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Quote of the Day
"It’s not that the polls told us nothing. It’s that they could not tell us what we yearned to know. We want certainty, but we can’t always get what we want."
(Tim Harford)
Chart of the Day
Bitcoin is headed towards its 2017 highs but retail interest hasn’t really picked up yet. (chart via @ycharts)
Markets
- Why your baseline for forward equity returns needs to come down. (morningstar.com)
- Beneath the surface, the global capital markets have been making some big adjustments in the face of Covid. (aswathdamodaran.blogspot.com)
- Overbought markets, often remain overbought for awhile. (quantifiableedges.com)
Strategy
- An investment journal will help you not kid yourself about your own portfolio's performance. (theirrelevantinvestor.com)
- Five steps to help find your own investment process. (novelinvestor.com)
Narratives
- We are narrative-seeking creatures even when it works against us. (ritholtz.com)
- Speaking of narratives, thematic ETFs continue to see strong growth. (wsj.com)
Books
-
For anyone interested in financial history, "Boom and Bust: A Global History of Financial Bubbles" is 'essential
reading.' (ft.com) - Notes from nearly every trader's favorite book "Reminiscences of a Stock Operator" by Edwin Lefevre. (novelinvestor.com)
- The best non-fiction books of 2020 so far including "Himalaya: A Human History" by Ed Douglas. (marginalrevolution.com)
Companies
- Costco ($COST) is seeing an uptick in foot traffic. (businessinsider.com)
- Grocery stores are still scrambling to adapt to changing consumer patterns in pandemic. (wsj.com)
- Peleton ($PTON) is having a hard time keeping up with demand. (msn.com)
- A lot of people have turned to the New York Times ($NYT) this year. (vox.com)
IPOs
- ByteDance competitor, Kuaishou Technology, is going public. (wsj.com)
- The real reason why the Ant Financial IPO was pulled. (protocol.com)
Economy
- The October NFP report was strong across the board. (bonddad.blogspot.com)
- Neil Irwin, "The United States is filling in the deep economic hole caused by the pandemic." (nytimes.com)
- It's hard to tell where the Obama economy ends and the Trump economy begins. (ritholtz.com)
Earlier on Abnormal Returns
- Podcast links: trading cards and sneakers. (abnormalreturns.com)
- What you missed in our Thursday linkfest. (abnormalreturns.com)
- Longform links: lifestyle innovation. (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)
