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Quote of the Day
"While startups and their investors were being bashed on social media, at least a few of them were laying the building blocks for technologies that count."
(Dan Primack)
Strategy
- Why index investors shouldn't care about what gets added to the S&P 500 and when. (awealthofcommonsense.com)
- Four things Warren Buffett does that most investors shouldn't. (blog.validea.com)
- Forecasts can be fun to read, but don't belong in your investment process. (evidenceinvestor.com)
Crypto
- Lionel Laurent, "If anything, Bitcoin looks much more like the stock market on steroids than it does a digital version of gold, which has barely budged since the end of October as confidence about a Covid cure has gradually improved." (bloomberg.com)
- Grayscale now holds over $10 billion in cryptocurrency for clients. (nasdaq.com)
Airbnb
- Shira Ovide, "Airbnb’s biggest problem is not necessarily the resentment of people who use it but the resentment of people who don’t." (nytimes.com)
- DoorDash and Airbnb have succeeded by digitizing analog activities. (stratechery.com)
- Some data from Airbnb's S-1 including the risk of further regulation. (protocol.com)
Finance
- Deutsche Börse has agreed to buy a majority stake in Institutional Shareholder Services. (ft.com)
- The SEC is pushing ahead with rules that could effectively kick many Chinese companies off U.S. exchanges. (fortune.com)
- How PNC ($PNC) became the fifth largest bank in the U.S. (ft.com)
Funds
- Why ARK Investment Management now regrets its original distribution deal. (barrons.com)
- Vanguard dominates the list of the best muni bond funds. (morningstar.com)
- DFA has made its ETF debut. (etf.com)
Vaccines
- The Pfizer ($PFE)-BioNTech ($BNTX) data is here and ready for the FDA. (sixcolors.com)
- Why Pfizer ($PFE) and Moderna ($MRNA) have reached the finish line first. (reuters.com)
- An out of control pandemic is making it easier to test vaccines. (nytimes.com)
Pandemic
- Coronavirus case counts have hit new highs in 31 states. (washingtonpost.com)
- The nationwide coronavirus test-positivity rate is now 12.5%. (calculatedriskblog.com)
- An increasing number of U.S. hospitals are running into staffing shortages. (theatlantic.com)
Economy
- The housing economy has real momentum. (calculatedriskblog.com)
- A coronavirus vaccine isn't going to bail out individuals and businesses currently struggling. (msn.com)
Earlier on Abnormal Returns
- Personal finance links: knowing your finances. (abnormalreturns.com)
- Get used to the term 'digital health passport' as the coronavirus vaccine rolls out nationwide. (abnormalreturns.com)
- What you missed in our Tuesday linkfest. (abnormalreturns.com)
- Research links: Sharpe ratio shenanigans. (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)
