Thursday links: extreme uncertainty
VolatilityThe S&P 500 has gone up 9%+ six times in history. (priceactionlab.com)A great reminder that stock market volatility clusters. (sherwood.news)This was the fourth most volatile week in 60 years. (stocktwits.com)MarketsThe big picture isn't a pause in tariffs but an entirely different way of interacting with the rest of the world. (howardlindzon.com)Is the U.S. getting a big downgrade from investors? (sherwood.news)StrategyWhy you need a portfolio strategy you can stick with. (fortunesandfrictions.com)How bear markets expose your fears. (disciplinefunds.com)A review of two new recent investment books "The Humble Investor" by Dan Rasmussen and "How NOT to Invest" by Barry Ritholtz. (wsj.com)Private equityHigher credit spreads are a new headwind for private equity. (bloomberg.com)How private equity could remake the legal industry. (ft.com)Sports gambling38 states have legal sports gambling, but illegal gambling isn't going anywhere. (msn.com)Kalshi is real competition to the established sports books. (sportico.com)Sports gambling has boomed without much of a public debate about its merits. (slate.com)TariffsEven after a pause, tariffs are at their highest level in a century. (econbrowser.com)All the bad faith arguments for tariffs including 'Tariffs will make America more manly.' (noahpinion.blog)We are going to miss free-ish trade when its gone. (bloomberg.com)You could start seeing 'tariff surcharges' on your receipts. (wired.com)ChinaChina is unlkely to capitulate to Trump any time soon. (danieldrezner.substack.com)China's green energy sector will likely shrug off tariffs. (semafor.com)What happens if China cuts off rare earth exports to the U.S.? (economist.com)DOGEDOGE has fired NHTSA workers who examine safety at companies like....Tesla ($TSLA). (arstechnica.com)Nilay Patel talks with Rohit Chopra, the former director of the Consumer Financial Protection Bureau. (theverge.com)Elon is the face of DOGE. Who is running things behind the scenes? (bloomberg.com)EconomyWhat is the Kindleberger Trap? (mrzepczynski.blogspot.com)A hat tip to the bond vigilantes. (ft.com)Earlier on Abnormal ReturnsLongform links: squandering our inheritance. (abnormalreturns.com)What you missed in our Wednesday linkfest. (abnormalreturns.com)Personal finance links: the golden age of scams. (abnormalreturns.com)You can now follow us on Bluesky. (bsky.app)Are you signed up for daily e-mail newsletter? Well, you should be. (abnormalreturns.com)Mixed mediaLessons learned from running a book store for four years including 'It’s one damn thing after another.' (ryanholiday.net)There is no relationship between wealth and political acumen. (advisorperspectives.com)Why everything feels so stupid now. (terribleminds.com)
Volatility
- The S&P 500 has gone up 9%+ six times in history. (priceactionlab.com)
- A great reminder that stock market volatility clusters. (sherwood.news)
- This was the fourth most volatile week in 60 years. (stocktwits.com)
Markets
- The big picture isn't a pause in tariffs but an entirely different way of interacting with the rest of the world. (howardlindzon.com)
- Is the U.S. getting a big downgrade from investors? (sherwood.news)
Strategy
- Why you need a portfolio strategy you can stick with. (fortunesandfrictions.com)
- How bear markets expose your fears. (disciplinefunds.com)
- A review of two new recent investment books "The Humble Investor" by Dan Rasmussen and "How NOT to Invest" by Barry Ritholtz. (wsj.com)
Private equity
- Higher credit spreads are a new headwind for private equity. (bloomberg.com)
- How private equity could remake the legal industry. (ft.com)
Sports gambling
- 38 states have legal sports gambling, but illegal gambling isn't going anywhere. (msn.com)
- Kalshi is real competition to the established sports books. (sportico.com)
- Sports gambling has boomed without much of a public debate about its merits. (slate.com)
Tariffs
- Even after a pause, tariffs are at their highest level in a century. (econbrowser.com)
- All the bad faith arguments for tariffs including 'Tariffs will make America more manly.' (noahpinion.blog)
- We are going to miss free-ish trade when its gone. (bloomberg.com)
- You could start seeing 'tariff surcharges' on your receipts. (wired.com)
China
- China is unlkely to capitulate to Trump any time soon. (danieldrezner.substack.com)
- China's green energy sector will likely shrug off tariffs. (semafor.com)
- What happens if China cuts off rare earth exports to the U.S.? (economist.com)
DOGE
- DOGE has fired NHTSA workers who examine safety at companies like....Tesla ($TSLA). (arstechnica.com)
- Nilay Patel talks with Rohit Chopra, the former director of the Consumer Financial Protection Bureau. (theverge.com)
- Elon is the face of DOGE. Who is running things behind the scenes? (bloomberg.com)
Economy
- What is the Kindleberger Trap? (mrzepczynski.blogspot.com)
- A hat tip to the bond vigilantes. (ft.com)
Earlier on Abnormal Returns
- Longform links: squandering our inheritance. (abnormalreturns.com)
- What you missed in our Wednesday linkfest. (abnormalreturns.com)
- Personal finance links: the golden age of scams. (abnormalreturns.com)
- You can now follow us on Bluesky. (bsky.app)
- Are you signed up for daily e-mail newsletter? Well, you should be. (abnormalreturns.com)
