Sunday links: extraordinary longevity

Markets

• Why municipal bonds are underperforming in 2025. (morningstar.com)
• How much is too much U.S. stock exposure? (ft.com)

Buffett

• Warren Buffett is stepping down as CEO of Berkshire Hathaway ($BRK.A) (cnbc.com)
• Who is Greg Abel, the next CEO of Berkshire Hathaway ($BRK.A)? (wsj.com)
• Nir Kaissar, “Buffett has also quietly bucked the mythical archetype of the all-knowing Wall Street money manager. He never pretends to be omniscient or tries to be.” (bloomberg.com)
• Warren Buffett is still teaching us investing lessons. (tker.co)
• There will never be another Warren Buffett. (wsj.com)

Finance

• Why are money market fund expenses so sticky? (wsj.com)
• The prime brokerage business is booming. (ft.com)
• GP commitments in private equity are often an illusion. (cashandcarried.substack.com)

Florida

• Through 2022, Florida gained the most from migration from New York. (cbcny.org)
• Florida lawmakers are still trying to balance safety and costs for older condominium buildings. (npr.org)

States

• Texas is now coming after toothpaste makers. (arstechnica.com)
• A new way to deal with property taxes for older homeowners. (crr.bc.edu)
• The State of Oklahoma is putting 2020 election misinformation into the classroom. (popular.info)

Trump

• David Brooks, “I had forgotten how exhausting it is to live in Donald Trump’s world.” (nytimes.com)
• The first 100 days has delivered on Trump’s promise to extract revenge. (semafor.com)
• Six contradiction of Trump policy including ‘You can’t both eliminate the federal budget deficit and protect Social Security, Medicaid and other popular programs.’ (politico.com)
• How Trump is shaking down Paramount ($PARA). (motherjones.com)
• Trump is no fan of due process. (reuters.com)

Science

• The NIH is under siege. (science.org)
• Research funding cuts hit all over the country. (flowingdata.com)
• What is behind the antipathy towards science? (paulkrugman.substack.com)

Tariffs

• American ports are emptying out. (theatlantic.com)
• Small business are going to be most hurt by tariffs. (wsj.com)
• The products that we import which come primarily from China, including fireworks. (apolloacademy.com)

Economy

• The labor market hasn’t cracked, yet. (carsongroup.com)
• Imports don’t ‘subtract’ from GDP. (noahpinion.blog)
• The Federal Reserve needs an independent IG. (macroeconomicpolicynexus.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)
• 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

• 30 ways to revive arts and culture including ‘We deserve legal disclosure when AI creates a commercial work.’ (honest-broker.com)
• What explains the popularity of older media? (infinitescroll.us)