Markets Risk is inherent in the stock market, concentration or not. (wsj.com) The U.S. stock market still trades at a premium to the rest of the world. (apolloacademy.com) The stock market is betting on hard infrastructure. (tomtunguz.com) Endowment...

Stay in touch Don’t miss a thing! Sign up for our daily e-mail newsletter. (abnormalreturns.com) Are you a financial advisor? Every Friday we send a (free) advisor-focused newsletter. (newsletter.abnormalreturns.com) Top clicks this week Josh...

Ride share Waymo is rolling out its new Ojai robotaxis. (cnbc.com) Josh Brown talks autonomous driving with Andrew Macdonald, President and Chief Operating Officer at Uber ($UBER). (youtube.com) Do rideshare customers compare prices? (nber.org) Transport...

The biz Spotify ($SPOT) just added a record number of users. (sherwood.news) Daytime talk shows have a podcasting problem. (hollywoodreporter.com) AI Cardiff Garcia talks with Adam Ozimek about the implications of AI for jobs. (eig.org) John Collison...

Markets Credit spreads are tight. (wsj.com) Earnings drive stock prices. (chartkidmatt.com) Why fraud thrives during bull markets. (novelinvestor.com) Prediction markets How to solve the prediction markets insider trading problem. (dopaminemarkets.com)...

Books An excerpt from Tom Griffiths’ new book, “The Laws of Thought: The Quest for The Quest for a Mathematical Theory of the Mind.” (annieduke.substack.com) A Q&A with Fred Minnick author of “Bottom Shelf: How a Forgotten Brand...

Markets Energy and materials are the leading sectors YTD. (capitalspectator.com) More evidence that markets move faster than ever. (awealthofcommonsense.com) Forecasting Prediction markets seem to do a good job forecasting economic outcomes. (nytimes.com)...

Podcasts Amy Arnott and Ben Johnson talk with Sally Balch Hurme. Sally, author of “Checklist for My Family: A Guide to My History, Financial Plans and Final Wishes.” (morningstar.com) Barry Ritholtz talks with Patrick Kilbane, General Counsel...

Strategy ‘Buying the dip’ sounds better in theory than practice. (moneychangeseverything.substack.com) Why you can’t optimize the unknowable. (ofdollarsanddata.com) AI AI is increasing the range of outcomes for...

Retail Do Robinhood ($HOOD) customers trade simpler-to-understand stocks? (papers.ssrn.com) Some evidence that investors view former SPACs with suspicion. (papers.ssrn.com) Bitcoin Bitcoin is neither an inflation hedge or safe...