Quote of the Day
"Bubbles and crashes do not care about names, trends, companies or sectors. They wreak havoc on too much leverage."
(Ryan Krueger)
Chart of the Day

When will the stock market begin to care about rising interest rates? (chart via @ycharts)
Markets
- Small caps are off to a hot start, not seen in two decades. (wsj.com)
- Investors are shunning minimum volatility strategies. (theirrelevantinvestor.com)
- The GameStop ($GME) saga has put the fear of God into short-sellers. (axios.com)
- Energy stocks are seeing a boost relative to technology. (allstarcharts.com)
Financial sector
- The financial sector finally broke out last week. (sentimentrader.com)
- Investors have forgotten what it looks like when financial stocks outperform. (allstarcharts.com)
Crypto
- How should institutional investors approach Bitcoin? (realreturns.blog)
- Why the Bitcoin crowd can be off-putting. (ofdollarsanddata.com)
- The climate impact of Bitcoin mining depends on your assumptions about China. (newscientist.com)
Companies
- Disney ($DIS) is increasingly viewed as a play on streaming video. (wsj.com)
- Roku ($ROKU) is one of the rare companies that goes toe-to-toe with Big Tech and is still standing. (bloomberg.com)
- Spotify ($SPOT) is planning to launch in 85 new markets. (engadget.com)
Finance
- Fintech, broadly defined, was a big winner in pandemic. (cnbc.com)
- The pandemic has accelerated the adoption of electronic trading during pandemic. (ft.com)
Fund management
- Should the big index providers be regulated as investment advisers? (ft.com)
- These hedge fund managers made way more money than you in 2020. (institutionalinvestor.com)
Global
Housing
- The bottom in mortgage interest rates may be in. (calculatedriskblog.com)
- Housing inventories are at super-low levels. (calculatedriskblog.com)
- Airbnb ($ABNB) is still dealing with fallout from hosts from its pandemic policies. (nytimes.com)
Economy
- A post-pandemic economic boom is in the offing. (nytimes.com)
- Economist keep ratcheting up growth expectations. (axios.com)
- Year-over-year comparisons are going make the next couple of quarters look amazing. (bonddad.blogspot.com)
- What trends will stay in place as the economy re-opens? (avc.com)
Earlier on Abnormal Returns
- Adviser links: defining financial freedom. (abnormalreturns.com)
- Earning the permission of your audience. (abnormalreturns.com)
- What you missed in our Sunday linkfest. (abnormalreturns.com)
- What everyone was reading last week on the site. (abnormalreturns.com)
- Tired of hour-long podcasts? then check out 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. (newsletter.abnormalreturns.com)
Mixed media
- Is all the Miami start-up hype really just cover for paying less in taxes? (ft.com)
- Is Defector.com, i.e. the old Deadspin crowd, a new model for media? (washingtonpost.com)
- This is one big advantage that startups have over big companies. (summation.net)
- Forming a new startup? What URL domain should you use? (tomtunguz.com)