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Quote of the Day
"No fund company can overcome weak relative performance forever. At some point, its shareholders will lose faith."
(John Rekenthaler)
Chart of the Day

The Litecoin Investment Trust ($LTCN) ‘just may be the craziest thing you will ever see.’
Markets
- Bad markets drive readers to blogs looking for guidance. (awealthofcommonsense.com)
- Global stocks were on track for their best month on record. (ft.com)
Crypto
- Bitcoin is nothing, if not, volatile. (ft.com)
- This may explain some of the recent volatility in cryptocurrencies. (coindesk.com)
EVs
- It's hard not to see a future shakeout among al the new EV players. (bloomberg.com)
- Assessing the chances of all the EV startups chasing Tesla ($TSLA). (wsj.com)
Amazon
- Everything around the book business in the U.S. revolves around Amazon ($AMZN). (theatlantic.com)
- Amazon's ($AMZN) workforce is some 50% bigger than it was a year ago. (nytimes.com)
Big Tech
- Just because a big company can enter your market doesn't mean it will. (ben-evans.com)
- The FAAMG companies have taken up 589 million square feet of office space in U.S. and are looking for even more. (wsj.com)
- Why Big Tech has slowed its pace of acquisitions. (ft.com)
Technology
- How a Slack ($WORK)-Salesforce ($CRM) tie-up would change the SaaS world. (tomtunguz.com)
- Why we are underestimating the impact of Zoom ($ZM) on society. (om.co)
- Discord is more than a chat app. (businessofbusiness.com)
Finance
- How this hedge fund manager could hold up the Morgan Stanley ($MS)-Eaton Vance ($EV) merger. (institutionalinvestor.com)
- Why would a boutique investment bank choose to go public via a SPAC? (msn.com)
Global
- Brexit is eroding London's position as a global finance center. (nytimes.com)
- Japan has been living in a ZIRP world for decades. It's a preview for the rest of the developed world. (ft.com)
- South Korea, Japan and Hong Kong have have recently had to recalibrate their Covid-19 mitigation strategies. (nytimes.com)
- Europe's ski resorts are fighting to stay open this season. (washingtonpost.com)
Economy
- Hawaii's economy is uniquely at-risk to setbacks on the Covid-19 front. (wsj.com)
- Another pandemic slowdown could kill off vulnerable restaurants. (ft.com)
- Five economic reasons to be thankful. (calculatedriskblog.com)
Earlier on Abnormal Returns
- Podcast links: new money. (abnormalreturns.com)
- Longform links: thinking for yourself. (abnormalreturns.com)
- What you missed in our Wednesday linkfest. (abnormalreturns.com)
- Personal finance links: recognizing your deficiencies. (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
- 100 notable books of 2020 including "The End of Everything: (Astrophysically Speaking)" by Katie Mack. (nytimes.com)
- A 2020 book reading list including "The Ride of a Lifetime" by Robert Iger. (rationalwalk.com)
- Some recommended reading this holiday season including "Genghis Khan and the Making of the Modern World" by Jack Weatherford. (marketfolly.com)