Friday links: the written word

Quote of the Day
"The written word is the most visible work product, but it is not the valuable part of writing – the process is…"
(Barry Ritholtz)
Indexing
- The first retail index fund, via Vanguard, turned 50 years old. (morningstar.com)
- Who won from the index fund revolution? (bloomberg.com)
- 'Bogle's folly' turned out not to be. (wsj.com)
Finance
- A look at the big players in the pre-IPO stock space. (pitchbook.com)
- Is Jane Street a prop trading firm, or a hedge fund? (ft.com)
Walmart
- Last quarter, Walmart ($WMT) sales are best described as mid. (nytimes.com)
- Walmart ($WMT) will finally accept tap-to-pay. (engadget.com)
Technology
- Anthropic is floating talk of a record IPO offering. (fa-mag.com)
- Samsung is returning (big) capital to shareholders. (cnbc.com)
- How Boise, Idaho is feeling the impact of Micron's ($MU) stock surge. (cnbc.com)
- Stripe is buying OpenRouter for some $8 billion. (semafor.com)
Sports business
- Marc Lore is selling control of the Minnesota Timberwolves at a $4.5 billion valuation. (axios.com)
- The story of UWM Holdings ($UWMC), Matt Ishibia and the Phoenix Suns. (huddleup.substack.com)
- The Oakland Raiders already want more public money for Allegiant Stadium. (brobible.com)
- Bill Simmons and Derek Thompson talk about America's sports plutocracy. (podcasts.apple.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)
Health insurance
- Employer health care costs are moving in one direction: up. (axios.com)
- Bank of America ($BAC) spends big on GLP-1s. (cnbc.com)
- Florida saw a big drop in ACA enrollment. (theconversation.com)
Treasury bonds
- Is AI-related borrowing crowding out Treasuries? (nytimes.com)
- Why the Treasury's move isn't going to have lasting effects on the yield curve. (ft.com)
- Secretary Bessent isn't fooling anyone. (paulkrugman.substack.com)
Earlier on Abnormal Returns
- What you missed in our Thursday linkfest. (abnormalreturns.com)
- Longform links: the difference between work and play. (abnormalreturns.com)

Facts Only

* The first retail index fund via Vanguard turned 50 years old.
* Walmart ($WMT) sales last quarter are described as mid.
* Walmart ($WMT) will accept tap-to-pay.
* Anthropic is floating talk of a record IPO offering.
* Samsung is returning capital to shareholders.
* Boise, Idaho is feeling the impact of Micron's ($MU) stock surge.
* Stripe is buying OpenRouter for approximately $8 billion.
* Marc Lore is selling control of the Minnesota Timberwolves at a $4.5 billion valuation.
* The story of UWM Holdings ($UWMC), Matt Ishibia, and the Phoenix Suns is reported.
* The Oakland Raiders want more public money for Allegiant Stadium.
* Employer health care costs are moving in one direction: up.
* Bank of America ($BAC) spends significantly on GLP-1s.
* Florida saw a big drop in ACA enrollment.
* There is discussion about AI-related borrowing crowding out Treasuries and the Treasury's impact on the yield curve.

Executive Summary

The provided information covers a range of financial, technology, and business news items. In the finance sector, there is discussion around retail investing (index funds), pre-IPO stock markets, and specific firm activities like Jane Street and Walmart's sales performance. Technology news highlights developments with Anthropic, Samsung, Stripe, and Micron, alongside market reactions in locations like Boise, Idaho. Sports business coverage touches on valuations involving the Minnesota Timberwolves and the Oakland Raiders stadium funding. Furthermore, there are macroeconomic themes addressed through discussions on treasury bonds, AI-related borrowing, employer health care costs, and changes in ACA enrollment in Florida. The content frames a complex interplay between long-term investing principles, technological innovation, corporate performance, and evolving economic policy.

Full Take

The collection of topics reveals an underlying tension between established, slow-moving institutional structures (like the 50-year history of index funds) and rapid, disruptive shifts in the technology and sports landscapes. The inclusion of specific financial entities juxtaposed with macroeconomic concerns about borrowing costs and public spending suggests a narrative where innovation is happening alongside systemic economic friction. For instance, the discussion around AI IPOs and semiconductor surges (Micron, Samsung) contrasts with tangible corporate performance metrics (Walmart sales). This pattern often reflects a societal awareness that technological advancement creates uneven distribution of wealth and opportunity; the financial structures attempting to manage this change—whether through index investing or sovereign debt management—are being tested by volatility. The implication is that cognitive sovereignty requires tracking not just the immediate market movements but understanding how these high-velocity changes feed into slower, foundational systems, forcing an analysis of who benefits from shifts in capital allocation and regulatory focus within these accelerating spheres. What are the omitted historical precedents for managing these simultaneous expansions and contractions? What assumptions about linear economic progression are being challenged by this convergence of news?