10 Monday AM Reads

Vanguard has taken over the ETF world, with CEO Salim Ramji set to expand the company's low-cost, high-return formula to cash savings, financial advice, and active fixed income. Financial advisers are projected to move $2 trillion of their clients' money into alternative funds, necessitating careful questioning. Only 13% of U.S. large-cap funds outperformed indexes over the past decade, and only 27% of actively managed U.S. large-cap equity funds outperformed their benchmark passive fund alternatives in the 12 months ended June 30.

Aswath Damodaran's post-mortem of the Aschenbrenner implosion highlights the risks of conviction investing and concentration risk. Small businesses have opposed Trump's tariffs, arguing for their economic harms. Trump's potential new tariffs may drive companies back to China, offering lower rates on "nonsensitive" Chinese goods.

Luxury expert Olivia Ferney, raised by schoolteachers, now manages private jets, luxury cabanas, and champagne-soaked revels. Virality as a measure of cultural relevance is questioned by cyber-ethnographer Ruby Thelot. Israel has experienced more people leaving the country than immigrating since 2023, due to the war in Gaza, economic pressure, and social tensions.

The U.S. healthcare system is already largely socialized, with insurance company parasitism being a significant issue. Picasso's lost artwork was discovered by a landlord cleaning a vacant apartment. Travis Barker continues to drum despite physical toll of his demanding career.