Sunday links: market shock waves

Quote of the Day "The best we can do is understand that sometimes, things will come out of nowhere and send shock waves through the markets. And given a little time, these things become another one of those more manageable risks that surface on many surveys for months." (Sam Ro) Chart of the Day A reminder of just how bad the bond bear market has been. (chart via YCharts) Markets - Market participants often worry about stuff that doesn't happen. (tker.co) - Why don't we talk more about this brutal bond bear market? (etf.com) - Misallocation of capital is nothing new. (ritholtz.com) Companies - The biggest beneficiaries of AI may not be the AI companies. (downtownjoshbrown.com) - It's easy to overlook key ingredients in industrial staples. (fortunefinancialadvisors.com) - Everybody loves Costco ($COST). (wsj.com) AI - Why Kimi K3 matters, but not as much as you think. (asymmetricalbets.substack.com) - OpenAI has a big Apple ($AAPL) problem on its hands. (daringfireball.net) - Why Demis Hassbis' AI regulation memo matters. (sebastianmallaby.substack.com) Trading - The rails for 'Brokerage 2.0' are getting laid. (howardlindzon.com) - Citadel Securities just invested $400 million into Crypto.com. (reuters.com) - On the risks of perpetual futures. (ft.com) Conflicts of interest - It's hard to keep track of all the money flowing into Trump's network of entities. (wsj.com) - Some evidence that someone in the administration wanted to steer IRS audits. (huffpost.com) - It's hard to know who's betting on what in Washington DC these days. (wsj.com) - FCC commissioners regularly accept gifts from regulated companies. (propublica.org) - Why Congress passed laws to prevent sitting Presidents from putting their image on money. (npr.org) Stay in touch - Do you in wealth management? Sign up for our advisor-exclusive Talking Wealth newsletter. (talkingwealthpod.com) - Don't miss a thing! Sign up for our daily e-mail newsletter. (abnormalreturns.com) Policy - The Trump administration is systematically undermining things that drove American economic growth. (theatlantic.com) - How is the ROAD to Housing Act going to work. (ft.com) - Why corporations pay so little in taxes in the U.S. (paulkrugman.substack.com) Economy - The effective U.S. tariff rate has settling in around 6-7%. (apollo.com) - The boom in new businesses keeps rolling. (nytimes.com) - Kevin Warsh should answer this simple question. (stayathomemacro.substack.com) - The economic schedule for the coming week. (economicweekly.substack.com) Earlier on Abnormal Returns - Top clicks this week on Abnormal Returns. (abnormalreturns.com) - What you missed in our Saturday linkfest. (abnormalreturns.com) - What you missed in our Friday linkfest. (abnormalreturns.com) Mixed media - The World Cup has been a boon for Kalshi and Polymarket. (cnbc.com) - Lionel Messi actually lives up to the hype. (nytimes.com) - Will American fans stick around after the World Cup? (politico.com) - Why can't the NFL just use the same turf as FIFA? (nytimes.com) - The winner of the World Cup will be one of the best teams ever. (natesilver.net)