Sunday links: capturing AI beta

Markets: The on-the-run 30-year Treasury bond has a duration of around 14 years. Berkshire Hathaway is an index unto itself. Investors are considering how to diversify in an age of AI concentration. Confirmation bias should be avoided when making investment decisions.

ETFs: More ETFs will soon be available than mutual funds. Tax treatment matters when it comes to derivative income ETFs. Eight myths about semiliquid funds are debunked, including the idea that incentive fees encourage managers to perform better.

Venture capital: VCs cannot afford to miss out on the AI boom. They are scaling up to meet the moment.

Taxes: The pass-through entity has become a tax nightmare. Switzerland has its own unique approach to taxing wealth.

Conflicts of interest: The CFTC pulled the plug on an investigation due to potential conflicts of interest. A large majority of Americans believe Donald Trump is enriching himself while in office. Elon Musk is largely funding Ken Paxton's campaign.

Election integrity: State-level officials, particularly Secretaries of State, play a crucial role in ensuring election integrity. Federal election meddling is well underway.

Entitlements: Saving Social Security requires significant reforms. Medicare for All could be implemented in practice. SNAP beneficiaries are falling victim to scams.

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Policy: The U.S. government has never invested in private companies at this scale. Despite the potential damage, the administration still wants to paint the Executive Office.

Economy: What is the right interest rate for the economy? The economic schedule for the coming week is outlined.

Mixed media: A24's film "You Can See Everything" has been a hit. Elizabeth Holmes was ahead of her time.