Goldman Sachs plans to ask junior bankers to certify every three months that they have not accepted jobs elsewhere, illustrating how large and talent-hungry private equity firms have become.

The recent market rally is not the result of a government or Wall Street conspiracy, because such a blatant conspiracy would have leaked by now; the most consequential conspiracies are instead unspoken ones that develop over time, like predatory lending to the middle class becoming an industry ethos in the 2000s.

A money market fund is a substitute for a bank deposit that lacks FDIC insurance but generally pays slightly higher interest; the safest version invests only in short-term US Treasuries, giving you effectively the same safety as an insured deposit because you are buying US government debt.

The only real way to hedge against a US downturn while remaining long-term bullish is to buy out-of-the-money puts on the S&P or NASDAQ, because if the market rises you still profit on the portfolio and only lose the premium paid.

The market did not react to the heavy week of tariff news, reaching an all-time high Thursday and only reacting negatively on Friday on the Canada news, suggesting markets have become desensitized to tariff threats.

The Federal Reserve's quantitative easing involved publicly buying large amounts of fixed income products to improve the US economy, which is evidence that major monetary interventions are done openly rather than covertly.

Pre-financial-crisis money market funds that advertised risky short-term holdings as not risky all blew up in the crisis, so investors should ensure their fund holds only short-term US Treasuries.

The orphan-drug exemption could incentivize a large pharma company without qualifying drugs to acquire a biotech company holding two or more orphan drugs in order to escape IRA price controls on those specific drugs.

Welcome to another edition of the Weekly Rap and a special edition discussing the bill.

Tesla's shares are down over 20% this year and its market cap is back below $1 trillion, partly because shareholders disliked Elon Musk's renewed fight with Trump and his announcement of a third party.

Next week's earnings season should be largely uneventful, but the large banks are expected to show strong trading results.