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Quote of the Day
"The super interesting thing about 2020 is that it was basically an entire market cycle inside of a larger market cycle."
(Cullen Roche)
Chart of the Day
Lumber prices are showing no sign of coming back down to earth.
Markets
- The speed and breadth of market moves in 2020 was breathtaking. (awealthofcommonsense.com)
- How major asset classes performed in December 2020. (capitalspectator.com)
- The best and worst performing sectors of 2020. (visualcapitalist.com)
- A look back at the 'Factor Olympics' in 2020. (factorresearch.com)
- 2020: the year in charts including a look at 'IPO fever.' (compoundadvisors.com)
Strategy
- Sometimes models stop working. (crossingwallstreet.com)
- It never pays to give casual advice about investments. (theirrelevantinvestor.com)
- 5 investing insights from Charlie Munger including the importance of 'knowing your circle of competence.' (behavioralvalueinvestor.com)
Crypto
- The Bitcoin story is increasingly institutional. (axios.com)
- Bitcoin is nothing if not volatile. (bloomberg.com)
- Why Bitcoin isn't going to zero. (ofdollarsanddata.com)
Collectibles
- Pablo Torre talks with Dan Hajducky about how sports cards went from hobby to 'asset class.' (podcasts.apple.com)
- A CNBC segment on the booming sports card business. (twitter.com)
Companies
- Why is Bill.com ($BILL) getting lumped in other, better companies? (notboring.substack.com)
- The much-hyped Haven health care venture is closing up shop. (nytimes.com)
Finance
- Blackrock ($BLK) is struggling in its attempt to break into the private equity business. (wsj.com)
- The SPAC pipeline is still full. (axios.com)
Funds
- Where would bond funds have been if the Fed hadn't intervened in March? (finance.yahoo.com)
- Investors are the ultimate arbiters of fund fees. (morningstar.com)
Global
- The U.K. is going back on lockdown. (fortune.com)
- Israel is leading the way on getting shots in arms. (ft.com)
- How Taiwan plans to stay largely coronavirus-free. (nytimes.com)
Miami
- How Miami became a destination for tech-types. (news.crunchbase.com)
- Virtu Financial ($VIRT) is moving some workers to Miami. (bloomberg.com)
- Blackstone ($BLK) is opening an office in Miami. (therealdeal.com)
Economy
- The real yield on the 10-year Treasury fell to its lowest level in history. (axios.com)
- The Fed is on hold and will rely on fiscal stimulus to boost the economy. (blogs.uoregon.edu)
- There are some big holes in the arguments of 'Inflation truthers.' (awealthofcommonsense.com)
- The economy is much bigger than what you personally experience. (ritholtz.com)
Earlier on Abnormal Returns
- Research links: extrapolating fundamentals. (abnormalreturns.com)
- Adviser links: a critical skill. (abnormalreturns.com)
- January ESG links: forecast uncertainty. (abnormalreturns.com)
- How we will view 2020 depends on what happens next. (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)
