prey on humans. (unchartedterritories.tomaspueyo.com)
• Group chats are the last refuge for online sociability. (newyorker.com)
• Can you get ahead in America today without wealthy parents? (abnormalreturns.com)
• What happens when vaccine denial crashes into a custody dispute. (newyorker.com)
• A profile of champion ultra-marathon runner Rachel Entrekin. (runnersworld.com)

Markets

• Some random market insights including: Nvidia's ($NVDA) forward P/E keeps falling. (awealthofcommonsense.com)
• Diesel prices remain $2 a gallon above where they were pre-Iran war. (econbrowser.com)

Strategy

• Why market pundits are doing you any favors. (behaviouralinvestment.com)
• The stocks of great companies show big drops more often than you think. (brianferoldi.substack.com)

Companies

• Google ($GOOGL) dodged a break up of its ads business. (axios.com)
• Novo Nordisk ($NVO) is betting on weight loss pills. (nytimes.com)
• It sure looks like someone knew a deal for GoPro ($GPRO) was coming. (ft.com)

ETFs

• TIPS look attractive, but it's not as simple as buy a TIPS ETF. (morningstar.com)
• Institutional investors are swapping between the iShares Core S&P 500 ETF ($IVV) and Vanguard S&P 500 ETF ($VOO) to avoid dividends for tax purposes. (bloomberg.com)
• These ETFs generate the most implied revenue for sponsors. (etf.com)

Stay in touch

• Don't miss a thing! Sign up for our daily e-mail newsletter. (abnormalreturns.com)
• Work in wealth management? Sign up for our exclusive Talking Wealth newsletter. (talkingwealthpod.com)

Europe

• How heat impacted Europe this summer. (wsj.com)
• Do Germans need to work longer and harder? (ft.com)
• The Maldives is a way station for Russian evasion of Western sanctions. (wsj.com)
• Spaniards are starting to eat dinner earlier. (marginalrevolution.com)

Jobs

• Some early evidence that AI is impacting jobs. (dallasfed.org)
• The college wage premium is shrinking. (marginalrevolution.com)

Economy

• We are still in a low hire/low fire economy. (bonddad.blogspot.com)
• A review of Kevin Warsh's Jackson Hole speech. (stayathomemacro.substack.com)
• How rising interest rates affect the debt/GDP ratio. (klementoninvesting.substack.com)

Earlier on Abnormal Returns

• Personal finance links: supercharged fraud. (abnormalreturns.com)
• What you missed in our Tuesday linkfest. (abnormalreturns.com)
• Research links: stock-specific volatility. (abnormalreturns.com)

Mixed media

• A look at the scale of plastic pollution in the oceans and waterways. (reasonstobecheerful.world)
• Natural fibers are not necessarily better than man-made. (theatlantic.com)
• The case for landfills. (worksinprogress.news)

Podcasts

• Todd Wenning talks with Ben Carlson, author of "Risk and Reward." (flyoverstocks.com)
• Erica Wenger talks with Jack Raines, author of "Young Money." (youtube.com)
• Peter Lazaroff on how financial decisions change over time and wealth levels. (peterlazaroff.com)

David Booth

• Barry Ritholtz talks with David Booth, founder and chairman at Dimensional Fund Advisors (DFA) and author of the new book, "Stay Calm." (ritholtz.com)
• Peter Lazaroff talks with David Booth, author of "Stay Calm: Learn to Embrace Uncertainty in Investing and Life." (peterlazaroff.com)
• Ben Johnson and Amy Arnott talk with David Booth, author of "Stay Calm." (morningstar.com)

Family

• Getting college paid for is a big leg up in life. (fa-mag.com)
• Why are parents afraid money will ruin their kids? (jordangrumet.substack.com)
• On the difference between a trust fund baby and a nepo baby. (yourbrainonmoney.substack.com)

Retirement

• On the challenges of DIYing your retirement. (morningstar.com)
• A look at the six stages of retirement. (whitecoatinvestor.com)
• How time horizon affects safe withdrawal rates. (morningstar.com)
• 10 truths about decumulation, including 'The fear wears off.' (jordangrumet.substack.com)

Personal finance

• Ten things you need to know about the stock market. (awealthofcommonsense.com)
• These three personal finance 'mistakes' are not a big deal. (morningstar.com)
• Know what game you are playing. (dariusforoux.com)
• AI is supercharging financial fraud. (barrons.com)
• Why Dolly Parton never became a billionaire - she kept donating money. (observer.com)
• In the age of AI, hard work is still the only way. (awealthofcommonsense.com)
• The U.S. has a housing mismatch. (greathousingreversal.substack.com)
• Not everything has to be big. (ryanholiday.net)

August 2026

• How major asset classes performed in August 2026. (capitalspectator.com)
• The S&P 500 rose 2.72% in August 2026. (on.spdji.com)

Rates

• The 30-year Treasury is at it highest sustained level since 2006. (fa-mag.com)
• A Q&A with Robin Wigglesworth, author of "A Fabulous Debt: The Epic Story of How Bonds Built the Modern World." (axios.com)

Retail trading

• How South Korea effectively tamped down on (leveragerd) speculation. (sg.finance.yahoo.com)
• How retail investors have changed how the stock market works. (harveysawikin.substack.com)

Gambling

• Why college kids are uniquely at-risk from problem gambling. (espn.com)
• How Pokemon cards became a way to gamble. (slate.com)

Finance

• Polymarket raised another $1 billion, led by 1789 Capital. (nytimes.com)
• Some 21 banks, including BofA, Wells and Goldman, are launching a stablecoin. (wsj.com)
• Revolut is now larger than every UK bank but HSBC. (ft.com)

AI

• How AI is putting pressure on big consulting firms. (ft.com)
• How hyperscalers are accelerating data center construction. (wsj.com)
• Derek Thompson talks with Max Spero, founder of Panagram, about the spread of AI writing. (derekthompson.org)

Stay in touch

• Don't miss a thing! Sign up for our daily e-mail newsletter. (abnormalreturns.com)
• Work in wealth management? Sign up for our exclusive Talking Wealth newsletter. (talkingwealthpod.com)

Housing

• Conor Sen, "For their age, Gen Z is doing better on homeownership than the conventional wisdom." (conorsen.substack.com)
• Ten facts about the housing market, including 'Nobody is moving.' (apollo.com)
• Why Seattle's housing market is struggling. (bloomberg.com)

Economy

• Construction, outside of AI, is at recessionary levels. (bonddad.blogspot.com)
• How much higher gasoline and diesel prices are costing American consumers. (axios.com)
• Why didn't the U.S. go into recession in 2022-23? (ft.com)

Earlier on Abnormal Returns

• Research links: stock-specific volatility. (abnormalreturns.com)
• What you missed in our Monday linkfest. (abnormalreturns.com)
• Adviser links: the custody shift. (abnormalreturns.com)

Mixed media

• Some colleges are drawing down their endowments to hang on. (fa-mag.com)
• Some experiments to rebuild and streamline the college experience. (npr.org)
• Most graduate degrees don't pay off. (ofdollarsanddata.com)

Quant stuff

• A roundup of recent academic research including 'Fire Sales by Corporate Bond ETFs During the COVID-19 Crisis.' (alphainacademia.com)
• William Green speaks with Victor Haghani, founder & CIO of Elm Wealth & author of "The Missing Billionaires: A Guide to Making Better Financial Decisions." (theinvestorspodcast.com)
• ChatGPT can help process information, but can't predict stock prices. (alphaarchitect.com)

Research

• The efficient frontier is not stable. (mrzepczynski.blogspot.com)
• A look at the long term history of corporate bond spreads. (ft.com)
• Markets imply that bigger deficits mean more inflation. (klementoninvesting.substack.com)
• What the performance of the AQR Style Premia Alternative says about factor returns. (morningstar.com)
• There is a conflict between private equity and private debt under the same manager. (larryswedroe.substack.com)
• There's no evidence of stock picking ability among equity mutual fund managers. (morningstar.com)
• The daily moves in megacap stocks these days are crazy. (acadian-asset.com)
• Why do fewer women become CEOs? (papers.ssrn.com)

Markets

• Health care stocks are at all-time highs. (trendlabs.com)
• The momentum trade can unwind quickly. (wsj.com)

ETFs

• What you need to know about T-bill ETFs. (advisorperspectives.com)
• Why niche ETF sponsors keep getting snapped up. (pionline.com)
• A look at the history of the Teucrium Wheat Fund ($WEAT). (philbak.substack.com)

Prediction markets

• Kalshi has teamed up with Alpaca to push overseas. (cnbc.com)
• Why a prediction markets case will likely end up in the Supreme Court. (frontofficesports.com)
• George Santos earned a lifetime ban from Kalshi. (wired.com)

Private equity

• PE firms are buying up companies in construction and engineering. (pitchbook.com)
• Why PE is investing big in the business of private jet infrastructure. (bloomberg.com)

Stay in touch

• Don't miss a thing! Sign up for our daily e-mail newsletter. (abnormalreturns.com)
• Work in wealth management? Sign up for our exclusive Talking Wealth newsletter. (talkingwealthpod.com)

Pharma

• The FDA approved Mounjaro to lower the risk of heart events. (time.com)
• Eli Lilly ($LLY) is buying another biotech startup, Merida Biosciences. (barrons.com)
• A look at just how much Revolution Medicines ($RVMD) new pancreatic cancer drug will cost. (nytimes.com)
• A new class of baldness drugs is nearing the finish line. (bloomberg.com)

Economy

• Why grocery prices are set to go higher. (axios.com)
• Companies are saying inflation isn't going anywhere. (thetranscript.substack.com)
• How much is the Iran war costing each American? (newyorker.com)
• Electricity is the new oil. (politico.com)

Earlier on Abnormal Returns

• Adviser links: the custody shift. (abnormalreturns.com)
• What you missed in our Sunday linkfest. (abnormalreturns.com)
• Top clicks last week on Abnormal Returns. (abnormalreturns.com)

Mixed media

• How do AI detectors work? (ft.com)
• We should hold academics to a higher standard, AI-wise. (danieldrezner.substack.com)
• What should be part of a firm's 'writing policy.'
  ' (hunterwalk.com)

Podcasts

• Ian Wenik and Alex Steger talks with Josh Brown, CEO of Ritholtz Wealth Management. (citywire.com)
• Daniel Crosby talks with Adam Cockerham of Financial Adviser Bath about distinguishing between money and meaning problems. (standarddeviationspod.com)
• Brent Sullivan talks about the evolution of asset management with Paul Bouchey, Editor of The Journal of Wealth Management and Managing Director of Applied Research at Morgan Stanley. (taxalphainsider.com)

Altruist

• Altruist has sold to Vanguard for $4.6 billion in cash. (axios.com)
• Why Vanguard's acquisition of Altruist is a big deal. (thinkadvisor.com)
• How the Altruist deal could affect Fidelity and Schwab ($SCHW). (wealthmanagement.com)
• Custody is about more than where assets are held these days. (wealthmanagement.com)

Vanguard

• Why did Vanguard change course? (riabiz.com)
• Can Vanguard and Altruist get along? (riabiz.com)
• One criticism of Vanguard has been that it has underinvested in technology. (thinkadvisor.com)

Family

• How to work with 'disengaged couples.' (kitces.com)
• On the challenges of merging finances for late in life married couples. (thinkadvisor.com)
• How often do children support their parents financially in retirement? (crr.bc.edu)

Advisers

• The Forbes-Shook Research rankings are suspended. (riabiz.com)
• Is the business of adviser rankings and lists finally over? (riabiz.com)
• Selling your advisory firm may make you richer, but less happy. (investmentnews.com)
• Retirement anxiety isn't an information problem. (barrons.com)
• Why niches matter for independent advisers. (xyplanningnetwork.com)
• Some of your clients already own crypto. (advisorperspectives.com)
• How advisers can help clients navigate the financial aspects of a cancer battle. (thedailyupside.com)
• How using fear to motivate clients can backfire. (thinkadvisor.com)

Fund management

• It's hard to overstate the impact of the indexing revolution. (bobpisani.substack.com)
• Will ETFs embrace perpetual futures? (etfcentral.com)

Nvidia

• A look at Nvidia's ($NVDA) impressive recent earning report. (newsletter.fiscal.ai)
• Nvidia ($NVDA) is now worth more than 5 of 11 S&P sectors. (axios.com)
• Nvidia ($NVDA) is spending big on startups. (pitchbook.com)

Prediction markets

• Former White House teleprompter operator ordered by CFTC to pay $172,000 for Kalshi trades on mention markets. (theblock.co)
• States are not backing down in the battle against prediction markets. (nytimes.com)

Taxes

• When you pause a gas tax, you have to find money for roads somewhere else. (indianacapitalchronicle.com)
• Want to narrow the budget deficit? Collect taxes that are already on the books. (ft.com)

Social Security

• A reckoning is coming for Social Security. Politicians aren't ready. (politico.com)
• Want to save Social Security? Cap earnings. (wapo.st)

Government

• Farmers are struggling to get help from a depleted Department of Agriculture. (nytimes.com)
• Lower courts establish facts. The Supreme Court is ignoring them. (theatlantic.com)
• The Census Bureau has lost its non-partisan sheen. (newsletter.platypuseconomics.com)

Legal matters

• The U.S. has killed at least 223 people in attacks on suspected drug boats. (nytimes.com)
• DHS has surveilled churches and libraries. (npr.org)
• Some theories why violent crime rates are falling. (axios.com)
• How Live Nation ($LYV) avoided an antitrust trial. (wsj.com)

Pentagon

• How the war in Iran is pulling resources from around the globe. (washingtonpost.com)
• The Army is running without a lot of senior leadership. (nytimes.com)
• Formerly routine promotions have become a political tool. (nytimes.com)

Stay in touch

• Don't miss a thing! Sign up for our daily e-mail newsletter. (abnormalreturns.com)
• Work in wealth management? Sign up for our exclusive Talking Wealth newsletter. (talkingwealthpod.com)

Democracy

• Democracies tend to attract immigrants that like democracy. (theargumentmag.com)
• Politics isn't supposed to be exciting. (slowboring.com)

Economy

• Rising government debt is going to provide a platform for an opportunistic politician. (awealthofcommonsense.com)
• The Fed is increasingly paying attention to the impact of AI. (msn.com)
• The Fed could use with a little more humility. (ritholtz.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)

Mixed media

• 'Ghost job' ads are a big problem. (wsj.com)
• Successful people are willing to ask for help. (nytimes.com)
• Why companies need to verify job candidates are actually real. (wsj.com)

Stay in touch

• Don't miss a thing! Sign up for our daily e-mail newsletter. (abnormalreturns.com)
• Work in wealth management? Sign up for our advisor-exclusive Talking Wealth newsletter. (talkingwealthpod.com)

Top click this week

1. Why everyone hates bonds right now. (awealthofcommonsense.com)
2. What's behind the rise in Treasury yields? (ritholtz.com)
3. Is this market more like the Nifty Fifty era than the Dotcom boom? (awealthofcommonsense.com)
4. PE firms are digging into their bag of tricks to return capital to investors. (bloomberg.com)
5. The Guggenheim universe is nothing if not complicated. (mispricedassets.substack.com)
6. Great investors aren't exactly normal. (economist.com)
7. Rates are rising even more overseas. (wsj.com)
8. How the AI boom could go wrong...for bondholders. (nytimes.com)
9. A look at the long term history of corporate bond spreads. (ft.com)
10. Falling earnings expectations would kill the bull market. (spilledcoffee.co)
11. Markets lie less than politicians. (howardlindzon.com)

AVs

• Waymo on why AI (and cameras) alone are sufficient for self-driving. (axios.com)
• Which business model wins in the AV market? (platformaeronaut.com)
• Zoox is expanding its operations. (wsj.com)

Autos

• A first hand account of an EV road trip. (viktorkoves.com)
• Trade chaos is making Detroit miserable. (wsj.com)
• The case for the Slate Truck. (technologyreview.com)

Transports

• How Paris, France effectively swapped cars for bikes (and pedestrians). (theguardian.com)
• Fire departments nationwide are struggling with soaring prices and years-long delivery times for trucks. (indianacapitalchronicle.com)

Energy

• The U.S. is becoming more dependent on natural gas. (coldeye.earth)
• How batteries have helped Texas this summer. (heatmap.news)
• The Trump administration bought out offshore wind leases. The money will go to a project of a friend of the President's. (yahoo.com)
• The East Coast could use the energy from halted offshore wind projects. (grist.org)
• PVs are getting more efficient by the day. (pv-magazine.com)
• The year in new power plants, so far. (arstechnica.com)

Wildfires

• Urban sprawl is putting more houses at risk of wildfires. (grist.org)
• Researchers are looking for ways to use technology to fight wildfires. (bloomberg.com)
• Most wildfires are started by people. (npr.org)

Environment

• Is there a relationship between armed conflict and climate change? (klementoninvesting.substack.com)
• How AI can better predict hurricanes. (nytimes.com)

Animals

• There is a reason why humans are innately scared of snakes. (eurekalert.org)
• How the administration is facilitating the slaughter of wild horses from federal land. (futurism.com)
• Humans impact wildlife more than we know. (sciencedaily.com)
• Cachena, Spain’s smallest breed of cow, clears growth to help prevent wildfires. (reasonstobecheerful.world)
• Florida needs more bivalves. (reasonstobecheerful.world)

Science

• How Canada is poaching American scientists. (bloomberg.com)
• The ground underneath your feet is noisy. (aeon.co)

Space

• There's no way to get to space that doesn't harm the environment. (grist.org)
• How to tell time on the Moon. (ft.com)

Travel

• How to better return from vacation. (artofmanliness.com)
• This summer's drought has disrupted the river cruise industry in Europe. (nytimes.com)

Technology

• The politics of data centers cuts across party lines. (newyorker.com)
• Is eyewear the best way to access AI? (ft.com)

Behavior

• The next DSM will use biology to understand mental disorders.
  (theconversation.com)
• Do we actually 'make' decisions? (sciencedaily.com)

Shingles vaccine

• The recombinant shingles vaccine may help reduce heart disease. (nature.com)
• Newer shingles vaccines may help reduce dementia. (sciencedaily.com)

Measles

• Two unvaccinated people died of measles in Pennsylvania. (nbcnews.com)
• The rhetoric around measles is heating up. (cnn.com)
• Vaccine exemptions make everyone less safe. (theatlantic.com)

Covid

• This Fall's Covid vaccines are approved. (nytimes.com)
• A substantial Dolly Parton donation supported COVID-19 mRNA vaccine research. (kmbc.com)

Health

• Recommendations are changing about how long to take antibiotics. (theconversation.com)
• Why more doctors are choosing to start or join 'direct primary care' practices. (slate.com)

Peptides

• Why you should be wary of the peptide crowd. (henryaj.substack.com)
• Michael Easter talks all things peptides with Dr. Jordan Feigenbaum. (twopct.com)

Fitness

• The case for spending more time in nature. (twopct.com)
• The case against wearable technology. (vanityfair.com)
• On the benefits of (slow) running. (msn.com)

Drugs

• Street drugs are cheaper and more dangerous than ever. (nytimes.com)
• Big Tobacco is pushing into higher-strength nicotine pouches. (ft.com)
• How drug use can increase the risk of a stroke. (sciencedaily.com)
• On the dangers of tripping outside the U.S. (nytimes.com)

Coffee

• Coffee purveyor Blank Street raised new capital to expand its store footprint. (axios.com)
• Brazil's coffee crop is in trouble this season. (msn.com)

Drink

• Jack Daniels maker Brown-Forman ($BF.B) shares are more than 60% off their all-time highs. (wsj.com)
• On the ongoing search for a hangover cure. (newyorker.com)
• How Sweden became a wine maker. (economist.com)

Sports

• How Las Vegas became a pro sports town. (awfulannouncing.com)
• If football were another profession, regulators would have stepped in. (nytimes.com)
• Would buyouts help reduce college player movement? (thecollegefrontoffice.substack.com)
• Higher temperatures are making outdoor tennis more challenging. (smithsonianmag.com)

Streaming

• Other streamers have Amazon Prime envy around bundling. (nytimes.com)
• The price of Apple TV+ is going up, again. (variety.com)

Movies

• A look at the growing business of IMAX ($IMAX). (quartr.com)
• Why did 'Coyote vs. Acme' get shelved in the first place? (nytimes.com)

Music

• How residencies took over live music. (nytimes.com)
• Where nonprofits are helping musicians get health insurance. (npr.org)

Children

• School phone bans show mixed results. (wsj.com)
• How to think about tackle football for children. (nytimes.com)
• A look at sudden cardiac death in athletes. (davidepstein.substack.com)

Earlier on Abnormal Returns

• What you missed in our Friday linkfest. (abnormalreturns.com)
• Don't miss a thing! Sign up for our daily e-mail newsletter. (abnormalreturns.com)
• Work in wealth management? Sign up for our exclusive Talking Wealth newsletter. (talkingwealthpod.com)

Mixed media

• Semiconductors are the hot new career in South Korea. (ft.com)
• International college student enrollment fell again. (cnbc.com)
• How Singapore is trying address its fertility crisis. (ft.com)

Bonds

• Bond market volatility is muted. (mrzepczynski.blogspot.com)
• Ezra Klein talks with Robin Wigglesworth, author of "A Fabulous Debt: The Epic Story of How Bonds Built the Modern World.", about the bond market. (podcasts.apple.com)

Speculation

• Speculators have always existed, how they trade has changed. (wsj.com)
• G. Elliott Morris talks with Rajiv Sethi about how prediction markets work. (gelliottmorris.com)

Gambling

• MLB players are increasing being targeted by disgruntled gamblers. (nytimes.com)
• How one gambling addict relapsed after discovering Kalshi. (bloomberg.com)

Finance

• Zero-coupon convertible bonds are all the rage these days. (ft.com)
• What a combined Victory Capital-First Eagle will look like. (morningstar.com)
• On the many flavors of semi-liquid alternatives funds. (pitchbook.com)

Pharma

• Revolution Medicines’ ($RVMD) drug Rasonque was approved to treat pancreatic cancer. (wsj.com)
• Eli Lilly's ($LLY) retatrutide isn't even on the market yet, but knocks are already for sale. (axios.com)
• How cancer treatments could change if the Moderna-Merck results hold up. (barrons.com)

Stay in touch

• Don't miss a thing! Sign up for our daily e-mail newsletter. (abnormalreturns.com)
• Work in wealth management? Sign up for our exclusive Talking Wealth newsletter. (talkingwealthpod.com)

Food

• Why its so hard to avoid Taylor Farms. (cnbc.com)
• The cyclospora outbreak is hitting overall veggie sales. (fooddive.com)
• What IS safe to eat these days? (theringer.com)

Commodities

• Why wheat prices are at a three-year high. (semafor.com)
• Why timber prices are falling in the American South. (wsj.com)
• A look at dwindling America's strategic petroleum reserves. (nytimes.com)

Ukraine

• As important as Ukraine's drones are, it's software may be more impactful. (nytimes.com)
• What U.S. medics are learning from Ukraine's experiences. (businessinsider.com)
• How tanks became obsolete because of drones. (nytimes.com)

Economy

• Why is the PCE outpacing CPI of late? (newsletter.mikekonczal.com)
• Corporate profits as a share of national income hit a record high. (ft.com)
• Just how much is AI driving higher productivity? (agglomerations.eig.org)

Earlier on Abnormal Returns

• What you missed in our Thursday linkfest. (abnormalreturns.com)
• Longform links: entertaining the reader. (abnormalreturns.com)

Mixed media

• One of the best restaurants in the world still has struggles. (chicago.suntimes.com)
• How wagyu took over America. (wsj.com)
• Why 'Top Chef' persists. (thedailybeast.com)

Bonds

• Rates are rising even more overseas. (wsj.com)
• How the AI boom could go wrong...for bondholders. (nytimes.com)
• A look at the long term history of corporate bond spreads. (ft.com)

Prediction markets

• Kalshi wants to grow its weather business. (wsj.com)
• The Trump family has weighed in on the side of prediction markets companies. (nytimes.com)
• Kalshi has signed deals with five MLB teams. (frontofficesports.com)

Finance

• The Bitcoin treasury company business model is unraveling. (ft.com)
• How trading cards became another way to gamble in America. (barrons.com)
• There's really no reason for this ETF to exist. (etf.com)

Nvidia

• It's hard to fathom the size and success of Nvidia ($NVDA) at this point. (tomtunguz.com)
• Hyperscalers are falling as as percentage of Nvidia's ($NVDA) revenue. (axios.com)
• Nvidia ($NVDA) is reportedly buying Hugging Face. (cnbc.com)

Meta

• Meta ($META) settled over allegations Facebook and Instagram were designed in ways that harm children. (axios.com)
• This is a slap on the wrist for Zuck. (spyglass.org)
• Meta ($META) can now effectively dictate safety rules for other companies. (techdirt.com)
• Meta ($META) isn't exactly contrite. (platformer.news)
• Meta ($META) isn't done. It faces more lawsuits. (theatlantic.com)

Data centers

• Why data center operators love NDAs. (npr.org)
• How it became OK for politicians to oppose data centers. (semafor.com)
• It's not just data centers, tech as a whole is getting blowback. (axios.com)

Stay in touch

• Work in wealth management? Sign up for our exclusive Talking Wealth newsletter. (talkingwealthpod.com)
• Don't miss a thing! Sign up for our daily e-mail newsletter. (abnormalreturns.com)

Housing

• Housing inventory is picking up in the Midwest. (conorsen.substack.com)
• How mortgage rate buydowns distort housing price signals. (rpc.cfainstitute.org)
• Unlocking Baby Boomer housing wealth isn't easy. (crr.bc.edu)
• How to increase property tax appeals: an AI chatbot. (papers.ssrn.com)

Economy

• Heavy truck sales say no recession. (bonddad.blogspot.com)
• The trade war with Canada is entirely self-inflicted. (newsletter.platypuseconomics.com)

Earlier on Abnormal Returns

• Longform links: entertaining the reader. (abnormalreturns.com)
• What you missed in our Wednesday linkfest. (abnormalreturns.com)
• Personal finance links: safely spending a nest egg. (abnormalreturns.com)

Mixed media

• The vast majority of stuff we see online is algorithmic. (asymco.com)
• Logging in to sites/apps has become a major hassle. (theatlantic.com)
• How Yahoo is trying to reach Gen Z. (ft.com)

Books

• An excerpt from “Coding Kids: Big Tech’s Battle to Remake Public Schools” by Natasha Singer. (nytimes.com)
• Five insights from "The Only Cure: Freud and the Neuroscience of Mental Healing" by Mark Solms. (nextbigideaclub.com)
• An excerpt from "The People’s Historian: The Outsized Life of Howard Zinn" by Dave Zirin. (newrepublic.com)
• An excerpt from "Finding Renée Richards: The Groundbreaking Story of Tennis’s Trans Pioneer," by Julie Kliegman. (slate.com)

Business

• The global shipping container industry is experiencing strains. (giftarticle.ft.com)
• High profile podcasting companies keep running to trouble, it's now Audiochuck's turn. (bloomberg.com)

Fertility

• What's behind global fertility decline? (sciencedirect.com)
• Relationship equity is necessary, but not sufficient, for higher fertility. (fortune.com)

Environment

• How will Europe remake itself in the face of hotter summers? (newyorker.com)
• Bad things happen when a landfill overheats. (bloomberg.com)

Food

• Why the lab-grown meat revolution failed. (harpers.org)
• How Raisin' Canes attracted such a loyal following. (slate.com)

Longreads

• Is Jane Street experiencing growing pains? (ft.com)
• How Iran's Shaheed drone has transformed war. (wsj.com)
• Senior citizens are often the biggest opponents of developments that would add...senior housing. (bloomberg.com)
• Is the rate of CTE underreported among former NFL players? (nytimes.com)
• How to create a more fair House of Representatives. (nerd4cities.com)
• Stop stressing about where you child goes to school. (auren.substack.com)
• How our leisure time got monetized. (honest-broker.com)