Europe has fallen far behind in economic dynamism and military clout. Will the continent that once ruled the world become a bystander to history? wsj.com/world/europe/e… Will they be able to defend themselves in the long-run?

The umpire who picked a side: John Roberts and the death of rule of law in America theguardian.com/us-news/ng-int… I think the SCOTUS will start to rule against Trump, particularly on things like the 14th Amendment and birthright citizenship.

There Ain’t No Such Thing as a Free Lunch aqr.com/Insights/Persp… Buffer funds lose incremental money for those that buy them on average. I have said that long before. It has to be true because derivatives are expensive.

AMERICAN UNEXCEPTIONALISM gmo.com/americas/resea… I don't think this is a good analysis, because valuation expansion and USD strength should be highly negatively correlated. As such, this analysis is misspecified.

Oaktree Capital: The Calculus of Value: oaktreecapital.com/insights/memo/… Well-thought-out. Unless AI proves to be a miracle, the market is very overvalued, particularly the big growth stocks.

Donald Trump moved to remove Federal Reserve Governor Lisa Cook from her post at the US central bank in the wake of allegations that she falsified documents on mortgage applications bloomberg.com/news/articles/… Much as I don't like the Fed, it will not give up without a fight.

A paper claiming that intricate investing models that only AI and machine learning can create outperform simpler ones has drawn some severe backlash — but it’s right, says Aaron Brown bloomberg.com/opinion/articl… Unlikely, at least at long horizons

Hegseth fires head of Defense Intelligence Agency, Lt. Gen. Jeffrey Kruse washingtonpost.com/national-secur… The Trump administration fires everyone who is competent. That way, they won't be criticized or even have to face reasoning that questions their actions. America is getting weaker.

A California bill would require insurers to notify homeowners if aerial photos could be taken of their property, and spell out how to access the images wsj.com/articles/flyin… Home insurance give the insurer the right to inspect. This is a normal thing done in an unintrusive way

Senate Republicans push back against Trump's calls to end 'blue slips' abcnews.go.com/Politics/senat… It's not unconstitutional. Both houses of Congress have the right to set their own rules and procedures. There are procedures to bypass the judiciary committee & bring it to the floor.

In China’s retail jungle, Häagen-Dazs is getting eaten alive by a local gelato chain. It’s far from the only foreign brand struggling to compete there with homegrown rivals. wsj.com/business/retai… Rice & kale flavors.

Heard on the Street: When it comes to credit-card spending in the U.S., JPMorgan Chase is already number one. Evidently, that isn’t enough for the banking giant. wsj.com/finance/bankin… At this rate, why not create your own network, & compete w/ $V $MA $COF & $AXP?

Can Trump really fire Fed Governor Cook? Here’s what the law says bloomberg.com/news/articles/… An uncharged offense off the job is a mere allegation, and inadequate to be "for cause."

French bond yields may jump to 100 basis points over Germany’s if political turmoil worsens, Carmignac says bloomberg.com/news/articles/… French debt metrics are among the worst in western Europe. They have high-ish ratings because they are big.

President Donald Trump’s unprecedented & escalating attack on the Federal Reserve runs the risk of backfiring by hitting financial markets and the economy with higher long-term borrowing costs. bloomberg.com/news/articles/… If you compromise monetary policy, why should long rates fall?

Netflix said KPop Demon Hunters, an animated musical about a fictional female singing group, is now the streaming service’s most-watched original film of all time bloomberg.com/news/articles/… Korean creativity in entertainment is now a global phenomenon. Here's to South Korea!