Thursday links: judgment, empathy and curiosity

Quote of the Day "The AI Age may reward something different: judgment, empathy, curiosity, and the discipline to make better use of the time we’ve been given." (Ted Lamade) Markets - The Yen is at a 40-year low relative to the U.S. dollar. (axios.com) - SpaceX ($SPCX) debt trades like junk. (bloomberg.com) Fund management - Why there is an overhang on StepStone Group ($STEP) shares. (hntrbrk.com) - How Micron ($MU) came to make up some 25% of a value ETF. (morningstar.com) Trading - Exchange stocks are tumbling. (trendlabs.com) - Danny Moses talks with Joe Saluzzi, partner and co-founder of Themis Trading, about worsening U.S. market structure. (youtube.com) Private assets - Investors keep asking for their money back from private credit vehicles. (wsj.com) - How semi-liquid private equity funds handle redemptions. (wealthmanagement.com) - Research into the fragility of semi-liquid private credit funds. (papers.ssrn.com) Gambling - The World Cup is a boon to prediction market volume. (theblock.co) - Is ripping digital card packs the new gambling? (wired.com) - Five insights from David Bockino's new book, "Over/Under: An Unexpected History of Sports Betting." (nextbigideaclub.com) Conflicts of interest - The Trump administration says there is no conflict of interest involved with the President's crypto activities. (citationneeded.news) - Investors in Trump-backed tokens are largely underwater. (wsj.com) - Trump structured crypto deals so that he couldn't really lose. (nytimes.com) Russia - Russia's go-to move is to bomb Kyiv. (semafor.com) - The human costs of the war in Ukraine are ballooning. (csis.org) - Ukraine has put a spotlight on the limits of Putin's power. (theatlantic.com) - It's getting harder for Putin to hide the cracks in his regime. (thebulwark.com) Economy - The June NFP report was a mixed bag. (bonddad.blogspot.com) - The labor force shrunk in June. (axios.com) - Growth in payroll taxes is approaching 0%. (macro.disciplinefunds.com) Earlier on Abnormal Returns - Longform links: instant fakes. (abnormalreturns.com) - What you missed in our Wednesday linkfest. (abnormalreturns.com) - Personal finance links: playing status games. (abnormalreturns.com) - Don't miss a thing! Sign up for our daily e-mail newsletter. (abnormalreturns.com) - Are you a financial advisor or in the wealth management business? Sign up for our exclusive, weekly Talking Wealth newsletter. (talkingwealthpod.com)