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Quote of the Day
"When I started in 1990, there were 261 equity funds, and now there are thousands...There are thousands of hedge funds. There are thousands or millions of Robinhood investors. There’s sovereign wealth funds, etc. So there’s no question that it’s become much, much more competitive."
(Will Danoff)
Chart of the Day

2020 is seeing a rising number of IPO ‘run ups’ including Snowflake. (via @sentimentrader)
Markets
- Despite a market rally, investors are pulling money from equity funds. (theirrelevantinvestor.com)
- Has Berkshire Hathaway ($BRK.A) meaningfully changed its approach to the technology sector? (thereformedbroker.com)
- Volatility is making for a good year for convertible arbitrage strategies. (ft.com)
Finance
- The pandemic has done little to slow the pace of dividend recaps among the private equity crowd. (ft.com)
- Nasdaq ($NDAQ) is moving all of its services to the cloud. (wsj.com)
- Deutsche Bank isn't in any hurry to return to the office. (wsj.com)
- SPACs are spreading to Asia. (ft.com)
ETFs
- An example of how model portfolio changes can swing ETF inflows. (morningstar.com)
- How the US Global Jets ETF ($JETS) attracted some $1.5 billion in AUM this year. (etf.com)
- Why are two of the biggest ETF providers often absent from broker marketplaces? (ritholtz.com)
Snowflake
- A tale of the tape for Snowflake's ($SNOW) IPO. (axios.com)
- Snowflake ($SNOW) is the second largest IPO of 2020. (wsj.com)
- As with all fast-growing companies, the question is what's the right price for Snowflake ($SNOW)? (compoundadvisors.com)
- The VCs who won big with Snowflake. (news.crunchbase.com)
Startups
- Stripe is giving employees a bonus if they move from high cost areas but are cutting their pay. (bloomberg.com)
- Be wary when a startup changes their communication cadence. (medium.com)
- Some good advice on how to build a company: be kind. (fastcompany.com)
Global
- Investors are once again plowing money into emerging market bonds. (wsj.com)
- Europe is seeing a divergence in how fast the North and South are rebounding from pandemic. (ft.com)
- 30 years in, there is still a gap between Western and Eastern Germans. (theguardian.com)
Economy
- We continue to see a decline in weekly initial unemployment claims. (bonddad.blogspot.com)
- Retail sales have been surprisingly resilient. (nytimes.com)
- Small businesses that rely on the USPS are experiencing major headaches. (vox.com)
- Why an open-ended commitment to low interest rates by the Fed could backfire. (thereformedbroker.com)
Earlier on Abnormal Returns
- Longform links: unfettered media consumption. (abnormalreturns.com)
- What you missed in our Wednesday linkfest. (abnormalreturns.com)
- Personal finance links: a great life plan. (abnormalreturns.com)
- On the challenge of holding two competing thoughts on the pandemic in your head a the same time. (abnormalreturns.com)
- Some thoughts on the relationship between time, creativity and wealth. (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)