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Quote of the Day
"Which is to say the future is unknown, and therefore investing is not easy, despite what you may have heard in the mania of the past few months."
(Charlie Bilello)
Chart of the Day

What Buffett and Berkshire ($BRK.A) see in Japan. (via Verdad Capital)
Nasdaq
- More signs that Nasdaq momentum is waning. (sentimentrader.com)
- Why comparing this Nasdaq to the one from 20 years ago rings false. (thereformedbroker.com)
Strategy
- Why it's easy to get caught with a mental model that only works on the past. (awealthofcommonsense.com)
- Markets move based on events, not political parties. (blogs.cfainstitute.org)
Crypto
Companies
- Why the contrast between Nvidia ($NVDA) and Intel ($INTC) could not be starker. (thereformedbroker.com)
- Amazon ($AMZN) is hiring like crazy. (wsj.com)
EVs
- The boom in Tesla's ($TSLA) stock has set off interest in copycats and hangers-on. (washingtonpost.com)
- More short-sellers are lining up against Nikola ($NKLA). (institutionalinvestor.com)
- Nikola ($NKLA) has responded to some of the short-seller's claims. (ftalphaville.ft.com)
- What to expect from Tesla's ($TSLA) “Battery Day.” (marker.medium.com)
Finance
- SPACs are set to surge in Europe as well. (wsj.com)
- JP Morgan ($JPM) is getting into the business of secondary sales of startup stakes. (cnbc.com)
Exchanges
- The surge in small options trading is notable by any standard. (wsj.com)
- Exchanges and market makers are lining up against New Jersey's proposed trading tax. (pionline.com)
Fund management
- The active, non-transparent ETF space is still wide open. (ft.com)
- Another big hedge fund is calling it quits. (institutionalinvestor.com)
Global
- In the UK, closed offices are affecting businesses they rely on commuters. (ft.com)
- Investing in emerging markets? Avoid SOEs. (ft.com)
Economy
- Checking in on seven high-frequency economic indicators. (calculatedriskblog.com)
- The Federal Reserve wants a bigger fiscal response. (wsj.com)
- Americans are hoarding cash in anticipation of an end to all of this. (washingtonpost.com)
- We really don't understand well how inflation works. (sentimentrader.com)
Earlier on Abnormal Returns
- Adviser links: sharing political views. (abnormalreturns.com)
- What you missed in our Sunday linkfest. (abnormalreturns.com)
- Top clicks last week on the site. (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)