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Quote of the day
“Independence is one of the most underappreciated assets. Relinquishing it should be done sparingly and with eyes wide open of its cost.” – Morgan Housel
Chart of the day

Two impeachments, two different results. (@sentimentrader)
Strategy
- Why are wealthy families doubling down on private equity holdings? (ritholtz.com)
- Nobody knows what the next decade will hold for markets. (evidenceinvestor.com)
- You can't learn as an investor if you don't track your decision making. (klementoninvesting.substack.com)
- Why the search for 'secret' investing sauce is futile. (theathleteinvestor.com)
WeWork
- Is WeWork too big to fail from the perspective of commercial property owners? (vanityfair.com)
- How JPMorgan Chase ($JPM) got caught with their pants down by WeWork. (nytimes.com)
- WeWork is a huge cleanup job. (bnnbloomberg.ca)
- New York City real estate is uniquely at-risk to a WeWork blow-up. (businessinsider.com)
Companies
Finance
Funds
- The origin story behind the Quadratic Interest Rate Volatility & Inflation Hedge ETF ($IVOL). (forbes.com)
- There's really one reason to own a short-term Treasury ETF. (morningstar.com)
- Invesco ($IVZ) is rolling out additional target-date muni bond ETFs. (etf.com)
Economy
Earlier on Abnormal Returns
- Personal finance links: blank checks for education. (abnormalreturns.com)
- Filling the vacuum where status anxiety lives. (abnormalreturns.com)
- What you missed in our Tuesday linkfest. (abnormalreturns.com)
- Research links: long-run risk-parity. (abnormalreturns.com)