Tuesday links: depleting alpha

Quote of the Day "A quant fund is not a tech company, and a tech company is not a quant fund. One is priced on what compounds, while the other lives and dies by the alpha that gets depleted away." (Sinead O'Sullivan) Chart of the Day (axios.com)CXMT - Memory maker CXMT is now public. (cnbc.com) - Local governments are the big winners with the CXMT IPO. (ft.com) Japan - Japan's boom and bust may be the most interesting in financial history. (awealthofcommonsense.com) - Japan is now facing the consequence of higher interest rates. (ft.com) Trading - CME Group ($CME) is launching single-stock futures. (finance.yahoo.com) - Brokerages really want your AI bot trading 24/7. (cnbc.com) - Parlays don't pay off either on prediction markets or sports books. (bloomberg.com) Apple - Jason Snell, "Apple’s most valuable asset is its brand." (sixcolors.com) - Apple ($AAPL) is planning new home smart hubs products. (9to5mac.com) Finance - Visa ($V) is cutting jobs. (cnbc.com) - Almost nobody wants to end quarterly reporting. (axios.com) - JC Parets, "There’s nothing “initial” about an initial public offering anymore." (trendlabs.com) Defense - Investment in defense startups is booming. (ft.com) - The West is amping up the domestic production of explosives. (wsj.com) - The welcome mat is out for PE to get involved in defense industries. (bloomberg.com) - In the age of drones, there are far more viable targets. (wapo.st) Stay in touch - Don't miss a thing! Sign up for our daily e-mail newsletter. (abnormalreturns.com) - Are you a financial advisor? Sign up for our exclusive Talking Wealth newsletter. (talkingwealthpod.com) Iran - The Pentagon has plenty to answer for in the conduct of the Iran war. (paulkrugman.substack.com) - The war in Iran has been a mistake on many levels. (danieldrezner.substack.com) - The UAE wants to opt out of the conflict with Iran. (ft.com) Economy - Case-Shiller showed a 1.1% annual increase in house prices through May. (calculatedrisk.substack.com) - Companies that paused hiring due to uncertainty around AI, are loosening up. (wsj.com) Earlier on Abnormal Returns - Research links: unbundling asset management. (abnormalreturns.com) - Adviser links: compounding humanity. (abnormalreturns.com) - What you missed in our Sunday linkfest. (abnormalreturns.com) - Top clicks last week on Abnormal Returns. (abnormalreturns.com)