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Quote of the Day
"Whatever the conceits of Modern Finance, we really don’t know the probability of any particular opportunity or catastrophe lying around the next corner."
(Thomas Mayer)
Chart of the Day
30-year conventional home mortgage rates hit another new record low. (chart via Freddie Mac)
Markets
- You can thank positive vaccine news for the latest leg up in the 'everything rally.' (ft.com)
- Equal-weight S&P 500 owners don't need to sweat the addition of Tesla ($TSLA). (mrzepczynski.blogspot.com)
Strategy
- Why you can safely ignore all the '2021 Preview' think pieces. (ritholtz.com)
- Low starting bond yields are a big portfolio problem. (realreturns.blog)
Crypto
SaaS
- Microsoft ($MSFT) crushed Slack's ($WORK) dream of independence by being better at sales. (platformer.news)
- A SaaS startup can only get so far using only bottoms-up sales. (a16z.com)
- Most workplace technology is sold from the top down. (nytimes.com)
SPACs
- The SPAC model is getting more sophisticated as two investment organizations look to merge with a SPAC. (wsj.com)
- Why the SPAC trend may stick around. (news.crunchbase.com)
Finance
- What is the right comparable for Airbnb's IPO pricing? (aswathdamodaran.blogspot.com)
- Carta's private stock market, CartaX, is set to launch in early 2021. (ft.com)
- Why you should expect more deals like the S&P Global-IHS Markit tie-up. (economist.com)
Funds
Global
- Tom McTague, "Ultimately, Brexit is a bet that, outside the EU, Britain can better regulate its economy to become more competitive." (theatlantic.com)
- European governments are close to shutting down the Christmas ski season in the Alps in order to control the spread of the coronavirus. (wsj.com)
- India's economy has been devastated by the pandemic but its stock market is at new highs. (economist.com)
Housing
- The Boise, Idaho housing market is red hot. (housingwire.com)
- The pandemic has accelerated the home buying process. (nytimes.com)
- If it seems that people are going all-out with home holiday decorations this year you would be correct. (vox.com)
- The top 30 U.S. cities ranked by the value of their residential real estate. (visualcapitalist.com)
Economy
- Weekly initial unemployment claims renewed their downward trend. (bonddad.blogspot.com)
- Five-year TIPS inflation estimates are back to Spring 2019 levels. (capitalspectator.com)
- How the 2020's compare the the Roaring 1920's. (blog.yardeni.com)
Earlier on Abnormal Returns
- Longform links: when magical thinking kicks in. (abnormalreturns.com)
- What you missed in our Wednesday linkfest. (abnormalreturns.com)
- Personal finance links: the story of money. (abnormalreturns.com)
- December ESG links: Euro offerings. (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)
