Quote of the Day
"You don’t have to play the game of active investing. You don’t have to try to overcome abysmal odds. The odds of outperforming through active management make the craps tables in Las Vegas seem appealing. Instead, you can outfox the box and accept market returns by investing passively."
(Larry Swedroe)
Chart of the Day

Small caps are off to a fast start relative to large caps, YTD.
Markets
- The stock market is having hard time going down. (theirrelevantinvestor.com)
- Investors bought a record amount of structured notes in 2020. (barrons.com)
Companies
- Visa ($V) and MasterCard ($MA) are planning to raise fees on online transactions. (wsj.com)
- Why Clubhouse has taken off in popularity. (bloomberg.com)
- What Apple ($AAPL) Music needs to do to catch up to Spotify ($SPOT). (macworld.com)
- How much time does Elon Musk really spend at Tesla ($TSLA)? (washingtonpost.com)
Offerings
- The VC firms that have jumped on the SPAC bandwagon. (news.crunchbase.com)
- Oat milk maker Oatly is going public. (ft.com)
- Air taxi company, Joby Aviation is going public via a SPAC (techcrunch.com)
ARK Invest
- The flows in and out of Ark Invest ETFs are increasingly volatile. (msn.com)
- ARK Invest is attracting a lot of attention, not all of it welcome. (thebearcave.substack.com)
Pandemic
- FDA scientists have endorsed the J&J ($JNJ) single-shot coronavirus vaccine for emergency use. (statnews.com)
- These volunteers are helping older Americans snag vaccine appointments. (wsj.com)
- Here is a standard by which we can declare the pandemic is over. (theatlantic.com)
- Expect a burst of common colds when schools reopen. (statnews.com)
Housing
- It's hard to forecast an imminent slowdown in home prices any time soon. (calculatedriskblog.com)
- Keep an eye on new home sales. (bonddad.blogspot.com)
- The inventory of completed homes for sale is pretty low. (calculatedriskblog.com)
- Rising mortgage rates are starting to slow mortgage applications. (wsj.com)
Inflation
- Stop using the Weimar Republic analogy for inflation. (awealthofcommonsense.com)
- Demographics are not destinty when it comes to inflation. (evidenceinvestor.com)
Economy
- Is there a lot less pent-up consumer demand than commonly thought? (marketwatch.com)
- Then again, there is still stimulus to account for. (ft.com)
Earlier on Abnormal Returns
- Personal finance links: creating opportunities. (abnormalreturns.com)
- What to do when everything seems weird in the markets. (abnormalreturns.com)
- What you missed in our Tuesday linkfest. (abnormalreturns.com)
- Research links: random retail flow. (abnormalreturns.com)
- Did you miss the bottom in mortgage rates? Don't worry too much. (abnormalreturns.com)
- Earning the permission of your audience. (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)