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Quote of the Day
"Over the past several years, stock buyers have become far more optimistic about large-growth fortunes, even as they have soured on those of small-value stocks."
(John Rekenthaler)
Chart of the Day

It’s hard to see a pandemic in the 2020 venture capital statistics.
Markets
- The S&P 500 is historically concentrated in its top 10 holdings. (fortunefinancialadvisors.com)
- A look at 'super-strong' breadth readings. (sentimentrader.com)
- Is the value trade just a big bet on the vaccine? (nytimes.com)
Crypto
Apple
- How Apple ($AAPL) could improve Fitness+. (sixcolors.com)
- How much revenue does Apple ($AAPL) generate on Apple Pay? (asymco.com)
Goldman Sachs
- Goldman Sachs ($GS) is set to launch a Marcus-branded checking account. (bloomberg.com)
- Goldman could turn to deals to build up Marcus. (reuters.com)
Venture capital
- Amy Whyte, "By every measure, 2020 was a big year for venture capital — at least for the established players." (institutionalinvestor.com)
- There is no shortage of signs of froth in venture capital. (protocol.com)
- Venture-backed firms have new options when it comes to going public. (axios.com)
Finance
- Expect to see more companies come public again like Petco ($WOOF). (news.crunchbase.com)
- PE firms that invested in Ant Group are in limbo. (ft.com)
Funds
- What's behind the surge in thematic ETF offerings? (wsj.com)
- Tesla ($TSLA) stock has been a boon to more than just ARK Invest. (theirrelevantinvestor.com)
- Why fund companies are rushing to launch actively managed ETFs. (nytimes.com)
- Why Biotech ETF performance can vary widely. (barrons.com)
Israel
- What Israel is doing right on the vaccination front. (blog.eladgil.com)
- Israeli stocks have benefited from the country's rapid vaccination program. (wsj.com)
Earlier on Abnormal Returns
- Podcast links: tail-risk strategies. (abnormalreturns.com)
- Introducing 'The Goldmine' a new audio feed where you can hear your favorite financial writers read their best content. (abnormalreturns.com)
- What you missed in our Thursday linkfest. (abnormalreturns.com)
- Longform links: feelings of powerlessness. (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)