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Quote of the Day
"All around me I see examples of people, portfolios, strategies, messaging and business models that weren’t built to withstand corrections that persist for more than a month or so, as this one now has. Free asset management isn’t built for it."
(Josh Brown)
Chart of the Day

The FAANG stocks have lost a combined $800 billion in market cap in the past two months.
Markets
- An assessment of stock market bleeding through the lens of tech stocks and crypto. (avc.com)
- Good luck trying to time the market with valuation metrics. (theirrelevantinvestor.com)
Strategy
- Why cleaning up a portfolio can be such a satisfying experience. (mullooly.net)
- Change always comes a surprise: the case for global portfolio diversification. (thefinancialbodyguard.com)
- Some elite performers are able to train themselves to eliminate panic. (theathleteinvestor.com)
Crypto
Finance
- A sign of the time: Goldman Sachs ($GS) is trading at less than book value. (barrons.com)
- Is the time finally right for a crop of fintech startups to take on the banks in basic banking like checking? (nytimes.com)
- Why Starbucks ($SBUX) is the leading mobile payments company in the US. (slate.com)
Funds
Global
Economy
Earlier on Abnormal Returns
- Personal finance links: controlling costs. (abnormalreturns.com)
- What you missed in our Tuesday linkfest. (abnormalreturns.com)
- Research links: deeply held beliefs. (abnormalreturns.com)
- Envy, jealousy and the messy middle. (abnormalreturns.com)
- At the intersection of art and money. (abnormalreturns.com)