Thursday links: privacy as a luxury good

Quote of the Day "When privacy becomes a luxury good, we start ignoring the systemic problems that got us here." (Hannah Horvath) Markets - The 30-year Treasury yield is at its highest level since 2007. (cnbc.com) - The equal-weighted S&P 500 is at a new all-time high. (allstarcharts.com) - The KOSPI meltdown is impressive. (mrzepczynski.blogspot.com) Strategy - Allocators are always fighting the last battle. (oldroperesearch.substack.com) - Fund managers have a hard time saying no to their clients. (harveysawikin.substack.com) - Some investment lessons of uncertain origin including 'Few things are as valuable in the modern world as a good bullshit detector.' (covestreetcapital.com) Leverage - Hedge fund Situational Awareness sold down all their public positions. (cnbc.com) - South Korea's regulators are cracking down on leverage. (straitstimes.com) Finance - Who is behind the Corgi ETF business? (ft.com) - Intercontinental Exchange ($ICE) is buying bond trading platform MarketAxess. (cnbc.com) - Jersey Mike's ($JMKE) is now public. (fastcompany.com) Big Tech - Meta's ($META) free cash flow has evaporated. (axios.com) - Microsoft ($MSFT) Azure grew 43% last quarter. (tomtunguz.com) - Apple ($AAPL) has topped $5 trillion in market cap. (asymco.com) Musk - Why so many high profile people still post on X. (axios.com) - Should you trust Elon Musk and X with your financial info? (arstechnica.com) - Could any other CEO of two public companies get away with this? (nytimes.com) Stay in touch - Are you a financial advisor? Sign up for our exclusive Talking Wealth newsletter. (talkingwealthpod.com) - Don't miss a thing! Sign up for our daily e-mail newsletter. (abnormalreturns.com) Oil - How China has cut back oil imports during the Iran war. (axios.com) - Russia has lost nearly 50% of its oil refining capacity. (ft.com) Economy - Q2 GDP came in at 1.5% growth. (nytimes.com) - Warsh is fumbling in public. (newsletter.platypuseconomics.com) - Farmers are struggling. (cnbc.com) Earlier on Abnormal Returns - Longform links: obsolete virtues. (abnormalreturns.com) - What you missed in our Wednesday linkfest. (abnormalreturns.com) - Personal finance links: how life unfolds. (abnormalreturns.com) Mixed media - A.J. Jacobs, "All-or-nothing language also causes rage and fear and overreaction, which I believe are ill-suited for discovering the best solutions to our world’s many problems." (experimentalliving.substack.com) - Today is a good day to thank your mentors and teachers. (trendlabs.com) - James Bond author Ian Fleming's work day sounds ideal. (spyglass.org)