Are you already signed up for our daily e-mail newsletter? Great, but did you know that we just launched an adviser-focused e-mail on Fridays? Now you do. Sign up here!
Quote of the Day
"New information will remove the policy uncertainty that we are currently facing and that will convert to changes in market prices."
(Mark Rzepczynski)
Chart of the Day

Currently more than 87% of the S&P 500 is trading above their 200-day moving average.
Markets
- One day, doth not a value stock revival make. (ft.com)
- The energy sector is recovering from one its worse declines ever. (sentimentrader.com)
- Bitcoin is approaching its all-time highs. (msn.com)
Attention
- Media consumers are tuning out news about the pandemic. (axios.com)
- Even horrible news will begin to have a weaker grip on the stock market. (thereformedbroker.com)
Apple
- The new Apple ($AAPL) MacBook Air M1 is 'a triumph.' (theverge.com)
- The new Macbook Air is wicked fast and long battery life. (fastcompany.com)
- The M1 chip is optimized for its intended use. (om.co)
- M1-powered Macs are a big leap forward. (sixcolors.com)
Retail
- Home Depot ($HD) is upping worker pay. (reuters.com)
- Costco ($COST) is paying a big special dividend. (reuters.com)
- Walmart ($WMT) is pulling back from its overseas operations. (wsj.com)
- Amazon ($AMZN) is launching Amazon Pharmacy nationwide. (cnbc.com)
- Retailers would be wise to focus on customer experience this holiday season. (protocol.com)
Funds
- The case for actively managed bond funds keeps getting weaker. (morningstar.com)
- Active ETFs get a lot of attention, but the flows are still into the big, cheap passive vehicles. (etf.com)
Global
Pandemic
- Covid data trends are all moving in the wrong direction in the U.S. (bonddad.blogspot.com)
- The first documented case of Covid-19 occurred in China one year ago. (kottke.org)
- Dolly Parton's $1 million donation helped fund the Moderna ($MRNA) vaccine research. (cnn.com)
Economy
- National homebuilder confidence is at a record high in November. (calculatedriskblog.com)
- You can't talk about the mortgage market without mentioning the Federal Reserve. (msn.com)
- The U.S. economy has some momentum behind it. (bonddad.blogspot.com)
- The U.S. employment situation is worse than than unemployment numbers imply. (calculatedriskblog.com)
Earlier on Abnormal Returns
- Research links: Sharpe ratio shenanigans. (abnormalreturns.com)
- What you missed in our Monday linkfest. (abnormalreturns.com)
- Adviser links: building affective trust. (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
- The best economics books of 2020 including "Boom and Bust: A Global History of Financial Bubbles" by William Quinn and John D Turner. (ft.com)
- A guide to the 2020 National Book Award finalists. (vox.com)
- The business books of 2020 including "No Rules Rules: Netflix and the Culture of Reinvention" by Reed Hastings and Erin Meyer. (ft.com)