Sunday links: concentration of big winners
Tadas Viskanta
Abnormal Returns
3 weeks ago
2 MIN READ
Markets
- Market concentration in a bull market is a feature, not a bug. (downtownjoshbrown.com)
- Valuations don’t tell you much about what happens the next year. (tker.co)
- How have Wall Street strategists done with their price forecasts? (chartkidmatt.com)
- The week in the degenerate economy. (howardlindzon.com)
Companies
- SpaceX is buying employee shares at a $800 billion valuation. (cnbc.com)
- Failed media mergers are the norm, not the exception. (wapo.st)
Fund management
- Michael Sidgmore, “The asset management industry is in the early innings of the convergence of public and private.” (altgoesmainstream.substack.com)
- We need more fund fee transparency, not less. (morningstar.com)
Immigration
- Now legal immigration has ground to a halt. (axios.com)
- What the numbers say about the economic impact of refugees on the American economy. (wsj.com)
- A profile of Gregory Bovino of the US Border Patrol. (chicago.suntimes.com)
Crime and punishment
- IRS tax prosecutions have plunged in 2025. (yahoo.com)
- Apparently mortgage fraud is far more widespread than previously thought. (propublica.org)
- Caribbean boat strikes won’t do much to reduce drug use. (npr.org)
- The FBI has taken its eye off of Chinese espionage. (thebulwark.com)
Policy
- A view from the outgoing SEC commissioner on investor protections, or lack thereof. (politico.com)
- Here’s what happens if you ask the press office of the DOD a tough question. (motherjones.com)
- Why is FEMA denying disaster aid to Northern Michigan? (paulkrugman.substack.com)
- The United States just caught a downgrade on ‘civic freedoms.’ (monitor.civicus.org)
Economy
- Affordability affects everyone. (lefsetz.com)
- Living standards are rising, so are expectations. (ria.disciplinefunds.com)
- Employment in California and New York is falling. (econbrowser.com)
- Why there’s disagreement about how many people work in manufacturing. (agglomerations.substack.com)
- The economic schedule for the coming week. (calculatedriskblog.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
- Marc Lamber, “We treat every robotaxi error as a verdict on the entire technology, while the daily carnage of human driving fades into the background.” (wapo.st)
- Christopher Mims, “We tolerate the opacity of human decision-making despite years of research showing our own fallibility. Yet many of us aren’t ready to believe an automated system can do any better.” (wsj.com)
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