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Quote of the Day
"The fact that the stock price at the start of the year is a near-perfect determinant of how a stock has performed is depressing, but at least in part explainable."
(James Mackintosh)
Chart of the Day

The Russell 2000 is far more diversified than the S&P 500.
Four years
- How the Dow has performed during Presidential administrations. (thereformedbroker.com)
- What markets did over the past four years. (capitalspectator.com)
Retail trading
- The new class of retail traders really are roiling the stock markets. (theirrelevantinvestor.com)
- This rally is being driven by unprofitable companies. (ft.com)
- Small trader are buying call options hand over fist. (sentimentrader.com)
- Market breadth is off the charts. (allstarcharts.com)
Strategy
- Some major secular trends have reversed of late. (compoundadvisors.com)
- Six stocks doth not a diversified portfolio make. (bloomberg.com)
Netflix
- Netflix ($NFLX) now has more than 200 million global subscribers. (nytimes.com)
- Netflix ($NFLX) is now a consumer staple. (compoundadvisors.com)
SPACs
- Goldman Sachs ($GS) is warning about the SPAC boom. (bloomberg.com)
- Former SPAC deal, Quantumscape ($QS) has no shortage of skeptics. (ft.com)
- Singapore wants to become a hub for SPACs. (ft.com)
Electronic trading
- The LME is planning to close its trading floor or 'ring.' (wsj.com)
- Why aren't financial markets fully electronic? (snippet.finance)
Funds
- New ETFs from Vanguard are rare: on the launch of the Vanguard Ultra-Short Bond ETF. (bloomberg.com)
Economy
Earlier on Abnormal Returns
- Personal finance links: your brain on money. (abnormalreturns.com)
- What you missed in our Tuesday linkfest. (abnormalreturns.com)
- Research links: proceeding with extreme caution. (abnormalreturns.com)
- Introducing 'The Goldmine' a new audio feed where you can hear your favorite financial writers read their best content. (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)
Mixed media
- Anika Hedstrom, "Last year was overwhelming and exhausting for most people. For many families, it brought tragedy. But there are still reasons for optimism." (humbledollar.com)
- How the best CEO transitions happen. (avc.com)
- Today is a good day to focus on things on which we can all agree. (tonyisola.com)
- Here's to four boring years. (theatlantic.com)