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Quote of the Day
"The key for all of us remains this: take no more risk than you need to and diversify your exposure so that the realization of outsized risks in one area does not do irreparable harm to your entire portfolio."
(David Snowball)
Chart of the Day

Comparing the performance of the S&P 500 above and below the 200 day moving average.
Markets
- What happens after an 'everything month'? Not much, actually. (sentimentrader.com)
- As an investor, you can't miss too many months like November. (bpsandpieces.com)
- The addition of Tesla ($TSLA) to the S&P 500 is a big deal but not for people who own total market funds. (theirrelevantinvestor.com)
- Why currency volatility is so low, historically speaking. (mrzepczynski.blogspot.com)
Companies
- How a combined Salesforce ($CRM) and Slack ($WORK) can take on Microsoft ($MSFT). (nytimes.com)
- How Citi ($C) Ventures is one of top 15 U.S. corporate venture firms based on its investing volume. (news.crunchbase.com)
Streaming
- HBO Max is beginning to hit its stride. (theringer.com)
- Add discovery+ to the growing number of premium streaming services. (axios.com)
- Netflix's ($NFLX) churn rate is lower than competitors. (axios.com)
Global
- The UK is the first Western country to approve the use of the Pfizer ($PFE) coronavirus vaccine. (nytimes.com)
- Canada is contemplating another big stimulus package. (bbc.com)
- Australia's economy is bouncing back. (bloomberg.com)
Housing
- It's hard to see how the housing market cools markedly in 2021. (finance.yahoo.com)
- Two signs that new home construction will continue apace next year. (bonddad.blogspot.com)
- 2021 shouldn't be as volatile for the housing market. (housingwire.com)
- Many small towns are struggling to deal with an influx of new residents. (bloomberg.com)
Earlier on Abnormal Returns
- Personal finance links: the story of money. (abnormalreturns.com)
- December ESG links: Euro offerings. (abnormalreturns.com)
- What you missed in our Tuesday linkfest. (abnormalreturns.com)
- Research links: behavioral drivers. (abnormalreturns.com)
- Blogging is dead, long live blogging! (abnormalreturns.com)
- Are you a financial adviser looking for some out-of-the-box thinking? Then check out our weekly e-mail newsletter just for advisers. (newsletter.abnormalreturns.com)
Mixed media
- Sarah Frier's "No Filter: The Inside Story of Instagram" Financial Times and McKinsey 2020 Business Book of the Year Award. (ft.com)
- The best books of 2020 including “The Art of Doing Science and Engineering: Learning to Learn” by Richard Hamming. (newyorker.com)
- The top books of 2020 including "Dirt: Adventures in Lyon as a Chef in Training, Father, and Sleuth Looking for the Secret of French Cooking" By Bill Buford. (nytimes.com)
- Lessons learned from "Lights Out: Pride, Delusion and the Fall of General Electric" by Thomas Gryta and Ted Mann. (valueandopportunity.com)