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Quote of the Day
"Everyone has to learn to live with drawdown because it is the only certainty in the markets."
(Michael Harris)
Chart of the Day
Despite a pandemic, exit valuations are on the rise for VC-backed firms.
Markets
- Tesla's ($TSLA) addition the S&P 500 has echoes of Yahoo's addition back in 1999. (cnbc.com)
- How Thanksgiving week has historically traded. (quantifiableedges.com)
- A ranking of asset classes by historical returns (1985-2020). (visualcapitalist.com)
Crypto
- Bitcoin is an asset, not a religion. (allstarcharts.com)
- Bitcoin demand is coming from institutional investors this time around. (barrons.com)
- The Bitcoin story is one of demand. (coindesk.com)
Companies
- Retail hazard pay has gone away. The hazard hasn't. (newrepublic.com)
- The movie business will emerge from pandemic permanently changed. (nytimes.com)
- Copart ($CPRT) is 'crushing it' in pandemic. (forbes.com)
Venture capital
- How SPACs could upend the venture capital business. (lux-capital.medium.com)
- Andreessen Horowitz now manages more than $16.5 billion in assets. (techcrunch.com)
- VC-backed robots are coming for construction jobs. (arstechnica.com)
Global
- Was hyperglobalization the exception to history and not the rule? (ft.com)
- India's population is going to exceed China's. The only question is when. (visualcapitalist.com)
Pandemic
- Regeneron Pharmaceuticals ($REGN) Covid-19 antibody drug was given emergency approval by the FDA. (wsj.com)
- Another day, another set of Covid-19 records. (calculatedriskblog.com)
- The pandemic doesn't seem to be deterring holiday travelers. (washingtonpost.com)
- Despite good vaccine, news everything seems like it is upheaval. (axios.com)
- You can't keep schools open if teachers are in quarantine. (indystar.com)
- Your Covid 'bubble' is bigger than you think, especially if you have kids. (nytimes.com)
Policy
- There is no upside in a disrupted presidential transition. (theatlantic.com)
- What a new study says about the prospects for workers in an age of growing automation and AI. (nytimes.com)
- It's hard to ignore the role of health care insurance when it comes to worker pay. (awealthofcommonsense.com)
- Why the election went smoother than everybody expected - local officials. (theatlantic.com)
Economy
- The American consumer is doing surprisingly well. (axios.com)
- A succinct summation of the week's economic events. (ritholtz.com)
- The economic schedule for the coming week. (calculatedriskblog.com)
- Is the Great Stagnation over? (marginalrevolution.com)
Earlier on Abnormal Returns
- What you missed in our Saturday linkfest. (abnormalreturns.com)
- Coronavirus links: unbridled incompetence. (abnormalreturns.com)
- Get used to the term 'digital health passport' as the coronavirus vaccine rolls out nationwide. (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)
