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Quote of the Day
"Once you look for feedback loops you see them everywhere. And once you realize how powerful they can be you start to answer some of the most frequent questions in business and investing."
(Morgan Housel)
Chart of the Day

Despite a big rally off the March lows, the VIX has not really normalized.
Short selling
- Do we really want less short selling overall? (cnbc.com)
- Good businesses don't fail because of short-selling. (pragcap.com)
Market history
- The inexorable decline in transaction costs led us to this point. (wsj.com)
- Pros vs. amateurs is a long standing theme in market history. (investoramnesia.com)
- A reminder of how the VW-Porsche squeeze went down in 2008. (caranddriver.com)
- Be careful using the Arab Spring analogy. (wired.com)
Trading
- Ten signs you have no business trading. (awealthofcommonsense.com)
- If you are trading meme stocks, what is your end game? (aswathdamodaran.blogspot.com)
- Traders are best served when they follow their own path. (traderfeed.blogspot.com)
- Trading in lockdown is not a US-only phenomenon. (theguardian.com)
Crypto
- Cryptocurrency trading sites are having a hard time keeping up with trading volume. (wsj.com)
- A list of the cryptocurrency-related issues piling up at the SEC. (nytimes.com)
- If Dogecoin is in the news, you know weird stuff is happening. (slate.com)
Companies
- Big tech companies are shifting their menu of benefits to align with WFH. (wsj.com)
- What Apple ($AAPL) hopes to accomplish with its new data privacy initiative. (gq.com)
- How the pandemic accelerated growth at Calendly. (techcrunch.com)
Finance
- Hedge funds use risk models, individual traders don't. (ca.news.yahoo.com)
- Do you know what counter-party risk is? (ritholtz.com)
Policy
- Most Americans are in favor of a higher minimum wage. (theatlantic.com)
- Why the unemployment rate is misleading about the prospects of finding full-time work at a livable wage. (politico.com)
- What the Biden Administration can do to fix the USPS. (vox.com)
- Society covers the cost of aging either explicitly or implicitly. (klementoninvesting.substack.com)
- How 'baby bonds' could help close the racial wealth gap. (washingtonpost.com)
Economy
- Where the economy stood at the end of 2020. (econbrowser.com)
- A succinct summary of the week's economic events. (ritholtz.com)
- The economic schedule for the coming week. (calculatedriskblog.com)
Earlier on Abnormal Returns
- Top clicks this week on the site. (abnormalreturns.com)
- What you missed in our Saturday linkfest. (abnormalreturns.com)
- Coronavirus links: resistant variants. (abnormalreturns.com)
- When the hype fades: the case of thematic ETFs. (abnormalreturns.com)
- Tired of reading? Listen to your favorite bloggers read some their recent posts on The Goldmine. (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)