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Quote of the Day
"The averages offer a rough guide of what’s possible but, just in case, we better understand the consequences of being wrong. Because being wrong can be devastating."
(The Novel Investor)
Chart of the Day
The rotation from cyclicals into defensives is a global phenomenon.
Markets
- Two year Treasury note yields are nearing 3%. (barrons.com)
- How much is the stock market up since it was called "overbought, overbullish, and overvalued"? (dashofinsight.com)
- Beware signals with a 'sample of one.' (priceactionlab.com)
Strategy
- Why using global macro data to forecast markets is so difficult. (collaborativefund.com)
- You don't diversify internationally because it is going to work every year. (blairbellecurve.com)
- Inflation dynamics are tricky to deal with in real-time. (awealthofcommonsense.com)
Crypto
- Lower cryptocurrency prices have kicked off a M&A-fueled land grab. (cnbc.com)
- Are stablecoins a fool's errand? (economist.com)
Netflix
- Pricing power: just how big a moat does Netflix ($NFLX) have? (intrinsicinvesting.com)
- Are the subscribers Netflix ($NFLX) is adding overseas as profitable as domestic subscribers? (ftalphaville.ft.com)
- It's good news that Netflix ($NFLX) is canceling more shows. (wired.com)
IPOs
- The IPO machine is finally purring. (wsj.com)
- Take heed when unprofitable companies dominate the IPO calendar. (medium.com)
Funds
Economy
- Why there is still room for continued employment growth. (barrons.com)
- A rave review for Alan Greenspan and Adrian Woolridge's "Capitalism in America: A History." (ft.com)
- A succinct summary of the week's economic events. (ritholtz.com)
- The economic schedule for the coming week. (calculatedriskblog.com)
Earlier on Abnormal Returns
- Top clicks this week on the site. (abnormalreturns.com)
- What you missed in our Saturday linkfest. (abnormalreturns.com)
- Longform links: a rich, ghost town. (abnormalreturns.com)
- Podcast links: habits and generosity. (abnormalreturns.com)
- Two lessons learned from thirteen years of blogging. (abnormalreturns.com)
