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Quote of the Day
"There is no perfect portfolio no matter what stage you’re in."
(Ben Carlson)
Chart of the Day

Investment grade corporate bonds no longer provide any real yield over expected inflation.
Bond investing
- How did the 10 largest taxable bond funds from 20 years ago perform? (morningstar.com)
- Intermediate bond fund managers don't have a lot of levers to pull for higher returns these days. (morningstar.com)
Commodities
- After falling early in the pandemic, industrial metals prices are soaring. (wsj.com)
- Helium is the new oil. (nytimes.com)
Blogosphere
- The best investment writing from 2020 including both blogs and books. (ofdollarsanddata.com)
- The FTC has sued Raging Bull for fraud. (washingtonpost.com)
Crypto
Companies
- Just how expensive is Snowflake ($SNOW)? (compoundadvisors.com)
- How Etsy ($ETSY) became the best performing S&P 500 stock in 2020. (nytimes.com)
- Why restaurants have a love-hate relationship with DoorDash. (msn.com)
- Apple ($AAPL) has announced a new product: AirPod Max noise-canceling headphones. (theverge.com)
Finance
- Why you shouldn't judge IPOs by their first-day pop. (hunterwalk.medium.com)
- How Jeremy Grantham 'stumbled' upon a $200 million payday in a SPAC deal for battery-maker QuantumScape (ft.com)
Substack
- The Substack model explicitly recognizes that journalism costs money. (theconversation.com)
- For many journalists Substack is a necessarily way-station. (cjr.org)
- Nilay Patel talks with Substack CEO Christ Best. (theverge.com)
- How many unique newsletters can a person subscribe to and actually read? (wired.com)
Vaccines
- FDA scientists have endorsed the use of the Pfizer ($PFE)-BioNTech ($BNTX) coronavirus vaccine. (statnews.com)
- The U.S. passed on an opportunity buy more Pfizer ($PFE) vaccine earlier in the year. (washingtonpost.com)
- The Pfizer ($PFE) vaccine offers protection after the first dose. (marginalrevolution.com)
- The UK has started the rollout of the Pfizer ($PFE) vaccine. (washingtonpost.com)
- The Oxford/AstraZeneca ($AZN) is having its own production issues. (ft.com)
Moving
- Austin is the big winner from the Silicon Valley exodus. (wsj.com)
- The pandemic has given companies the push to move away from high cost coastal cities. (msn.com)
- Why the rush to rural America will peter out, post-pandemic. (worth.com)
Economy
Earlier on Abnormal Returns
- Research links: counting cards. (abnormalreturns.com)
- The 'Swiss cheese model' and the importance of avoiding single points of failure in pandemic and life. (abnormalreturns.com)
- What you missed in our Monday linkfest. (abnormalreturns.com)
- Adviser links: a more meaningful goal. (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)