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Quote of the day
“(V)aluations in the private markets, particularly the late-stage private markets, can sometimes be irrational. Public market valuations, certainly after a stock has traded for a material amount of time and lockups have come off, are much more rational.” – Fred Wilson
Chart of the day
European equities have lagged US stocks by 20% over the past year. (Bloomberg)
Markets
Strategy
- Don't let anyone tell you there isn't enough spread in sector returns to do active management. (awealthofcommonsense.com)
- Why picking individual stocks is a fool's errand. (whitecoatinvestor.com)
Crypto
Companies
- Why the push to AI will only strengthen Big Tech. (towardsdatascience.com)
- Where Uber ($UBER) stands today. (washingtonpost.com)
- Blackstone ($BX) keeps gobbling up warehouse space. (axios.com)
Finance
- The Jamie Dimon executive tree keeps growing. (ft.com)
- Why the Endeavor Group IPO got pulled. (vanityfair.com)
- Lex aims to open up private real estate deals for non-accredited investors. (wsj.com)
Funds
- Most emerging market funds are China funds in disguise. (thereformedbroker.com)
- Goldman Sachs Asset Management is launching its first ETF in Europe. (ft.com)
- The future of money management is data analysis. (ft.com)
Global
- Don't dismiss the role of policy uncertainty on weak global economic growth. (ft.com)
- Has Australia really had a 28-year economic expansion. (marginalrevolution.com)
- What cities are most at-risk of a property bubble? (msn.com)
Economy
- Tariffs have done nothing but harm US steel makers. (aei.org)
- The US shale boom is slowing. (wsj.com)
Earlier on Abnormal Returns
- Adviser links: ad dollars. (abnormalreturns.com)
- What you missed in our Sunday linkfest. (abnormalreturns.com)
- Top clicks last week on the site. (abnormalreturns.com)
Mixed media
- Some contradictory lessons learned from Mike Isaac’s book "Super Pumped: The Battle For Uber." (awealthofcommonsense.com)
- If AI takes away all of our menial tasks, only the hard stuff is left. (theatlantic.com)
- How much of your career success is due to luck? About half. (newscientist.com)
- The case for hiring older workers. (hbr.org)
