Markets

• Rates are up all over the world. (axios.com)
• Bonds and stocks are living in two different worlds. (mrzepczynski.blogspot.com)
• Are one-time effects driving S&P 500 earnings? (axios.com)
• The ERP is essentially zero. (wsj.com)

Finance

• Public shareholders of SpaceX have no say in company governance. (ft.com)
• The SEC and CFTC are largely on the sidelines. (nadig.com)
• How the rise of AI driving M&A activity. (giftarticle.ft.com)
• How startup dilution works. (ilyastrebulaev.substack.com)

ETFs

• There are now more ETFs than stocks in the U.S. (apollo.com)
• ETFs are taking share from mutual funds. What about hedge funds? (bloomberg.com)
• The SEC isn't ready for prediction markets-backed ETFs. (thedailyupside.com)

Real estate

• The Avalonbay ($AVB) and Equity Residential ($EQR) merger is not coming from a position of strength. (wsj.com)
• Charlotte is struggling with the consequences of rapid growth. (axios.com)
• Downtown Denver has an office vacancy problem. (wsj.com)
• Why Idaho is allowing for smaller lot sizes. (msn.com)
• Is the Midwest population exodus finally over? (wsj.com)

Global

• Regime change and Cuba. What's the plan? (danieldrezner.substack.com)
• The U.S. has lost credibility with Europe. (theatlantic.com)

Economy

• National home prices, per Case-Shiller, rose 0.7% year-over-year. (calculatedrisk.substack.com)
• What companies are saying about the consumer and AI. (thetranscript.substack.com)
• The stock market did fine under Jerome Powell. (carsongroup.com)
• Fixing inflation isn't easy. (semafor.com)

Earlier on Abnormal Returns

• Research links: waves of disruption. (abnormalreturns.com)
• Adviser links: living well. (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 has broken trust between teachers and students. (newyorker.com)
• You can't run a literary contest and ignore AI. (theargumentmag.com)
• Humans have experiences. AI doesn't. (ofdollarsanddata.com)

Research

• Why factor rebalancing matters. (alphaarchitect.com)
• A model of the global credit factor. (libertystreeteconomics.newyorkfed.org)
• AI disruption is here. How to sort the winners from the value traps. (sparklinecapital.com)
• How housing and investment are tradeoffs. (econbrowser.com)
• What factors explain the mortgage spread? (bostonfed.org)
• A round-up of recent research including 'Social Media Algorithms as Information Intermediaries.' (alphainacademia.com)
• Procrastinators, on average, are less likely to have an estate plan in place. (papers.ssrn.com)
• Collectible returns as being procyclical. (papers.ssrn.com)

Long-short SMAs

• Michael Batnick talks with Brent Sullivan of Tax Alpha Insider. (youtube.com)
• How Fidelity and Schwab ($SCHW) are throttling demand for long-short SMAs. (riabiz.com)

The biz

• Farther has now raised $276 million in capital. (riabiz.com)
• How is Facet Wealth doing? (riabiz.com)
• Big RIAs are buying up alternative asset research outfits. (pitchbook.com)

AI

• How to respond to a client that fact checks you with AI. (meghaanlurtz.substack.com)
• Is AI going to allow advisers to be more productive or go deeper? (investmentnews.com)
• Claude is not your attorney. (citywire.com)
• AI models are not trusted fiduciaries. (abnormalreturns.com)

Practice management

• Advisers have not had to feel the fee pain of an extended market decline. (advisorperspectives.com)
• What happens if the SEC moves the registration threshold to $1 billion in AUM? (kitces.com)

Advisers

• How focusing on a target market helps build referrals. (kitces.com)
• How to create for yourself an information diet. (xyplanningnetwork.com)
• Boomerang children is a form of intra-generational transfer. (investmentnews.com)
• On the downsides when a couple retires at the same time. (thinkadvisor.com)
• A Q&A with Ben Carlson, author of "Risk and Reward: How to handle market volatility and build long-term wealth." (thinkadvisor.com)
• Everybody needs reminders about the basics. (advisorperspectives.com)

Stocks

• Just how much AI is driving the stock market. (morningstar.com)
• Looking ahead to 2028 earnings. (tker.co)

Rates

• What to make of rising interest rates. (awealthofcommonsense.com)
• Long term TIPS are now yielding near 3%. (bobeunlimited.substack.com)

ETFs

• The vast majority of new ETF launches are actively managed, and likely high fee. (wsj.com)
• The Tema Space Innovators ETF ($NASA) is now the largest space ETF on the market. (etf.com)
• Dave Nadig, Sumit Roy, Eric Balchunas and Todd Sohn talk ETF flows and more. (etf.com)
• The case for investing in the two parts of the Vanguard Total World Stock ETF ($VT). (elmwealth.com)
• It's never been easier to launch an ETF. (etfcentral.com)

SpaceX

• Good luck to the managers of the SpaceX ($SPCX) IPO. (wsj.com)
• An investment in SpaceX is above all a bet on Elon. (wsj.com)
• What do investors get for $1.75 trillion? (newsletter.fiscal.ai)
• SpaceX as conglomerate. (semafor.com)
• An interesting tidbit from the SpaceX S-1. (pitchbook.com)
• What words show up most often in the SpaceX S-1? (readtrung.com)
• Mega IPOs don't have a great short-term track record. (barrons.com)

Google

• How Google ($GOOGL) has upended how the web works. (axios.com)
• Google ($GOOGL) is reviving an architectural wonder in downtown Chicago. (bloomberg.com)

Retail

• Fast delivery is changing shopping habits. (axios.com)
• Everything is a subscription business these days. (thehustle.co)

Defense

• Ukraine is now a player in the global arms market. (wsj.com)
• The world's militaries are focusing on AI. (ft.com)

Immigration

• How the administration is hurting Dreamers. (axios.com)
• Confusion reigns among those seeking a green card. (semafor.com)
• How limiting low-skill immigration backfires. (klementoninvesting.substack.com)

Taxes

• Why IRS Direct File was killed. (defector.com)
• We are now seeing the costs of the OBBBA. (econbrowser.com)
• To fix Social Security you need to adjust taxes and benefits. Equity investments at this point are just window dressing. (crr.bc.edu)

Influence

• Sanctioned by the U.S. government? Call this guy. (bloomberg.com)
• How a $5 million donation to MAGA Inc. was quickly followed by flavored vapes being approved. (wsj.com)

Law

• State attorneys general are stepping up their anti-trust activities. (politico.com)
• The DOJ has scrubbed mentions of January 6th defendants from its website. (theguardian.com)
• The DOJ is now an active participant in conspiracy theories. (theatlantic.com)
• Courts are filling up with AI-generated lawsuits. (futurism.com)
• An actual win for free speech. (arstechnica.com)

Trump

• What's behind all those stock trades in Trump's personal account? (bloomberg.com)
• It's hard to distinguish where Trump begins and the government ends. (axios.com)
• Trump's DC perfectly reflects his character. (slate.com)

Policy

• Why does the Office of the Director of National Intelligence still exist? (thebulwark.com)
• Oh the irony. The Office of Federal Student Aid is hiring. (npr.org)
• Why cities should invest in more, better street lights. (theatlantic.com)

Economy

• The post-pandemic vibecession made sense, but why has it persisted? (theatlantic.com)
• How higher diesel prices are hitting businesses. (chicago.suntimes.com)
• Inflation expectations are ticking higher. (econbrowser.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)
• AI models are not a trusted fiduciary. Be careful. (abnormalreturns.com)
• Don't miss a thing! Sign up for our daily e-mail newsletter. (abnormalreturns.com)

Mixed media

• We are living in the age of a 'post-virtue style of politics.' (derekthompson.org)
• How independence created a new American philanthropy. (theconversation.com)
• Missing men and the American marriage market. (npr.org)

Also on the site

• AI models are not a trusted fiduciary. (abnormalreturns.com)
• Don't miss a thing! Sign up for our daily e-mail newsletter. (abnormalreturns.com)
• Are you a financial advisor? Sign up for the weekly Talking Wealth newsletter. (talkingwealthpod.com)

Top clicks this week

1. Some signs of concern for the stock market. (traderfeed.blogspot.com)
2. Despite the market moving higher there are signs of risk-off behavior. (trendlabs.com)
3. Websites know a lot about you. To learn just how much, click here. (sinceyouarrived.world)
4. Why you should watch Ben McKenzie's new documentary, 'Everyone Is Lying to You for Money.' (motherjones.com)
5. How does the stock market do after three consecutive years of double digit returns? (ft.com)
6. G7 yields are at their highest level in 20 years. (apollo.com)
7. The Treasury yield curve is normalizing. (carsongroup.com)
8. Don't discount the danger of rising long term interest rates. (allstarcharts.com)
9. A good story trumps a good chart. (awealthofcommonsense.com)
10. How (American) tourists flatten experiences for everyone. (thedial.world)

Autos

• Nearly 30% of cars sold globally this year will be electric or plug-in hybrid. (semafor.com)
• Carvana ($CVNA) is getting into new car sales. (wsj.com)
• Waymo is still working out some kinks. (futurism.com)
• Confessions of a former robo-taxi hater. (sherwood.news)

Transport

• (Good) reviews are coming in for the new Tesla ($TSLA) Semi. (nytimes.com)
• Los Angeles has a new subway line. Are riders ready to jump on board? (newyorker.com)
• How wind-assisted cargo ships could cut emissions. (newscientist.com)

Energy

• A geothermal renaissance is here. (reasonstobecheerful.world)
• The Trump administration is now delaying onshore wind projects in Texas. (texastribune.org)
• How to keep solar panels clean. (thecooldown.com)

Environment

• The Gulf of Mexico is rapidly warming. (thecooldown.com)
• Space launches have a big environmental impact. (theconversation.com)
• Why Maine's wild blueberry growers are struggling. (grist.org)

Animals

• Why do humpback whales keep their mouths open? (smithsonianmag.com)
• Beluga whales can recognize themselves. (smithsonianmag.com)

Travel

• Canadians are not returning to the U.S. any time soon. (cbc.ca)
• How (American) tourists flatten experiences for everyone. (thedial.world)
• Don't be this tourist. (aftermath.site)

Science

• The Trump administration is still throttling science funding. (npr.org)
• ArXiv to ban researchers if they submit AI slop. (404media.co)

Technology

• How good is the code that AI writes? (wsj.com)
• Short story prize winners outed as AI-generated. (theguardian.com)
• The case for using a RSS reader. (sixcolors.com)

Aid

• The end of U.S. aid is coming along side higher costs for fuel, fertilizer and food. (nytimes.com)
• How cuts to USAID are playing out. (grist.org)

GLP-1s

• Eli LIlly's ($LLY) new weight loss drug, retatrutide, seems to be the most powerful yet. (biopharmadive.com)
• GLP-1 use may slow cancer progression. (wsj.com)

Health

• Nurse practitioners are in great demand. (wsj.com)
• There is no vaccine for the current Ebola outbreak. (cen.acs.org)
• On the prospect of actually banning tobacco products. (theatlantic.com)
• Five insights from shares five key insights from her new book, "Beyond Inheritance: Our Ever-Mutating Cells and a New Understanding of Health" by Roxanne Khamsi. (nextbigideaclub.com)

MAHA

• RFK Jr. has fired the leaders of the U.S. Preventive Services Task Force. (politico.com)
• MAHA loves Zyn. (wsj.com)

Drink

• The world is awash in bourbon. (wsj.com)
• Teens today are drinking less. (axios.com)

Seed oils

• Swapping seed oils for saturated fat isn't a great trade for cardiac patients. (statnews.com)
• This NFL coach is focused on eliminating seed oils from the cafeteria. (brobible.com)

Food

• Beans are back. (npr.org)
• Why everybody wants whey. (ft.com)
• Is bone broth really a superfood? (economist.com)
• Pepper is getting a brand makeover. (fastcompany.com)
• Just about everyone needs more fiber in their diet. (npr.org)
• Cocoa prices are way off their highs. Chocolate prices aren't going down. (axios.com)
• Rye uses significantly less water than other common rotational winter crops like alfalfa and barley. (reasonstobecheerful.world)
• The Italian beef sandwich is now the state sandwich of Illinois. (variety.com)

Sports

• The Enhanced Games are a sign of the times. (technologyreview.com)
• The health implications of faster than ever fastballs. (newyorker.com)
• Why soft tissue injuries seem to be on the rise in the NBA. (theringer.com)
• The revamped Indianapolis Motor Speedway Museum is impressive. (wsj.com)

College

• How AI has upended college. (nytimes.com)
• College students aren't fans of AI. (slate.com)
• The college enrollment cliff is here. (newyorker.com)
• A positive review for "How to Rule the World: An Education in Power at Stanford University" by Theo Baker. (feld.com)

Children

• Start high school later in the day! (theargumentmag.com)
• How to deal with your children leaving home. (buttondown.com)

Earlier on Abnormal Returns

• What you missed in our Friday linkfest. (abnormalreturns.com)
• AI models are not a trusted fiduciary. Be careful. (abnormalreturns.com)
• Don't miss a thing! Sign up for our daily e-mail newsletter. (abnormalreturns.com)

Mixed media

• CBS News Radio is going silent. (theconversation.com)
• Why hundreds of local news sites are blocking Wayback Machine. (niemanlab.org)
• The Washington Post is flailing. It traces back to Jeff Bezos. (danieldrezner.substack.com)

Crypto

• Binance can't seemingly quit Iran. (engadget.com)
• This crypto company has spent a lot to armor their executives vehicles. (ft.com)

Oura

• Oura Health Oy has filed to go public. (cnbc.com)
• How Oura has succeeded in the wellness space. (bloomberg.com)

SpaceX

• SpaceX is a governance story. (buttondown.com)
• SpaceX is not like the rest of the Mag 7. (news.crunchbase.com)

AI

• Noah Brier, "AI is a mirror, not a crystal ball." (whyisthisinteresting.substack.com)
• The launch of LLMs means more books listed on Amazon ($AMZN). (nber.org)
• Typos are now an indicator of humanity. (theatlantic.com)

Privacy

• Websites know a lot about you. To learn just how much, click here. (sinceyouarrived.world)
• Reddit ($RDDT) really wants you to use their app. (arstechnica.com)
• We're all being recorded all the time. (theatlantic.com)
• ChatGPT wants your bank info. (techcrunch.com)

Defense

• The U.S. paid a high cost, in interceptors, defending Israel during Operation Epic Fury. (wapo.st)
• We're not getting the full story on Iran war casualties. (theatlantic.com)
• The U.S. lost dozens of Reaper drones in the Iran conflict. (bloomberg.com)

Earlier on Abnormal Returns

• What you missed in our Thursday linkfest. (abnormalreturns.com)
• Longform links: more conscious investors. (abnormalreturns.com)
• AI models are not a trusted fiduciary. Be careful. (abnormalreturns.com)
• Don't miss a thing! Sign up for our daily e-mail newsletter. (abnormalreturns.com)

Mixed media

• You can't change the world, but you can change your own behavior. (yourbrainonmoney.substack.com)
• Cynicism is the enemy of wonder. (thequietlife.net)
• Hindsight bias is real. (davidnroberts.com)

Finance

• Investment bank Lincoln International ($LCLN) went public. (pitchbook.com)
• What you need to know about evergreen funds. (caia.org)

ETFs

• What you need to know about the Roundhill Memory ETF ($DRAM). (morningstar.com)
• The big ETF players are not afraid of taking each other on. (pionline.com)
• The vast majority of ETF flows are in cheap passive funds, but high fee active funds are surging. (morningstar.com)

SpaceX

• The SpaceX S-1 has dropped. (axios.com)
• Starlink is the jewel of SpaceX. (om.co)
• The VC returns on the SpaceX IPO would be unprecedented. (pitchbook.com)
• Anthropic is paying SpaceX $1.25 billion per month through May 2029. (axios.com)
• SpaceX has a Starship lauch coming up. (npr.org)

AI

• Putting Nvidia's ($NVDA) profits into some sort of perspective. (spyglass.org)
• Anthropic is going to generate an operating profit in Q2?!? (wsj.com)
• Google ($GOOGL) has some inherent advantages in AI. (axios.com)
• Patrick O'Shaughnessy talks with Gavin Baker about the state of AI. (youtube.com)
• An OpenAI IPO filing is imminent. (axios.com)

Sports

• Private equity involvement in youth sports has made things worse. (theatlantic.com)
• The online gambling industry is restructuring itself. (frontofficesports.com)
• The Enhanced Games are all about selling supplements and peptides. (sherwood.news)

Russia

• The Kremlin is now flooding BlueSky with propaganda. (nytimes.com)
• Jude Law does a good job portraying Putin in 'The Wizard of the Kremlin.' (theatlantic.com)
• The challenges of rebuilding Ukraine. (klementoninvesting.substack.com)

Economy

• Walmart ($WMT) warned about the stresses on lower income consumers. (sherwood.news)
• Americans are starting new businesses, but are not hiring many employees. (bloomberg.com)
• Jobless claims keep ticking lower. (bonddad.blogspot.com)

Earlier on Abnormal Returns

• Longform links: more conscious investors. (abnormalreturns.com)
• What you missed in our Wednesday linkfest. (abnormalreturns.com)
• AI models are not a trusted fiduciary. Be careful. (abnormalreturns.com)
• Personal finance links: the caregiving penalty. (abnormalreturns.com)
• Don't miss a thing! Sign up for our daily e-mail newsletter. (abnormalreturns.com)

Mixed media

• Spotify ($SPOT) is getting into the AI-generated podcast game. (engadget.com)
• What's left of Vox Media after the acquisition of its podcast network? (adweek.com)
• Alexa now has AI-powered podcasts. (variety.com)
• Why all the video podcasts feel the same. (onethingnewsletter.substack.com)

Books

• A Q&A with Alex Mayyasi about "Planet Money: A Guide to the Economic Forces That Shape Your Life." (sherwood.news)
• An excerpt from "Like, Follow, Subscribe: Influencer Kids and the Cost of a Childhood Online." by Fortesa Latifi. (theatlantic.com)

Immigration

• The U.S. used to take pride in welcoming refugees. No more. (newyorker.com)
• What happens to people deported to Honduras. (theatlantic.com)

Sports

• Wright Thompson on Steve Kerr and his return to Golden State. (espn.com)
• What is the difference between performing on Broadway or with the Savannah Bananas? (nytimes.com)
• What is the appeal of the NFL Draft? (newyorker.com)

Longreads

• A big profile of Chris Hohn, manager of TCI, arguably one of the most successful hedge funds. (giftarticle.ft.com)
• Why London is struggling. (giftarticle.ft.com)
• It's going to take awhile to fix Americas rare earth mineral problem. (bloomberg.com)
• It's hard to overestimate the impact of drone warfare. (noahpinion.blog)
• Looking forward to a time when Ukraine isn't at war. (bloomberg.com)
• AI 'companions' actually seem kind of annoying. (thewalrus.ca)
• A sign of the times: jury rooms are getting contentious. (wsj.com)
• It's not your imagination, gambling ads really are everywhere these days. (wapo.st)

Markets

• If you think the U.S. stock market is concentrated, check out South Korea. (ft.com)
• Just how much software and semiconductor stocks have disengaged. (chartkidmatt.com)
• Nvidia ($NVDA) is now more than 5% of the MSCI All-Country World Index. (ft.com)

Strategy

• A good story trumps a good chart. (awealthofcommonsense.com)
• Nobody knows the future. (trendlabs.com)

Crypto

• Physical crimes against crypto holders continue to rise around the world. (novelinvestor.com)
• Why you should watch Ben McKenzie's documentary, 'Everyone Is Lying to You for Money.' (motherjones.com)

Food

• How Sysco's ($SYY) acquisition of Restaurant Depot would affect restaurants. (punchdrink.com)
• Coke Zero and Diet Coke are duking it out for dominance. (wsj.com)
• Americans hate factor farming, but love cheap protein. (vox.com)

Museums

• U.S. museums have a maintenance deficit. (theartnewspaper.com)
• What is 'museum fatigue'? (mentalfloss.com)
• How to tour a museum. (artofmanliness.com)

Energy

• Oil price futures are at their highs. (newsletter.platypuseconomics.com)
• A good reminder: the world doesn't consume crude oil, it consumes refined products. (ft.com)
• Inflation still has a ways to go. (bonddad.blogspot.com)

Earlier on Abnormal Returns

• AI models are not a trust fiduciary. You are on your own. (abnormalreturns.com)
• Personal finance links: the caregiving penalty. (abnormalreturns.com)
• What you missed in our Tuesday linkfest. (abnormalreturns.com)
• Research links: the index rebalancing trade. (abnormalreturns.com)
• Don't miss a thing! Sign up for our daily e-mail newsletter. (abnormalreturns.com)

Mixed media

• How ABC and Disney ($DIS) mismanaged FiveThirtyEight. (natesilver.net)
• New media startups don't have a great track record for investors. (axios.com)
• Ben Smith and Liz Hoffman talk with Joe Weisenthal about the business of business media. (youtube.com)

Podcasts

• Christine Benz and Amy Arnott talk with Bill Bengen, author of " A Richer Retirement: Supercharging the 4% Rule to Spend More and Enjoy More." (morningstar.com)
• Josh Brown talks Haley Sacks, aka Mrs. Dow Jones, author of "Future Rich Person: The New Rules for Building Wealth" (youtube.com)
• Peter Lazaroff on why investment management isn't a commodity. (peterlazaroff.com)

Housing

• How parents are helping children buy their first houses. (wsj.com)
• Why retirees are reluctant to sell their houses: taxes. (nytimes.com)
• How divorce affects the price received when selling a house. (papers.ssrn.com)

AI

• Be careful using AI for tax research. (obliviousinvestor.com)
• Please don't upload your sensitive financial documents to AI. (cnn.com)

Advice

• Research shows the vast majority of advice from financial influencers is 'low quality.' (ft.com)
• On the downside of using an accountant for all your financial needs. (whitecoatinvestor.com)

Health care

• Out of pocket costs for health care are going up for retirees. (crr.bc.edu)
• The caregiving penalty is real. (businessinsider.com)

Personal finance

• It's not your imagination, being an American is harder these days. (jordangrumet.substack.com)
• On the importance of using all the tools at your disposal. (humbledollar.com)
• Why taxing wealthy people is harder than it looks. (ofdollarsanddata.com)
• A growing number of Americans have 'super prime' credit scores. (wsj.com)
• Annuities are coming to 401(k) plans. What to know. (morningstar.com)
• What generational wealth really means. (jordangrumet.substack.com)
• Don't pretend money doesn't matter. (contessacapitaladvisors.com)
• Everything ends. Act accordingly. (meaningfulmoney.life)

Markets

• Despite the market moving higher there are signs of risk-off behavior. (trendlabs.com)
• How does the stock market do after three consecutive years of double digit returns? (ft.com)
• Emerging market indices are increasingly tech-heavy. (rpc.cfainstitute.org)

Rates

• Don't discount the danger of rising long term interest rates. (allstarcharts.com)
• The stock-bond correlation is higher when inflation is higher. (behaviouralinvestment.com)
• Are rising rates a vote on persistent fiscal deficits? (bonddad.blogspot.com)

Prediction markets

• Polymarket is launching markets based on the performance of private companies. (finance.yahoo.com)
• Minnesota has banned prediction markets. (npr.org)
• The CFTC isn't happy about it. (frontofficesports.com)
• Kalshi and Polymarket have an incentive to solve the insider trading problem. (semafor.com)
• Unlike in the Senate, House lawmakers and staff can still bet on prediction markets. (npr.org)

Private assets

• Direct lending volumes really took off after the Fed started raising rates in late 2021. (apollo.com)
• Darsana Capital Partners owns a big slug of SpaceX. (wsj.com)
• Matt Zeigler talks with Marc Rubenstein about where risks lie in the financial system. (youtube.com)

VC

• A rising percentage of VC dollars are pouring into the biggest startups. (news.crunchbase.com)
• VCs are betting big on humanoid robots. (pitchbook.com)
• How health influencers helped kill Apeel Sciences. (thefp.com)
• Why this high tech manufacturing company took venture capital. (wsj.com)

AI

• Enterprise demand for AI is real. (thetranscript.substack.com)
• OpenAI co-founder Andrej Karpathy is joining Anthropic. (axios.com)
• Blackstone ($BX) and Google ($GOOGL) are spinning up a company to sell access to Google TPUs. (wsj.com)
• The OpenAI-Musk trial was a waste. (theatlantic.com)

Trading

• Someone is trading Trump's brokerage accounts like crazy. (axios.com)
• Five companies Trump's accounts transacted in. (wsj.com)
• Whoever is trading is apparently paying close attention to what he says. (popular.info)

Online

• Yahoo Finance is taking on the Bloomberg Terminal with a new service. (fortune.com)
• How LinkedIn became what Bluesky was supposed to. (popularbydesign.org)
• Spotify officially bans AI-Generated podcasts that impersonate. (variety.com)
• Amazon ($AMZN) is cutting affiliate fees. (adweek.com)

Earlier on Abnormal Returns

• Research links: the index rebalancing trade. (abnormalreturns.com)
• What you missed in our Monday linkfest. (abnormalreturns.com)
• Adviser links: true advice. (abnormalreturns.com)
• Don't miss a thing! Sign up for our daily e-mail newsletter. (abnormalreturns.com)

Mixed media

• The books JP Morgan Chase ($JPM) is recommending to clients this summer including “The Infinity Machine: Demis Hassabis, DeepMind, and the Quest for Superintelligence,” by Sebastian Mallaby. (cnbc.com)
• Why Joanna Stern's new book "I Am Not a Robot: My Year Using AI to Do (Almost) Everything" is worth a read. (lefsetz.com)
• 'Dad book' sales are struggling. (wsj.com)

AI

• AI referees can distinguish between AI slop and actual research papers. (papers.ssrn.com)
• HFT requires a lot of compute. Dwarkesh goes backstage at a Jane Street data center. (youtube.com)

Research

• The index rebalancing trade isn't what it used to be (economist.com)
• A closer look at a 'lazy man's momentum strategy.' (klementoninvesting.substack.com)
• Research shows Morningstar's 'Mind the Gap' study overstates investor losses. (rpc.cfainstitute.org)
• Does the use of leverage in private equity earn a return premium? (pm-research.com)
• Why company news seems to move in the same direction. (klementoninvesting.substack.com)
• What factors go into making a star sell-side analyst? (papers.ssrn.com)
• Five insights from "What Are the Odds?: A Statistical Guide to Certainty in an Uncertain World" by Mark Prell. (nextbigideaclub.com)

Markets

• Some signs of concern for the stock market. (traderfeed.blogspot.com)
• Is AI masking other problems for the stock market? (bonddad.blogspot.com)
• The VIX as measure of risk regimes. (mrzepczynski.blogspot.com)

AI

• The collective size of the bet on AI is huge. (mailchi.mp)
• The scale of the rally in semiconductors is stunning. (downtownjoshbrown.com)
• The NextEra-Dominion deal is, in part, about AI data centers. (cnbc.com)
• On the challenges of forecasting high growth rates. (mrzepczynski.blogspot.com)

More AI

• No matter where you look today, AI is somehow involved. (theatlantic.com)
• Financial markets are full up with AI deals. (apollo.com)
• AI is a technology, not a product. (daringfireball.net)
• AI is not polling well. (axios.com)

Rates

• The 2-year Treasury is now trading above the Fed funds rate. (capitalspectator.com)
• The yield curve is steepening. (econbrowser.com)

The Fed

• Jay Powell had an eventful eight years as Fed chair. (axios.com)
• A look at Jay Powell's legacy at the Fed. (newsletter.mikekonczal.com)
• Kevin Warsh is coming in at an interesting time. (axios.com)

Global

• The Xi-Trump summit was a nothing burger. (danieldrezner.substack.com)
• How unmanned ships could be used to clear mines in the Strait of Hormuz. (ft.com)

Economy

• How much more America is paying in fuel prices? (ft.com)
• Why the cost of living, not social media, is driving consumer pessimism. (theargumentmag.com)
• New business formation is on the rise. (snippet.finance)

Earlier on Abnormal Returns

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

Mixed media

• How making a little progress every day on a project adds up. (ryanholiday.net)
• Why you need to inject a little randomness into your life. (futurism.com)
• Read old books. (investing101.substack.com)