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Quote of the Day
"The broad direction is clear--as clear as the ultimate triumph of indexing was 20 years back. The age of mutual funds is passing. The age of ETFs is coming."
(John Rekenthaler)
Markets
- There are plenty of signs we are in a risk-on environment. (allstarcharts.com)
- How to measure investor sentiment using market prices. (capitalspectator.com)
Strategy
- Hypergrowth eventually ends. The stock market cares about how it ends. (theirrelevantinvestor.com)
- Drawdowns always look easier to handle on a chart than they are in real life. (compoundadvisors.com)
Crypto
- How to think about Bitcoin as a religion. (bloomberg.com)
- Five reasons why the SEC should approve a Bitcoin ETF. (bloomberg.com)
Movies
- The fact that AMC Theaters ($AMC) hasn't gone bankrupt yet is a minor miracle. (nytimes.com)
- Another wave of high profile movie delays is coming. (variety.com)
Air travel
- Commercial air travel is way down in pandemic, but the private jet business is booming. (bloomberg.com)
- Everybody is just guessing about whether business travel will rebound post-pandemic. (wsj.com)
SPACs
- SPACs generate follow-on business for the investment banks. (wsj.com)
- Fast-charging network, EVgo, is going public via a SPAC merger. (barrons.com)
Alternatives
- The so-called unicorn investment binge turned out pretty well for investors as companies go public. (news.crunchbase.com)
- The private equity industry facing a number of headwinds. (institutionalinvestor.com)
Funds
- Ark Invest is not resting on its laurels with additional funds in the pipeline. (citywireusa.com)
- Investors have a hard time distinguishing real alpha from factor returns. (evidenceinvestor.com)
Earlier on Abnormal Returns
- Podcast links: how America invests. (abnormalreturns.com)
- What you missed in our Thursday linkfest. (abnormalreturns.com)
- Longform links: desire's greatest trick. (abnormalreturns.com)
- Tired of reading? Listen to your favorite blogger read recent posts including 'How to Make Millions in Bitcoin.' (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)
