Need another t-shirt? Nobody does, but if you buy an Animal Spirits Noobwhale t-shirt the proceeds will go to a great cause. Check it out now!
Quote of the Day
"If Slack won the war, and owns collaboration, why doesn’t it feel like the war is over?"
(James Kwok)
Chart of the Day

The energy sector’s share of the S&P 500 has not been this low in over four decades.
Equity
- A real life lesson in why you shouldn't exercise your options early. (morningstar.com)
- Speaking of equity, SoftBank wants to loan employees money to buy into Vision Fund 2. (wsj.com)
Crypto
Companies
- Match ($MTCH) now makes up over 90% of IAC's ($IAC) value. (barrons.com)
- Disney ($DIS) does have a problem: the legacy Fox movie studio. (wsj.com)
- Airbnb is on track for a 2020 listing. (reuters.com)
Netflix
- How Netflix ($NFLX) is building out its infrastructure around the globe. (hollywoodreporter.com)
- Netflix ($NFLX) is no more likely to cancel a show than other providers. (bloomberg.com)
- Netflix ($NFLX) dubs shows into 31 different languages. (hollywoodreporter.com)
Finance
- Why brokers choose to sweep into bank accounts instead of money market funds...money. (barrons.com)
- Harry Markopolos is getting blowback from short-sellers for calling "GE a bigger fraud than Enron." (ft.com)
- Companies with "courage and intelligence" will choose direct listing vs. traditional IPOs. (ft.com)
Funds
Global
- These countries have the most wealth per capita. (visualcapitalist.com)
- In just 50 years, world fertility rates have been cut in half. (visualcapitalist.com)
- With shrinking populations we need to re-think what constitutes economic success. (nytimes.com)
Policy
- Noah Smith, "Plenty of Americans are still starting successful businesses, picking winning stocks, flipping houses for handsome profits and polishing their resumes for top employers. But those paths to wealth have gotten narrower, more difficult and less certain." (finance.yahoo.com)
- If you want to borrow money to fix US infrastructure, now is the time. (slate.com)
- Why we should encourage the Federal government to move agencies out of the DC area. (news.yahoo.com)
- The job leading the Municipal Securities Rulemaking Board currently pays more than $1 million. (wsj.com)
- Big Soda is winning the sugar tax wars. (politico.com)
Economy
- If the US goes into recession in 2020, here are the reasons why. (nytimes.com)
- The economic data is almost always mixed. (dashofinsight.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: data is the new uranium. (abnormalreturns.com)
- Conspicuous consumption and the spotlight effect. (abnormalreturns.com)