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Quote of the Day
"The term historic is overused and thus loses meaning. Events can be out of ordinary but not historic. All market surprises are not historic. If everything is historic, then nothing is historic just historical."
(Mark Rzepczynski)
Markets
- It's been a long time since we saw small cap value outperform large cap growth, by this measure. (theirrelevantinvestor.com)
- Bill Ackman is once again betting against corporate credit. (ft.com)
Apple
- Apple ($AAPL) has introduced its first Macs that use their in-house chips. (nytimes.com)
- Apple ($AAPL) is trying to gloss over undifferentiated software with better hardware, i.e. chips. (stratechery.com)
- Apple's ($AAPL) pitch is less about chip speed and more about performance. (om.co)
- Some additional notes from the Apple's ($AAPL) M1 event. (sixcolors.com)
Fund management
- A look at the changing dynamics of the asset management industry. (ft.com)
- The story of how Masayoshi Son pulled off a Softbank turnaround this year with the help of Elliott Management. (wsj.com)
- A growing number of investors want hedge fund managers to answer questions about diversity. (finance.yahoo.com)
- Tyro Capital is getting a boost from Greenlight Masters. (institutionalinvestor.com)
Housing
- Suburban single-family rent asking rates are on the rise. (wsj.com)
- How the 30-year mortgage became synonymous with home ownership in America. (netinterest.substack.com)
- Just how much have apartment rents come down in New York? (wsj.com)
- Global elites are looking to buy UK country estates. (msn.com)
- LoanDepot is planning to go public. (housingwire.com)
Pandemic
- The governor of Utah has declared a public emergency. (msn.com)
- Yesterday saw record hospitalization numbers in the U.S. (theatlantic.com)
- The positivity rate in the U.S. was over 12% yesterday. (calculatedriskblog.com)
- All the relevant Covid statistics are going in the wrong direction. (capitalspectator.com)
- Rising case counts should (hopefully) start changing people's behavior. (ft.com)
Economy
- Why the jobs situation from just a couple of months ago is at-risk. (bonddad.blogspot.com)
- Two of the last remaining pandemic assistance programs are set to expire at year-end. (nytimes.com)
Earlier on Abnormal Returns
- Personal finance links: why FOMO exists. (abnormalreturns.com)
- What you missed in our Tuesday linkfest. (abnormalreturns.com)
- Research links: barriers to entry. (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)
Mixed media
- Yuval Noah Harari reviews "Kindred: Neanderthal Life, Love, Death and Art" by Rebecca Wragg Sykes. (nytimes.com)
- A Q&A with Harold McGee author of "Nose Dive: A Field Guide to the World's Smells." (npr.org)
- An excerpt from "The Best: How Elite Athletes Are Made" by A. Mark Williams and Tim Wigmore. (theguardian.com)
