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Quote of the Day
"The long-run average return smooths out and hides the extreme experiences investors face in the short term. The nature of markets is far less certain than its long-run average return projects. Surprises abound."
(Novel Investor)
Chart of the Day
Freddie Mac reports a new record low for 30-year mortgage rates at 2.91%.
Markets
- How much bigger can the Big Five tech stocks get relative to the rest of the market? (theirrelevantinvestor.com)
- Why lumber prices have moved so far, so fast. (mrzepczynski.blogspot.com)
- Don't buy muni bonds if you need liquidity. (advisorperspectives.com)
Crypto
Companies
- Kevin Mayer is out as CEO of TikTok. (variety.com)
- Ant Financial is more Mastercard ($MA) than Paypal ($PYPL). (msn.com)
Finance
- The SEC has updated its rules governing 'accredited investors.' (thinkadvisor.com)
- The NYSE now has approval to conduct direct listings with a capital raise. (wsj.com)
- Why we need more transparency than less, think 13-Fs. (etf.com)
Funds
- Stop with the 'active funds outperform' during down markets talk. (morningstar.com)
- Why you should take a peek under the hood of any target-date fund you buy. (humbledollar.com)
- Vanguard is winding down its Hong Kong operations. (advisorperspectives.com)
Global
Economy
- Another week, another million (or so) Americans file for unemployment. (calculatedriskblog.com)
- Even if the pandemic ended today, there are still big losses baked in. (bonddad.blogspot.com)
- Why inflation measures don't mean much in pandemic. (marginalrevolution.com)
- The decline in upward economic mobility illustrated. (visualcapitalist.com)
Earlier on Abnormal Returns
- Longform links: the exact opposite. (abnormalreturns.com)
- What you missed in our Wednesday linkfest. (abnormalreturns.com)
- Personal finance links: achieving crucial goals. (abnormalreturns.com)
- Big market moves demand an explanation: the case of gold. (abnormalreturns.com)
- Every Friday I send out five links for advisers to help them think a little differently about the world. Sign up now! (newsletter.abnormalreturns.com)
