Podcasts

• Joe Weisenthal and Tracy Alloway talk with Jonathan Heathcoate, co-author of the paper "A Macroeconomic Perspective on Stock Market Valuation Ratios." (podcasts.apple.com)
• Pierre Daillie and Mike Philbrick talk portfolio buildling with Meb Faber, co-founder and CIO of Cambria Investment Management. (advisoranalyst.com)
• Ben Felix and Dan Bortolotti take a deep dive into one of the most influential papers in financial economics: Fama and French (1993). (rationalreminder.libsyn.com)

Economics

• If Congress has inside info, it doesn't show up in superior returns. (nber.org)
• Covid was a disaster for happiness. (papers.ssrn.com)
• Who uses stablecoins? (kansascityfed.org)

Research

• Do investors overvalue goodwill on the balance sheet? (morningstar.com)
• Momentum is not just one thing. (alphaarchitect.com)
• Why actively managed equity funds are up against it. (morningstar.com)
• How regulatory limits on position size can affect returns. (papers.ssrn.com)
• How to benchmark private credit. (papers.ssrn.com)
• A round-up of recent academic papers including 'When Words Move Money: Diplomatic Sentiment and International Capital Flows.' (alphainacademia.substack.com)
• A half century of sovereign bond blowups. (giftarticle.ft.com)

Crypto

• Strategy ($MSTR) purchased more Bitcoin. (theblock.co)
• Bitmine ($BMNR) purchased more Ethereum. (theblock.co)

Companies

• Intel ($INTC) stock is having a moment. (msn.com)
• AI is messing with the terminal values of software companies. (flyoverstocks.com)
• The U.S. is getting its first new aluminum smelter in half a century. (wsj.com)

AI

• AI users are bumping up against compute limits. (wsj.com)
• AI has been used to identify cybersecurity issues for years. (calnewport.com)
• Do serious companies need their own AI model? (spyglass.org)

Hungary

• How Hungary lost faith in Viktor Orban. (politico.eu)
• A vote for Tisza was above all a vote against Orban. (wsj.com)
• Winners and losers from Hungary's election. (politico.eu)
• You could see the opposition to Orban in the streets. (paulkrugman.substack.com)
• What's on tap for a new government. (theguardian.com)
• Orban's loss punctured the myth of illiberal inevitability. (theatlantic.com)

Media

• Local news outlets are closing. Why we need archive their their output. (poynter.org)
• Why we aren't seeing more pictures of the damage from Iranian strikes. (semafor.com)
• The Economist is abandoning anonymity for its authors. (nytimes.com)
• Nilay Patel talks with Puck CEO Sarah Personette. (theverge.com)
• What is the future of the business book? (ft.com)

Taxes

• Tax refunds are up 11% year-over-year. (fa-mag.com)
• The IRS is undermanned and outgunned. (wsj.com)
• Want to tax billionaires? Eliminate the estate tax. (theatlantic.com)

Economy

• The Fed is kinda stuck. (economist.com)
• Instantaneous inflation measures are headed higher. (econbrowser.com)

Earlier on Abnormal Returns

• Adviser links: the first year of widowhood. (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

• Rebecca Solint, "Across the branches of government, the services that are supposed to protect us – nuclear stockpile monitoring, cybersecurity, counter-terrorism – are being undermined, understaffed or trashed." (theguardian.com)
• Trump spends a LOT of time at his own properties. (flowingdata.com)
• Competence typically wins out. (scottsumner.substack.com)

Podcasts

• Ian Wenik and Alex Steger talk with Michael Batnick about internal succession and private credit. (citywire.com)
• Meb Faber talks private equity with Owen Lamont, a Portfolio Manager at Acadian Asset Management, and Randy Cohen, a finance and entrepreneurship professor at HBS and co-founder of PEO Partners. (podcasts.apple.com)
• Michael Batnick talks with John Giovannucci about whether advisers have outsourced too much responsibility for investments to third parties. (youtube.com)

The biz

• Citigroup ($C) is trying to jump start its wealth management business. (ft.com)
• PE investors may have had their fill of RIA rollups. (riabiz.com)
• Why Morningstar ($MORN) moved on from ByAllAccounts. (riabiz.com)

Transitions

• What widows need to know about their first year of finances. (kindnessfp.com)
• Inherited money is different - it comes with guilt and grief. (thedailyupside.com)
• Why it makes sense to spread out inheritances. (thinkadvisor.com)

AI

• Are RIAs adopting AI faster than the wirehouses? (riabiz.com)
• Juno, a tax prep automation startup, just raised a new round of capital. (news.crunchbase.com)
• A round-up of recent advisortech news including the spread of AI document extraction tools. (kitces.com)

Advisers

• How to let a client go. (investmentnews.com)
• The wealthier a client, the more likely they see the value in advice. (fa-mag.com)
• Why flexibility around retirement timing matters. (kitces.com)
• Are you a financial advisor? Every Friday we send a (free) advisor-focused newsletter. (newsletter.abnormalreturns.com)
• On the myth of uncertainty. (tim.signaturefd.com)

Apple

• Apple ($AAPL) is testing smart glasses. (9to5mac.com)
• A look at the iPad 16 years in. (asymco.com)

Autos

• Costco ($COST) is building standalone gas stations. (thedrive.com)
• Why Ferrari's ($RACE) moat is unique. (wsj.com)

Drones

• Ukrainian drones are already taking down Shaheeds in the Gulf. (apnews.com)
• How Ukraine is iterating so quickly with drones. (nytimes.com)

Defense

• The U.S. military is no longer 'color blind and merit-based.' (theatlantic.com)
• There is an increase in military members looking for an exit. (npr.org)

ICE

• How ICE deploys spyware. (npr.org)
• ICE really doesn't want you to film them. (eff.org)

Policy

• For some reason the Trump administration is effectively dismantling the US Forest Service. (hatchmag.com)
• Nothing that RFK Jr. has done at HHS should be a surprise. (theunpopulist.net)
• Administration officials continue to proselytize to their employees. (msn.com)
• Texas is spending a lot of data center tax incentives. (texastribune.org)
• Trump is planning to spend NEH money on his Arch. (notus.org)

Economy

• Inflation isn't going away any time soon. (axios.com)
• How higher prices impact (poor) consumer sentiment. (gelliottmorris.com)
• Hours worked can fall without mass unemployment. (marginalrevolution.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)
• Don't miss a thing! Sign up for our daily e-mail newsletter. (abnormalreturns.com)

Mixed media

• Dave Perell talks with Wright Thompson about how to tell a great story. (podcasts.apple.com)
• Authors of acclaimed works are getting older over time. (statmodeling.stat.columbia.edu)

Stay in touch

• Are you a financial advisor? Every Friday we send a (free) advisor-focused newsletter. (newsletter.abnormalreturns.com)
• Don't miss a thing! Sign up for our daily e-mail newsletter. (abnormalreturns.com)

Top clicks this week on Abnormal Returns

1. How the 'winner's curse' works in practice. (humbledollar.com)
2. Stock market returns can be lumpy. (awealthofcommonsense.com)
3. Recognize that you are not built to be a great investor. (humbledollar.com)
4. How the SPDR Portfolio S&P 500 ETF ($SPYM) gathered some $110 billion in AUM. (etf.com)
5. TIPS are trading at historically high levels. (wsj.com)
6. If alts were a slam dunk, then providers wouldn't need legal protections to include them in their plans. (thealtview.substack.com)
7. The sell is as important as the buy. (klementoninvesting.substack.com)
8. Five insights from "How to Disagree Better" by Julia Minson. (nextbigideaclub.com)
9. The Strait of Hormuz 'is not closed. It has been converted.' (theomission26.substack.com)
10. Most investors come up with a theory and then look for evidence. (chartkidmatt.com)

EVs

• A flood of off-lease EVs are coming to the market. (arstechnica.com)
• Some tips on switching to an EV. (wsj.com)
• EV charging away from home still kinda sucks. (axios.com)

Energy

• Ukraine's drones are putting a dent in Russia's oil export capacity. (ft.com)
• The state of Virginia is going to enable balcony solar. (thecooldown.com)
• How heat pump water heaters work. (washingtonpost.com)

Environment

• Some 60% of the US is in drought-like conditions. (insurancejournal.com)
• You can only fight the ocean for so long. (wsj.com)
• Is California’s Salton Sea really the 'Saudia Arabia of lithium'? (theweek.com)

Spring

• More signs of an earlier Spring across the U.S. (washingtonpost.com)
• What does an earlier spring mean for agriculture? (grist.org)

Fish

• How to reduce bycatch with better net design. (knowablemagazine.org)
• These fish can climb a 50-foot waterfall. (npr.org)
• The science behind better oyster beds. (sciencedaily.com)
• Asian carp are no joke. (wsj.com)

Cattle

• Wildfires are making cattle ranching more challenging. (grist.org)
• The Interior Department is now preferencing cattle vs. bison. (motherjones.com)

Travel

• Travel this summer is going to require patience and more money. (theatlantic.com)
• Baggage fees only go in one direction: higher. (sherwood.news)

Science

• MAGA is winning the war against science. (paulkrugman.substack.com)
• America is risking a brain drain as science budget cuts pile up. (nytimes.com)
• Science researchers that remain in government are self-censoring. (grist.org)
• The U.S. has likely reached 'peak postdoc.' (papers.ssrn.com)
• AI keeps citing research papers that don't exist. (nature.com)

Technology

• The vibes around OpenAI are not great. (daringfireball.net)
• Do we need a new Y2K for AI-induced computer security vulnerabilities? (anildash.com)
• Are we going to use the same AI at home and work? (spyglass.org)
• If AI is infrastructure, what is the business model? (asymco.com)
• Where the data center build out stands. (appraisal.substack.com)

Behavior

• Short form video is both powerful and damaging. (hottakes.space)
• A two-minute trick to outsmart procrastination. (experimentalliving.substack.com)

Vaccines

• The CDC is refusing to release data that shows Covid-19 vaccines work. (newrepublic.com)
• People with a doctor in the family are more likely to get vaccinated. (papers.ssrn.com)

Health

• Shingles is no joke. (npr.org)
• How CAR-T is being used to treat autoimmune diseases. (theatlantic.com)
• RCTs were not always a thing. (abundanceandgrowth.org)
• OTC abortion medication is feasible. (npr.org)
• A Q&A with Dr. Sanjay Gupta "It Doesn't Have to Hurt: Your Smart Guide to a Pain-Free Life." (npr.org)
• What will it take to push smoking rates even lower? (theconversation.com)

Drink

• The bourbon industry is set to consolidate. (axios.com)
• How to put a speakeasy in the back of a gasoline station. (wsj.com)

Food

• How higher prices eventually dinged Frito Lay's snack business. (msn.com)
• What food spending, i.e. splurging, tells us about consumer beliefs. (theconversation.com)
• California is now requiring folic acid in corn tortillas to help prevent birth defects. (axios.com)
• Instant coffee is a surprisingly complex product. (worksinprogress.news)
• Why food companies are turning to ube. (hawaiitribune-herald.com)

Entertainment

• The 2026 box office is actually pretty good. (axios.com)
• How fake songs and imposters are sneaking onto streaming platforms. (pitchfork.com)

Sports

• A history of golf course bunkers. (wsj.com)
• College athletes are flouting gambling bans. (frontofficesports.com)
• How sports betting apps hook users. (statnews.com)
• Warming temperatures are taking a toll on outdoor ice rinks. (thecooldown.com)

Colleges

• Why attending an Ivy League school matters. (theatlantic.com)
• More small colleges are on the verge of closing. (wsj.com)
• How the crackdown on international students is hitting colleges like Lewis University. (nytimes.com)
• How AI is transforming the college experience. (theatlantic.com)

Children

• How are the children of parental influencers going to fare later on in life? (newyorker.com)
• What is the best way to handle cellphones in schools? (theconversation.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)

Mixed media

• In praise of the Artemis astronauts. (theatlantic.com)
• People like to work hard. (anildash.com)

Markets

• TIPS are trading at historically high levels. (wsj.com)
• Momentum has outperformed since the start of the Iran war. (capitalspectator.com)
• Roundhill Memory ETF ($DRAM) is off to a fast start. (etf.com)

Companies

• What Greg Abel, the new CEO of Berkshire Hathaway ($BRK.A) can learn from Tim Cook. (kingswell.io)
• What 1000-year old companies can teach us about resilience. (bigthink.com)
• Why Dr. Bronner sales are booming. (wsj.com)

SpaceX

• Of course Elon Musk wants to merge SpaceX with Tesla ($TSLA). (barrons.com)
• This aspect of a SpaceX IPO is notable, and worrying. (ft.com)

Finance

• How private credit's problems redound on private equity. (axios.com)
• Stocks backed by this company all tend to go down, a lot. (ft.com)

Prediction markets

• Google ($GOOGL) is now featuring Polymarket odds. (futurism.com)
• A lot more athletes have invested in Kalshi. (frontofficesports.com)

Social media

• Twitter downgrades external links. (niemanlab.org)
• Max Tani and Ben Smith talk with Bluesky COO Rose Wang. (semafor.com)
• Why can't billionaires just stay off Twitter? (wsj.com)

Iran

• What's getting through the Strait of Hormuz? (axios.com)
• What the Gulf states have learned about American power. (paulkrugman.substack.com)
• Who is going to pay Hormuz tolls? (wsj.com)
• Helium is hard to replace. (construction-physics.com)

Economy

• March CPI showed a 3.3% annual increase. (bonddad.blogspot.com)
• Derek Thompson talks with Roge Karma about the labor market for new college graduates. (podcasts.apple.com)
• These measures of consumer sentiment are in the crapper. (axios.com)

Earlier on Abnormal Returns

• What you may have missed in our Thursday linkfest. (abnormalreturns.com)
• Longform links: inverting our lives. (abnormalreturns.com)
• Don't miss a thing! Sign up for our daily e-mail newsletter. (abnormalreturns.com)

Mixed media

• Why does the media feel compelled to unmask anonymous artists? (om.co)
• In a world of AI slop you can't fake up close up magic. (nytimes.com)
• Why you should always carry a book with you. (ryanholiday.net)
• How 'zombie flow' took over our lives. (derekthompson.org)

Fund management

• Diversification is a shock absorber for Blackrock ($BLK). (wsj.com)
• Asset management is going to look very different in ten years. (philbak.substack.com)

Prediction markets

• Joe Weisenthal and Tracy Alloway talk with Thomas Peterffy, founder and Chairman of Interactive Brokers ($IBKR), about prediction markets. (podcasts.apple.com)
• Eric Balchunas and Joel Weber talk with Matt Hougan, CIO of Bitwise, about how prediction market ETFs would work. (podcasts.apple.com)

TBPN

• Why OpenAI bought TBPN. (npr.org)
• The TBPN deal has unleashed more podcast acquisition talk. (theankler.com)

GLP-1s

• Where the GLP-1 market stands. (sherwood.news)
• Novo Nordisk ($NVO) is launching a high dose Wegovy. (wsj.com)
• Eli Lilly's ($LLY) GLP-1 pill, Foundayo, is easier to take. (biopharmadive.com)
• GLP-1 drugs have been found to improve symptoms of arthritis, even without weight loss. (refractor.io)
• An experiment with microdosing GLP-1s to treat disease. (jodiettenberg.com)

Global

• Where does the U.S. stand vs. before the Iran war? (danieldrezner.substack.com)
• America's allies have no idea how to deal with an erratic leader. (wsj.com)
• The Swiss love their public referendum. (ft.com)

Economy

• Still no meaningful pickup in weekly initial unemployment claims. (bonddad.blogspot.com)
• The Fed is facing a tough environment. (carsongroup.com)
• Is falling labor share driving corporate profitability? (klementoninvesting.substack.com)

Earlier on Abnormal Returns

• Longform links: inverting our lives. (abnormalreturns.com)
• What you missed in our Wednesday linkfest. (abnormalreturns.com)
• Personal finance links: increased tax complexity. (abnormalreturns.com)
• Don't miss a thing! Sign up for our daily e-mail newsletter. (abnormalreturns.com)

Mixed media

• Americans overwhelmingly agree that the wealthy are not paying their fair share of taxes. (pewresearch.org)
• It's hard to argue the American aviation system is getting safer. (giftarticle.ft.com)
• The fertility rate in the U.S. continues to decline. (wsj.com)

Books

• Five insights from "How to Disagree Better" by Julia Minson. (nextbigideaclub.com)
• Five insights from "Hard Feelings: Finding the Wisdom in Our Darkest Emotions" by Daniel Smith. (nextbigideaclub.com)

Companies

• Is Disney ($DIS) now just milking the theme parks? (readtrung.com)
• How Airbnb ($ABNB) came to create a category. (fiscal.ai)
• The story of Chipotle ($CMG). (quartr.com)

Bitcoin

• The search for the inventor of Bitcoin lands on a new candidate. (nytimes.com)
• Then again, does it really matter any more? (ft.com)

Longreads

• Willy Staley, "With so much of our world being so rapidly reshaped for such stupid reasons, it’s hard not to feel as if we’re living in one of the canonical A.I. doom scenarios without even noticing it." (nytimes.com)
• Hungary's economy under Orban is a story of corruption and decline. (cato.org)
• Another example of how budget cuts are affecting science education. (statnews.com)
• The environmental history of offshore oil drilling isn't great. (newyorker.com)
• Is America really seeing a religious revival? What the numbers actually say. (derekthompson.org)
• How the British experienced the Revolutionary War. (smithsonianmag.com)
• Life lessons learned from abandoned storage units. (nytimes.com)

Markets

• Some highlights from Q1 returns including a big move in energy stocks. (novelinvestor.com)
• Most investors come up with a theory and then look for evidence. (chartkidmatt.com)
• Pictures of the moon are quite a contrast to the mess here on Earth. (howardlindzon.com)

Finance

• Can AI be used to do audits? (wsj.com)
• Why the definition of a swap matters. (dopaminemarkets.com)
• The Morgan Stanley Bitcoin Trust ($MSBT) is now live. (wealthmanagement.com)

IPOs

• How different index providers are planning to deal with mega IPOs like SpaceX. (morningstar.com)
• Looser inclusion rules will stick index investors with the bag. (acadian-asset.com)
• How private markets will get reshuffled after the big three go public. (morningstar.com)
• When will SpaceX and Tesla ($TSLA) merge? (wsj.com)

Claude Mythos

• Why Anthropic is holding back the release of Claude Mythos. (nytimes.com)
• AI can now break, and fix stuff, at scale. (spyglass.org)
• Why spending will now shift to hardening systems. (tomtunguz.com)
• Are future AI model releases going to get gated? (axios.com)

Apple

• All the companies Apple ($AAPL) has outlasted. (asymco.com)
• How a PC user became a Mac user for life. (spyglass.org)

Economy

• The resilience of the American economy is impressive. (awealthofcommonsense.com)
• The labor participation rate is falling. (wsj.com)

Earlier on Abnormal Returns

• Personal finance links: increased tax complexity. (abnormalreturns.com)
• What you missed in our Tuesday linkfest. (abnormalreturns.com)
• Research links: the economics of financial economics. (abnormalreturns.com)
• Don't miss a thing! Sign up for our daily e-mail newsletter. (abnormalreturns.com)

Mixed media

• What Ukraine can teach us about the future of naval warfare. (wsj.com)
• How Ukraine is disrupting Russian oil infrastructure. (nytimes.com)
• What the U.S. needs to learn from Ukraine. (cbsnews.com)

Podcasts

• Morgan Housel on how spend your money without spoiling your kids. (podcasts.apple.com)
• Christine Benz and Amy Arnott talk with Wade Pfau about the benefit of higher rates for retirees. (morningstar.com)
• Peter Lazaroff about what you need to know about Trump Accounts. (podcasts.apple.com)

Housing

• America's housing stock is rapidly aging. (wsj.com)
• Why VA mortgage foreclosure rates are soaring. (npr.org)
• How the Augusta Rule works. (moneychangeseverything.substack.com)

Accounts

• On the pros and cons of 529 plans. (wsj.com)
• BNY and Robinhood are set to launch Trump Accounts this summer. (semafor.com)

Passwords

• Couples need a plan for their passwords. (readthejointaccount.com)
• How to use a password manager. (obliviousinvestor.com)

Wealth

• The ranks of the super rich are growing and gaining more political power. (awealthofcommonsense.com)
• Why it is so difficult to jump out of the upper middle class: expectations. (ofdollarsanddata.com)

Personal finance

• How to get better at spending money. (moneytalksmatter.com)
• How donor-advised funds work. (wsj.com)
• The nature of financial advice has changed over the years from portfolio management to holistic advice. (ritholtz.com)
• Tax complexity only goes in one direction in the U.S. (yourbrainonmoney.substack.com)
• The Social Security Administration's customer service is in decline. (morningstar.com)
• How to reframe things. (dariusforoux.com)

Strategy

• Recognize that you are not built to be a great investor. (humbledollar.com)
• The sell is as important as the buy. (klementoninvesting.substack.com)

Deals

• Bill Ackman wants to buy Universal Music Group ($UMG). (cnbc.com)
• Paramount's ($PSKY) bid for Warner Bros. is dependent on Gulf sovereign wealth funds. (wsj.com)
• Why aren't private equity firms doing more company IPOs? (pitchbook.com)
• The big banks are pushovers for Musk. (ft.com)

Private assets

• Josh Brown talks with Nick Nemeth⁠, writer of the Mispriced Assets blog, about the risks of private credit on insurance company balance sheets. (youtube.com)
• Opportunistic credit is gearing up to dig through distressed private credit. (fa-mag.com)

ETFs

• Leveraged ETFs are a double-edge sword. (optimisticallie.com)
• The new Roundhill Memory ETF ($DRAM) has a great ticker symbol. (etf.com)
• Now State Street ($STT) is jumping into the Nasdaq 100-tracking ETF game. (fa-mag.com)

AI

• AI is going to increase frictions, not reduce them. (educatedguesser.substack.com)
• PE is now pushing AI onto their portfolio companies. (wsj.com)
• Companies are asking what to do with all that AI-generated code? (nytimes.com)
• Some older workers see the AI writing on the wall. (wsj.com)

OpenAI

• It's evident OpenAI is nervous about public opinion. (arstechnica.com)
• OpenAI's purchase of TBPN really makes no sense. (garbageday.email)
• Alex Kantrowitz talks with OpenAI President Greg Brockman. (bigtechnology.com)

Prediction markets

• Why the definition of a 'swap' matters. (dopaminemarkets.com)
• Prediction market tax treatment is not locked down. (wired.com)
• How prediction markets are like the old bucket shops. (barrons.com)

Kalshi

• Fox Corp. ($FOX) is going to start integrating Kalshi data. (theblock.co)
• Kalshi picked up a legal win in New Jersey. (nypost.com)
• Kalshi's CEO thinks 'bad actors' on the platform will eventually be prosecuted. (axios.com)

Real estate

• Jamie Dimon and JP Morgan Chase ($JPM) love tall buildings - London edition. (ft.com)
• Downtown office buildings around the country are changing hands for cents on the dollar. (wsj.com)

Hungary

• MAGA is all-in on Orban's re-election. (axios.com)
• So is Russia. (nytimes.com)
• A look at how right wing influencers have taken over Elon-owned Twitter. (natesilver.net)

Earlier on Abnormal Returns

• Research links: the economics of financial economics. (abnormalreturns.com)
• What you missed in our Monday linkfest. (abnormalreturns.com)
• Adviser links: convinced clients. (abnormalreturns.com)
• Don't miss a thing! Sign up for our daily e-mail newsletter. (abnormalreturns.com)

Mixed media

• Howard Lindzon, "Building trust, capturing and growing attention are now the hardest it has ever been in this era of centralized search, LLMs and chatbots." (howardlindzon.com)
• Marketers are now advertising their no-slop tactics. (wsj.com)
• Sincerity is a contrarian strategy. (dariusforoux.com)

Round-ups

• A round-up of recent white papers including 'The Price of Having Fun.' (bpsandpieces.com)
• A round-up of recent academic research including 'Rethinking Trend Following: Optimal Regime-Dependent Allocation.' (alphainacademia.substack.com)

Society

• Some insights into the persistence of family wealth. (mailchi.mp)
• The U.S. is falling in different ranks of democracy and economic freedom. (abnormalreturns.com)

Research

• How does the carry factor work? (alphaarchitect.com)
• The VIX and economic policy uncertainty measure two different things. (rpc.cfainstitute.org)
• How risk comes to the junk bond market historically. (mailchi.mp)
• How face-to-face interactions matter when it comes to analyzing a company. (alphaarchitect.com)
• Kai Wu talks with Michael Mauboussin about why today’s AI expectations may be historically unmatched. (podcasts.apple.com)
• Is financial economics still economics? (marginalrevolution.com)

Fund management

• Blackrock ($BLK) is launching a competitor to the iShares Nasdaq 100 ETF ($QQQ). (wealthmanagement.com)
• Alternatives in 401(k) plans are a solution in search of a problem. (morningstar.com)

OpenAI

• A big profile of Sam Altman and his leadership of OpenAI. (newyorker.com)
• There seems to be some doubt internally whether OpenAI is ready to IPO. (wheresyoured.at)
• OpenAI published a policy paper on how to deal with the effects of AI on the economy. (axios.com)

Iran

• The Strait of Hormuz 'is not closed. It has been converted.' (theomission26.substack.com)
• The war in Iran has highlighted limits of U.S. power. (theatlantic.com)
• How the war is entrenching Iran's position. (nytimes.com)
• The war in Iran is a boon for China's renewable energy industries. (wapo.st)

Economy

• Gasoline prices are higher, but not historically high. (bonddad.blogspot.com)
• Companies are not acting as if they exepectan extended Iran war. (thetranscript.substack.com)
• Where manufacturing employment is growing (and shrinking) around the U.S. (agglomerations.eig.org)
• How energy disruptions are rippling out across the globe. (axios.com)

Earlier on Abnormal Returns

• Adviser links: convinced clients. (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

• NBA Europe is coming closer to fruition. (axios.com)
• Fixing the NBA's tanking problem isn't simple. (newyorker.com)
• Tanking isn't the NBA's only problem. (scottsumner.substack.com)