Strategy

• The S&P is not a static index. (tker.co)
• How portfolio complexity is too much? (rogersplanning.blogspot.com)

Bonds

• The Treasury market is seeing signs of strain. (ft.com)
• CMBS spreads are near pandemic levels. (axios.com)

Big Tech

• Satya Nadella's focus on Microsoft ($MSFT) could be his biggest win. (computerworld.com)
• The success of AI is forcing Google ($GOOGL) to get its act together. (theinformation.com)
• Big Tech is pulling back on metaverse investments. (wsj.com)
• Three reasons why Apple Pay Later will come to dominate. (thebasispoint.com)

Finance

• Depositors continue shift from small to big banks. (wsj.com)
• How much is social media to blame for the demise of SVB? (economist.com)
• Banks are going to have to increase the rate of interest they pay. (axios.com)

TikTok

• TikTok parent ByteDance is hedging its bets with the launch of a new app Lemon8. (nytimes.com)
• TikTok has been lobbying Washington types behind the scenes for awhile. (politico.com)

Writing

• Ten tips for more effective business writing including 'Use shorter sentences for maximum clarity and efficiency.' (dariusforoux.com)
• 11 lessons learned from writing an investment newsletter for three years including 'Realise that nobody cares about you.' (investmenttalk.substack.com)

Economy

• Weekly initial unemployment claims are holding below 200k. (bonddad.blogspot.com)
• Rising inflation is bringing down real home prices. (calculatedriskblog.com)
• Economic momentum is reaching recession levels. (capitalspectator.com)

Earlier on Abnormal Returns

• Longform links: the age of average. (abnormalreturns.com)
• What you missed in our Wednesday linkfest. (abnormalreturns.com)
• Personal finance links: house price expectations. (abnormalreturns.com)
• Do you wonder why everything looks the same these days? (abnormalreturns.com)
• Are you a financial adviser looking for some out-of-the-box thinking? Then check out our weekly e-mail newsletter. (newsletter.abnormalreturns.com)

Mixed media

• Are chatbots going to displace mainstream media? (nytimes.com)
• It's easy to get carried away by what AI can do. (kyla.substack.com)
• There's a good chance your data has been used to train ChatGPT. (msn.com)

Books

• David Epstein talks with Emre Soyer author of "The Myth of Experience: Why We Learn the Wrong Lessons and Ways to Correct Them." (davidepstein.substack.com)
• Five insights from "The Great Displacement: Climate Change and the Next American Migration" by Jake Bittle. (nextbigideaclub.com)

Environment

• Cruise ships are not great for Alaska's waters. (hakaimagazine.com)
• What will it take to refill the Great Salt Lake? (nytimes.com)

Longreads

• Can you take the 'index mindset' too far? (betterletter.substack.com)
• How life for older Americans has gotten worse in a Covid world. (msn.com)
• Cigna company doctors routinely reject claims without reading them. (propublica.org)
• How to interpret images when we are separated by time and distance. (daily.jstor.org)
• Why coincidences seem magical or supernatural. (aeon.co)
• Why Sweden has such an outsized influence on pop music. (escapingflatland.substack.com)
• Can AI help you win at the racetrack? (on.ft.com)