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Quote of the Day
"Many investors today are riding on the cusp of a mental peak, unaware like a functional alcoholic of the risks not realized yet, when everything swings the other way."
(Jacob Schroeder)
Chart of the Day

The FANMAG stocks really haven’t outperformed in the past six months.
Markets
- Last week was the sixth busiest, by share volume, for US equities in history. (msn.com)
- A record number of open call options, means a record amount of gamma. (sentimentrader.com)
- Commodity prices are on the rise. (economist.com)
Strategy
- Joe Wiggins, "Investors should make as few forecasts as possible and avoid at all costs making narrow, specific or short-term forecasts, where our success rate will be miserably low." (behaviouralinvestment.com)
- As an investor you have to be willing to re-visit your own biases. (theirrelevantinvestor.com)
Apple
- The M1 chip was a long time coming. (kensegall.com)
- Making the case for a 12-inch Macbook Air. (macworld.com)
- Dan Moren, "Apple’s tracking tags are probably the worst kept secret in the history of the company’s products..." (sixcolors.com)
Finance
- Why the newly public Affirm ($AFRM) is growing so fast. (protocol.com)
- On the end of the Visa ($V)-Plaid deal. (riabiz.com)
- Real-estate startup Compass has confidentially filed an S-1. (news.crunchbase.com)
REITs
- REIT funds increasingly have a technology bent. (citywireusa.com)
- Why some REITs are stepping up their share buybacks. (wsj.com)
Fund management
- Hedge funds are cleaning up on the SPAC trade. (wsj.com)
- Vanguard's AUM has surpassed $7 trillion. (ft.com)
- Nearly every emerging market index fund has been affected by U.S. orders on Chinese firms affiliated with the military. (ft.com)
Economy
- Why the Fed is 'on autopilot' for now. (blogs.uoregon.edu)
- The rebound in restaurant and hospitality jobs has gone into reverse. (washingtonpost.com)
Earlier on Abnormal Returns
- Personal finance links: avoiding major blunders. (abnormalreturns.com)
- What you missed in our Tuesday linkfest. (abnormalreturns.com)
- Research links: the risky shift effect. (abnormalreturns.com)
- Don't forget to put refinancing your mortgage on your radar screen for 2021. (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)