Wednesday links: institutional forgetting

Markets

• High yield bonds have bounced back. (morningstar.com)
• Short interest is ticking higher. (ft.com)

Companies

• Retailers have only so much margin to sacrifice to tariffs. (nytimes.com)
• Some additional tariff math. (axios.com)

AI

• OpenAI is buying Jony Ive’s AI startup. (theverge.com)
• Google ($GOOGL) has a big AI lever to pull – Chrome. (spyglass.org)
• What does CoreWeave ($CRWV) actually do? (sherwood.news)
• AI is already changing work, but AGI is not near. (calnewport.com)
• AI makes assumptions about you, which are sometimes wrong. (theatlantic.com)

Streaming

• ESPN is the last big streaming domino to fall. (johnwallstreet.com)
• Why now is the time for ESPN to launch a subscription service. (hollywoodreporter.com)
• Streaming services have trained customers to churn their subscriptions. (wsj.com)
• Some 46% of streaming subscribers use ad-supported plans. (theverge.com)

Economy

• The bond market is not having it. (bonddad.blogspot.com)
• Rising Treasury yields hold all kinds of risks. (paulkrugman.substack.com)
• What happens to the budget (and yields) if we have a recession? (axios.com)
• The proposed budget does little to address entitlement spending. (bloomberg.com)

Earlier on Abnormal Returns

• Personal finance links: a financial buffer. (abnormalreturns.com)
• What you missed in our Tuesday linkfest. (abnormalreturns.com)
• Research links: unwieldy and inefficient. (abnormalreturns.com)
• Don’t miss a thing! Sign up for our daily e-mail newsletter. (abnormalreturns.com)

Mixed media

• Brett Steenbarger, “A desperate need to be successful is not a passion for an activity.” (traderfeed.blogspot.com)
• Stop giving media opinions more credence than they are worth. (ritholtz.com)
• Turn every page. (feld.com)