Monday links: standing pat

Markets

• Over the past 15 years, investors have become comfortable with stocks going up. (ritholtz.com)
• Retail investors just keep buying. (sherwood.news)

Fund management

• Why bother with active management, when there’s an ETF that does it cheaper (and better). (bloomberg.com)
• Cliffwater is a standout in the interval fund space. (morningstar.com)
• When you start buying gold mines you have been gold-pilled. (wsj.com)

China

• Temu and Shein have raised retail prices, post tariffs. (cnbc.com)
• The number of incoming containers from China have plunged. (sherwood.news)
• How tariffs will hit Chinese grocery stores. (theatlantic.com)

Economy

• Why the Fed is kinda stuck. (optimisticallie.com)
• Regional Fed manufacturing reports have all turned down. (bonddad.blogspot.com)
• Autos have a central role in U.S. trade. (apolloacademy.com)
• How companies are trying to reshore supply chains. (thetranscript.substack.com)
• How to strengthen the economy without protectionism. (scottsumner.substack.com)

Earlier on Abnormal Returns

• Adviser links: a sobering reminder. (abnormalreturns.com)
• What you missed in our Sunday linkfest. (abnormalreturns.com)
• What everyone else read last week on Abnormal Returns. (abnormalreturns.com)
• Are you a financial advisor? Then sign up for our weekly advisor-only newsletter. (newsletter.abnormalreturns.com)

Mixed media

• On the many challenges of transforming office buildings into residential. (nytimes.com)
• Companies that identify with a political stance risk a backlash. (huffpost.com)
• Should you really record this meeting for AI? (hbr.org)
• The future of work is managing AI agents. (tomtunguz.com)