Thursday links: solvency is a necessity

Quote of the Day "Being right is a luxury good. Solvency is a necessity. Path dependency is the most underrated concept in finance — the sequence of returns matters as much as the returns." (Jeff Malec) Chart of the Day (wsj.com)Bonds - How rising rates should change how you think about the bond market. (barrons.com) - Your bond allocation shouldn't give you agita. (morningstar.com) Strategy - Why your investment strategy should change over time. (awealthofcommonsense.com) - Lessons learned from Victor Niederhoffer's long and volatile career. (theatlantic.com) Venture capital - How venture capital lost its way, and worse. (anildash.com) - VCs who missed OpenAI and Anthropic are reassessing their processes. (nytimes.com) - Not every business is meant to scale, but if you take venture capital you have to. (aswathdamodaran.blogspot.com) - Are there VC businesses that are AI-proof? (wsj.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) Food - Foodborne illnesses typically doesn't peak until late Summer, early Fall. (wired.com) - Lettuce farmers are abandoning healthy crops. (nytimes.com) - This Summer's outbreaks could have been a lot worse. (theatlantic.com) Mideast - Russia is reportedly helping Iran build supersonic missiles. (giftarticle.ft.com) - Qatar gave Trump a 747. In return it got a regional war. (theatlantic.com) - An Abu Dhabi royal holds a sizeable stake in the World Financial Liberty bank operation. (wsj.com) Economy - The data center boom is accelerating. (axios.com) - The economy continues to grow without a lot of hiring. (bonddad.blogspot.com) - Employer health costs are set to surge in 2027. (nytimes.com) Earlier on Abnormal Returns - Longform links: intellectual humility. (abnormalreturns.com) - The high cost of adulting in America today. (abnormalreturns.com) - What you missed in our Wednesday linkfest. (abnormalreturns.com) - Personal finance links: supercharged fraud. (abnormalreturns.com)