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Quote of the Day
"A realistic optimist is someone who knows that what happens in any given day, month, or year will be surprising, disappointing, difficult, and mostly out of your control. But they know with equal confidence that what happens in any given decade or generation is likely to be pretty good, bending heavily toward progress."
(Morgan Housel)
Markets
- U.S. companies have never held more cash on their balance sheets. (wsj.com)
- 2020 has worn down the Tesla ($TSLA) shorts. (visualcapitalist.com)
Retail investing
- Investing is a marathon, trading a sprint: a problem arises when you confuse the two of them. (wsj.com)
- Why individual traders often end up with subpar returns. (evidenceinvestor.com)
- Short term returns are largely dominated by chance. (novelinvestor.com)
Alternatives
- When investing don't let the star power of co-investors blind you to the risks of a deal. (nytimes.com)
- Investors can't get their hands on enough music royalty deals. (economist.com)
Companies
- How's ViacomCBS ($VIAC) doing one year into its merger? (hollywoodreporter.com)
- Apple ($AAPL) is, to a certain degree, display-size agnostic. (aboveavalon.com)
Stripe
- Stripe Inc. is teaming up with big banks to offer checking accounts and other business-banking services to its users. (wsj.com)
- Ben Thompson, "Stripe isn’t simply a platform, it is a platform for platforms." (stratechery.com)
SPACs
- Rusty Guinn, "On the other hand, it IS pretty weird for a private equity GP to merge with a portfolio company through a SPAC sponsored by another portfolio company." (epsilontheory.com)
- Alicia McElhaney, "In other words, Dyal owns a stake in Owl Rock, which Dyal may merge with through a SPAC owned by HPS, which Dyal also owns a stake in. Got that straight?" (institutionalinvestor.com)
Funds
- Just how big is too big for money managers? (etftrends.com)
- Despite the dominance of the big ETF issuers, startup providers have found room to grow in 2020. (finance.yahoo.com)
- The shift from active to passive funds is the result of decisions made by millions of individuals. (thefinancialbodyguard.com)
Global
- The recovery in Canada's labor market is slowing. (bnnbloomberg.ca)
- Hong Kon residents are clamoring to get UK passports. (bloomberg.com)
Pandemic
- More than 100,000 people are currently hospitalized in the U.S. for Covid. (theatlantic.com)
- Some hospitals are having to ration care to keep from getting overwhelmed. (wsj.com)
- Covid-19 patients require more intensive care than other hospitalized patients. (washingtonpost.com)
- Due to supply chain issues, Pfizer ($PFE) is rolling back estimates on the pace of vaccine deliveries. (reuters.com)
- The CDC revised its guidelines for people who may have been exposed to the coronavirus to a 10 day quarantine. (npr.org)
Economy
- The November NFP showed a slowing jobs recovery. (calculatedriskblog.com)
- The labor force has shrunk dramatically in pandemic. (wsj.com)
Earlier on Abnormal Returns
- Podcast links: digital dollars. (abnormalreturns.com)
- What you missed in our Thursday linkfest. (abnormalreturns.com)
- Longform links: when magical thinking kicks in. (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)
