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Quote of the Day
"My point here, is that there are no global macro implications here. All of these bitcoins can go to zero tomorrow and it won’t matter to anyone. It means nothing."
(JC Parets)
Chart of the Day

The Nasdaq 100 has outperformed the S&P 10 out of the past 11 years.
Markets
- Individual investors opened 10 million new brokerage accounts in 2020. (wsj.com)
- Now would be a good time to lock in some gains on high-flying stocks. (blairbellecurve.com)
- Most people don't pay that close of attention to the financial media. (theirrelevantinvestor.com)
Amazon
- How Amazon ($AMZN) became an advertising giant. (ft.com)
- Amazon ($AMZN) is buying podcast producer Wondery. (cnbc.com)
- Giving up Amazon ($AMZN) as a consumer is harder than you think. (nytimes.com)
Finance
- Ten thoughts on fintech for 2021 including the maturation of the secondary marketplace for private company shares. (john-street-capital.medium.com)
- Dan Loeb now has Intel ($INTC) in his sights. (wsj.com)
- Boutique investment bank, Perella Weinberg Partners, is going public via a SPAC. (marketwatch.com)
IPOs
- Depending how you measure it, the NYSE and Nasdaq were neck and neck in IPO listings in 2020. (wsj.com)
- A review of the record year for IPOs. (wsj.com)
Venture capital
- The largest funding rounds of 2020 including Reliance Jio. (news.crunchbase.com)
- Dan Loeb is launching a standalone venture fund. (ft.com)
Funds
- Things have never been better for fund investors. (morningstar.com)
- A flurry of new ETFs are launching before year-end. (etf.com)
Vaccines
- The UK has approved the Oxford/AstraZeneca ($AZN) coronavirus vaccine. (washingtonpost.com)
- Sinopharm says its vaccine is effective, but provided little data. (nytimes.com)
China
- Housing is a growing part of China's economy. (wsj.com)
- Is China making a mistake in cracking down on Ant Financial? (economist.com)
Economy
- How will the Fed react to a potential inflation scare in 2021? (finance.yahoo.com)
- Thought the October housing numbers were hot? Check out November. (calculatedriskblog.com)
- The growing number of long-term unemployed in the US is growing. (economist.com)
Earlier on Abnormal Returns
- Personal finance links: other people’s behavior. (abnormalreturns.com)
- The top 10 reads (and listens) of 2020 including the Abnormal Returns daily newsletter. (linkedin.com)
- What you missed in our Tuesday linkfest. (abnormalreturns.com)
- Research links: arbitraged away. (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)