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Quote of the day
“WeWork’s IPO stumble is good news for equity owners. Only an overcooked stock market would have accepted that offering under those terms.” – John Rekenthaler
Chart of the day
Apple ($AAPL) stock has had huge returns post-IPO, but you have had to experience some significant drawdowns along the way. (@charliebilello)
Markets
- The odd couple: tech and REITs lead sector performance YTD. (capitalspectator.com)
- Did technology break value investing? (ftalphaville.ft.com)
- How much faith should you put in stock market seasonality? (allstarcharts.com)
Strategy
- How our personality affects how we approach the market. (theirrelevantinvestor.com)
- Good luck integrating sector funds into your investment approach. (monevator.com)
- If you invest in stocks you need to expect losses. (novelinvestor.com)
Crypto
Netflix
- The case against Netflix ($NFLX). (marketwatch.com)
- Netflix ($NFLX) is acutely aware of the threat of Disney+. (nytimes.com)
- Teens watch more YouTube than Netflix ($NFLX). (finance.yahoo.com)
Companies
- Why the market soured on Smile Direct Club ($SDC). (news.crunchbase.com)
- Just how much exposure does Softbank have to WeWork? (fortune.com)
Finance
- Installment loans are the new credit cards. (economist.com)
- Can AI help solve the issue with diversity in finance? (bloomberg.com)
- Is it better to be an exchange or a broker? (silverlightinvest.com)
Fund management
- For ETF providers, fees matter, but distribution matters even more. (cnbc.com)
- A lot of mutual fund complexes bet on buying into Unicorns pre-IPO. They may now regret that decision. (wsj.com)
- GMO is under a lot of performance pressure, not unlike the Dotcom era. (institutionalinvestor.com)
- New private debt fund offerings have pretty much ground to a halt. (institutionalinvestor.com)
Economy
- The Fed is going to start buying Treasury bills. (nytimes.com)
- Five economists worth of a Nobel Prize. (finance.yahoo.com)
Earlier on Abnormal Returns
- Podcast links: distractions and stillness. (abnormalreturns.com)
- What you missed in our Thursday linkfest. (abnormalreturns.com)
- Startup links: having an impact. (abnormalreturns.com)
- Fifty years from now, will mental illness still have a stigma attached? (abnormalreturns.com)
- It's funny how things work out, sometimes. (abnormalreturns.com)
- Minor miracles do happen: why you shouldn't take for granted the continued success of Financial Twitter. (abnormalreturns.com)
