Monday links: defining points in history

Markets

• Corrections happen more often than you remember. (optimisticallie.com)
• Market moves just happen faster these days. (awealthofcommonsense.com)

Books

• “Buffett and Munger Unscripted: Three Decades of Investment and Business Insights from the Berkshire Hathaway Shareholder Meetings” by Alex Morris is a good refresher course. (newsletter.rationalwalk.com)
• A review of “The Art of Uncertainty: How to Navigate Chance, Ignorance, Risk and Luck” by Davie Spiegelhalter. (wsj.com)

AI

• Alibaba ($BABA) has pivoted to AI. (ft.com)
• Dating apps are leveraging AI. (sherwood.news)

Finance

• Daniel Davies, “The essence of managing an investment banking franchise is that the biggest driver of success is the capacity to bear pain.” (on.ft.com)
• Robinhood ($HOOD) is teaming with Kalshi on sports markets. (finance.yahoo.com)
• Expect to see alternatives managers talking more openly about their funds. (axios.com)

Fund management

• How market concentration affects ETF index construction. (morningstar.com)
• People are not dumping target date funds willy-nilly. (jeffreyptak.substack.com)

Global

• China is more diverse (economic) than you think. (scottsumner.substack.com)
• What do we lose if the world turns against the U.S.? (paulkrugman.substack.com)
• The U.S. has halted efforts to clean up Agent Orange in Vietnam. (propublica.org)

Economy

• Retail sales are decelerating. (bonddad.blogspot.com)
• National home builder confidence fell in March. (calculatedriskblog.com)
• More signs the economy is weakening. (axios.com)
• Does negative consumer sentiment forecast recessions? (econbrowser.com)
• People really want to work from home. (apolloacademy.com)

Earlier on Abnormal Returns

• Adviser links: durable portfolios. (abnormalreturns.com)
• What you missed in our Sunday linkfest. (abnormalreturns.com)
• Top clicks last week on the site. (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 media

• Seth Godin, “Every time you read, post, listen or engage with media, you’re engaging in media theory.” (seths.blog)
• On the erasure of history and the people who lived it. (donmoynihan.substack.com)
• It worked! (geekwire.com)