Wednesday links: a complex environment

Quote of the Day "Intelligent investing is more than application of models but an attempt to control a complex environment that requires understanding, action, and learning." (Mark Rzepczynski) Chart of the Day (trendlabs.com)Rates - Muni bonds are looking more attractive. (barrons.com) - Will higher rates provide competition to the pod shops? (russell-clark.com) ETFs - Index concentration isn't just an issue with U.S. stocks. (morningstar.com) - Why the market's P/E ratio is falling. (awealthofcommonsense.com) - Why picking stocks is so difficult. (tonyisola.com) Finance - Robinhood ($HOOD) has come to Canada. (bnnbloomberg.ca) - A sign that investors are getting nervous about hyperscaler credit. (apollo.com) Trading - Putting the scale of Trump's stock trading into some perspective. (bloomberg.com) - What happens to the stock after this administration buys equity in a company? (finance.yahoo.com) Stay in touch - Don't miss a thing! Sign up for our daily e-mail newsletter. (abnormalreturns.com) - Work in wealth management? Sign up for our exclusive Talking Wealth newsletter. (talkingwealthpod.com) Iran - The US military is downplaying the damage done by Iranian missiles. (cbsnews.com) - How Iran is forcing the U.S. to burn through interceptors. (wsj.com) - How the Iran war is pressuring the military's capabilities. (bloomberg.com) - How much has the Iran war cost, so far? (econbrowser.com) Military - The U.S. confirmed it now has weapons in space. (buttondown.com) - China seems to be building a naval drone 'mothership.' (navalnews.com) - Unmanned vehicles are being used for rescue missions in Ukraine. (theatlantic.com) Global - The Gulf states are having to fundamentally re-think their relationship with Iran. (nytimes.com) - Elon Musk has turned his attention to UK politics. (wsj.com) - Why Canada is getting closer to Europe. (programmablemutter.com) - How NATO acts as a trade pact. (klementoninvesting.substack.com) - Cuba is running out of options. (theatlantic.com) Economy - Consumer spending keeps chugging along. (bonddad.blogspot.com) - Some reasons for economic optimism. (linkedin.com) Earlier on Abnormal Returns - Personal finance links: being the market. (abnormalreturns.com) - What you missed in our Tuesday linkfest. (abnormalreturns.com) - Research links: shifting beliefs. (abnormalreturns.com)