Monday links: rewarding ownership over effort

Quote of the Day "When the economy rewards ownership over effort, when essential systems become uninspectable, and when traditional work no longer buys entry into a “normal life,” people do not stop caring. They simply optimize to the world as it exists." (Kyla Scanlon) Chart of the Day The prospects of a return to normal at the Strait of Hormuz are falling. (via Kalshi) Finance - Jane Street had a rough July, performance-wise. (ft.com) - How private fund placement agents get paid. (cashandcarried.substack.com) - It's hard to argue the Truth Social API is legal or ethical. (newyorker.com) Muni bonds - Why Texas pays more than California for similar muni bonds. (bloomberg.com) - Does GAAP compliance matter for muni bond investors? (papers.ssrn.com) AI - How much of hyperscaler commitments are off balance sheet? (wsj.com) - How hyperscaler issuance is changing the bond market. (sherwood.news) - AI companies are buying rare books, scanning them and destroying them. (404media.co) Stay in touch - Work in wealth management? 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) AI hacks - Joe Weisenthal and Tracy Alloway talk with Miles Brundage, founder and executive director of the non-profit AVERI, about the HuggingFace hack. (podcasts.apple.com) - Derek Thompson talks with Alex Stamos, CSO at Corridor, about how hackers use AI. (podcasts.apple.com) Housing - Where in the world housing is the most expensive. (awealthofcommonsense.com) - Abandoned Baltimore homes are catching a bid. (wsj.com) - Where office-to-residential conversions are happening in NYC. (wsj.com) - Red states are looking to roll back property taxes. (msn.com) Global - How drought is affecting Europe's economy. (giftarticle.ft.com) - China is winning the war for scientific talent. (nytimes.com) - A look at Jared Kushner's diplomatic track record. (popular.info) Earlier on Abnormal Returns - Adviser links: a human business. (abnormalreturns.com) - What you missed in our Sunday linkfest. (abnormalreturns.com) - Top clicks last week on the site. (abnormalreturns.com)