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Wednesday links: institutional forgetting

Abnormal Returns

nytimes.com) Some additional tariff math. axios.com) AI OpenAI is buying Jony Ive's AI startup. (morningstar.com) Short interest is ticking higher. ft.com) Companies Retailers have only so much margin to sacrifice to tariffs. theverge.com) Google ($GOOGL) has a big AI lever to pull - Chrome.

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Tuesday links: paying for the news

Abnormal Returns

Fund management There is no escaping the math on leveraged ETFs. techcrunch.com) Musk SpaceX could soon be the world's most valuable startup with a $350 billion valuation. linkedin.com) Why CITs are cheaper than mutual funds. crr.bc.edu) Technology AWS is spinning up an Nvidia ($NVDA) competitor using its own chips.

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Avoid the Unforced Investment Errors Even Billionaires Make

The Big Picture

An instructive war story : During the mid-1990s, a grad school buddy took a senior job at a tech startup that came with lots of stock. These two possibilities a 10-fold increase versus a 90% drop are roughly symmetrical in terms of math (but probably not probabilities). In late 1996, they were bought by Yahoo!

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Adviser links: getting really clear

Abnormal Returns

riabiz.com) Fintech More startups are claiming they can use AI to serve more clients, more efficiently. thinkadvisor.com) Solo 401(k) contribution math can be tricky. (thinkadvisor.com) Moving states in retirement requires some careful planning. investmentnews.com) The biz How Altruist Cash came to be. obliviousinvestor.com)

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10 Weekend Reads

The Big Picture

Or why we need less math in music theory. ( Previously, she was co-Head of Innovation Economy and Head of Specialized Industries, She has been with JPM Chase for more than 20 years, working with founders, entrepreneurs and startups. That would be absurd, no? So why doesnt our music do that?

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Sunday links: stressful investments

Abnormal Returns

engadget.com) Startups The funding crunch for the last wave of startups is coming. noahpinion.substack.com) Some math behind putting Social Security back on solid footing. (tker.co) Amazon Amazon ($AMZN) is pushing pause on further HQ2 development in Arlington, VA. trungphan.substack.com) What a good investor update looks like.

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At the Money: Meb Faber on Tax Aware ETFs

The Big Picture

Perhaps they have some founder stock from a startup. And the way math works, you end up with a stock that goes up a bunch. We’ve done the math on some of these high-yield portfolios and taxable accounts. Maybe it’s due to employee stock option plans. Maybe there was an IPO or a takeover.

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