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Quote of the Day
"[Markets] are more like babies: Quick to react, eager to grab at shiny baubles, and lacking in object permanence."
(Dan Primack)
Chart of the Day

Blackrock ($BLK) now dominates asset management but it took two big acquisitions to get it there.
Markets
- "The dollar’s resilience has been one of the more monotonous motifs in financial markets in recent years." (economist.com)
- Mortgage rates hit another historic low this week. (housingwire.com)
- Health care stocks surged, post-election. (sentimentrader.com)
The VIX
- There's way more to volatility than the VIX. (rcmalternatives.com)
- Investors drove up the $VIX going into the election. (jlfmi.tumblr.com)
Strategy
- Even if you knew the election results in advance you likely would not have guessed the market's reaction. (theirrelevantinvestor.com)
- Weird stuff happens all the time because people are unpredictable. (nautil.us)
- On the differences between polling and markets. (pragcap.com)
Compnanies
- A chip shortage may delay your new Apple ($AAPL) iPhone shipment. (finance.yahoo.com)
- The DOJ is suing Visa ($V) to prevent the acquisition of Plaid on anti-trust grounds. (axios.com)
- Solar panel makers are facing a glass shortage. (msn.com)
IPOs
- The Airbnb IPO is likely coming before year-end. (venturebeat.com)
- Why are there so many SPACs focused on sports? (sportico.com)
Fund management
- Is Nelson Peltz going to set off a wave of asset management M&A with his newfound influence at Invesco ($IVZ)? (barrons.com)
- It's hard to see what derails interest in private equity and venture capital. (institutionalinvestor.com)
- The 25 largest private equity firms in one chart. (visualcapitalist.com)
Pandemic effects
- Scott McCartney, "The airline industry depends on high-fare, frequent-flying business travelers to pay the bills. Without them, business plans have to change." (wsj.com)
- Are bowling alleys in the U.S. going to survive the pandemic? (insidehook.com)
- How some people are reinventing the escape room for the at-home era. (nytimes.com)
Economy
- The slow improvement in jobless claims rolls on. (bonddad.blogspot.com)
- The economic recovery is looking less and less like a V. (econbrowser.com)
- Election results, to date, are unlikely to shake the Fed off its chosen path. (blogs.uoregon.edu)
- Another 100,000+ American tested positive for Covid yesterday, a new daily record. (washingtonpost.com)
Earlier on Abnormal Returns
- Longform links: lifestyle innovation. (abnormalreturns.com)
- What you missed in our Wednesday linkfest. (abnormalreturns.com)
- Personal finance links: securing financial freedom. (abnormalreturns.com)
- November ESG links: filing shareholder resolutions. (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)