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Quote of the Day
"Returns are never free. They demand you pay a price, like any other product. And since market returns can be not just great but sensational over time, the fee is high. Declines, crashes, panics, manias, recessions, depressions."
(Morgan Housel)
Markets
- China is the big winner YTD. (capitalspectator.com)
- 66 charts from the big JP Morgan Asset Management Q1 "guide to markets." (markets.businessinsider.com)
Strategy
- Indexing is growing, but by no means has it wrecked markets. (independenceadvisors.com)
- Michael Harris, "Trying to rationalize intraday price moves was always an exercise in futility." (priceactionlab.com)
Crypto
Companies
- Behind the scenes, Berkshire Hathaway ($BRK.A) affiliated companies are collaborating more. (wsj.com)
- Apple ($AAPL) is no longer interested in "changing the world." (nytimes.com)
- Leave it to Amazon ($AMZN) to think BIG. (theverge.com)
Finance
- Here is the epic Jamie Dimon annual letter to JP Morgan ($JPM) shareholders. (reports.jpmorganchase.com)
- Lyft ($LYFT) is now the most expensive stock in the US to borrow. (markets.businessinsider.com)
- Bond marketplace Tradeweb ($TW) is now public. (wsj.com)
- 89% of buyout-related loans last year were cov-lite. (institutionalinvestor.com)
Homes
- Lower rates kicked off a mortgage refi boomlet. (wsj.com)
- Why you might get your next mortgage from Zillow ($Z). (thebasispoint.com)
- Money continues to flow into homebuying startups. (bloomberg.com)
Institutional
- Six trends in college and university endowments. (blogs.cfainstitute.org)
- Asset managers typically don't need a lot of capital. So why are some managers public? (epsilontheory.com)
- Higher costs are forcing new hedge funds to ask for bigger capital commitments. (institutionalinvestor.com)
Economy
- Weekly initial unemployment claims are at their lowest level since 1969. (calculatedriskblog.com)
- The US is short workers in construction and agriculture. (nytimes.com)
- A cool visualization of the 10 largest cities in the US over time. (visualcapitalist.com)
Earlier on Abnormal Returns
- Startup links: terrible inequality. (abnormalreturns.com)
- What you missed in our Wednesday linkfest. (abnormalreturns.com)
- Personal finance links: good debt vs. bad debt. (abnormalreturns.com)
- ESG links: the importance of proxy voting. (abnormalreturns.com)
- The power of asking the right question. (abnormalreturns.com)
