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Quote of the Day
"History is violent. History is hard. History is confusing and overwhelming. History didn’t care about the people who had to live through it. History is like this because history is just a recording of life, and life is like that."
(Ryan Holiday)
Chart of the Day

Over the past twenty years long-term bond returns bested the S&P 500.
Markets
- 2020 has seen very few losing streaks for the S&P 500. (sentimentrader.com)
- The slope of the yield curve is at a three-year high. (capitalspectator.com)
- There's plenty of exuberance to make investors nervous. (economist.com)
Strategy
- Switching from stocks into bonds is a tough ask these days. (thereformedbroker.com)
- Portfolio rebalancing is more about behavior than returns. (ofdollarsanddata.com)
- There's no shame in losing money on a stock. (safalniveshak.com)
Crypto
- The price of Bitcoin topped 20,000 for the first time ever. (cnbc.com)
- A new model that puts a value on Bitcoin shows it it to be currently undervalued. (barrons.com)
- A 'safe haven' showdown: Bitcoin is just like gold, except until it isn't. (papers.ssrn.com)
Finance
- IPO pops are not necessarily something nefarious. (msn.com)
- Quantum computing is coming to finance. (economist.com)
SPACs
- SPACs aren't just for startups. Private equity-held firms are fair game. (institutionalinvestor.com)
- The SPAC and New Issue ETF ($SPCX) lauched today. (marketwatch.com)
Funds
- ESG ETFs have seen big inflows in 2020. (wsj.com)
- Even in a crazy year, the vast majority of ETFs are going to avoid year-end capital gains distributions. (morningstar.com)
- The Vanguard Total Stock Market index fund has hit the $1 trillion mark. (citywireusa.com)
- Index providers are dropping Chinese companies linked to the military from their products. (ft.com)
Shipping
- How FedEx ($FDX) and UPS ($UPS) have kept up this holiday season. (wsj.com)
- The USPS is facing big backlogs. (washingtonpost.com)
- FedEx and UPS are going to great lengths to get packages to your doorstep. (businessofbusiness.com)
Pandemic
- Medical lab workers are going full out. (theconversation.com)
- The pandemic has exacerbated teacher shortages. (wsj.com)
- America is running out of nurses. (newyorker.com)
Economy
- Retail sales fell in November. (crossingwallstreet.com)
- National homebuilder confidence ticked lower in November. (calculatedriskblog.com)
- Home owners have seen a surge in equity. (axios.com)
- What will the shift of high income workers from cities mean for those left behind? (bloomberg.com)
- Poverty rates are on the rise. (washingtonpost.com)
Earlier on Abnormal Returns
- Personal finance links: financial origin stories. (abnormalreturns.com)
- What you missed in our Tuesday linkfest. (abnormalreturns.com)
- Research links: multi-factor time frames. (abnormalreturns.com)
- The problem with unbundled content in the age of subscription fatigue. (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)