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Quote of the Day
"So many of our investment decisions – from performance chasing to cashing out at the bottom of the market – are those which make us feel better right now. Short-term emotional benefits creating long-term financial costs."
(Joe Wiggins)
Chart of the Day

Super-giant investment rounds make up a majority of venture capital activity in 2020.
Markets
- The Dow topped 30,000 for the first time. (wsj.com)
- Sentiment and breadth figures are hitting highs simultaneously. (sentimentrader.com)
- Howard Lindzon, "March was misery and November is giddy." (howardlindzon.com)
Crypto
- There is a physical-backed Bitcoin ETF trading in Germany. (etf.com)
- The one circumstance under with Bitcoin makes sense: a global dystopia. (ft.com)
Crude oil
- A new CFTC report doesn't shine new light on the oil futures debacle back in April. (institutionalinvestor.com)
- Leveraged oil ETPs are making a comeback. (bloomberg.com)
Venture capital
- Charles Duhigg, "For decades, venture capitalists have succeeded in defining themselves as judicious meritocrats who direct money to those who will use it best. But examples like WeWork make it harder to believe that V.C.s help balance greedy impulses with enlightened innovation." (newyorker.com)
- The San Francisco exodus is real and accelerating. (protocol.com)
- How the venture capital business has changed in pandemic. (semilshah.com)
- VCs can once again invest in travel tech with an eye on 2021. (news.crunchbase.com)
Fund management
- More mutual fund companies are going to convert them into ETFs. (ft.com)
- Do the 'Big Three' asset managers wield too much power? (institutionalinvestor.com)
- Blackrock ($BLK) has purchased direct indexing firm Aperio. (citywireusa.com)
- Many fund managers want to get back in the office. (bloomberg.com)
- Another high profile hedge fund manager is calling it quits. (wsj.com)
Global
- Under new restrictions, Europe's economy has rolled over again. (axios.com)
- Japan, South Korea and Hong Kong have all reintroduced pandemic restrictions. (washingtonpost.com)
Pandemic
- How the pandemic is different than other crises - it just keeps rolling on. (scientificamerican.com)
- A cure to the pandemic has huge wealth effects. (marginalrevolution.com)
- It's not just the size of Thanksgiving dinner, it's the cumulative effect of them. (fivethirtyeight.com)
Economy
- The September Case-Shiller numbers showed a 7.0% annual gain nationwide. (calculatedriskblog.com)
- 19.4 million homeowners are now in a position to save through mortgage refis – the most in history. (housingwire.com)
- Millennials were going to start buying houses, pandemic or not. (awealthofcommonsense.com)
- Go figure, new home sales have soared in pandemic. (thereformedbroker.com)
- The housing market will normalize after the pandemic but some trends will remain in place. (wsj.com)
Earlier on Abnormal Returns
- Research links: an ersatz measure. (abnormalreturns.com)
- What you missed in our Monday linkfest. (abnormalreturns.com)
- Adviser links: ambient emotions. (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)