Quote of the Day
"When interest rates are zero, stories about what could happen in the future are more powerful than facts about what’s actually happening today, because there’s no return in bonds that anchor people back to reality."
(Morgan Housel)
Chart of the Day

The FDA has authorized Johnson & Johnson’s ($JNJ) Covid vaccine for emergency use. (chart via @ycharts)
Markets
- Assessing the damage in the bond market, to-date. (compoundadvisors.com)
- What's a 'bond vigilante' and are they back on the scene? (ft.com)
- The rise in bond yields finally has the market's attention. (wsj.com)
- You can't get a sustained rally in value without the financials. (allstarcharts.com)
Berkshire Hathaway
- Here is Warren Buffett's 2020 letter to Berkshire Hathaway ($BRK.A) shareholders. (berkshirehathaway.com)
- Buffett was not shy about buying back shares in 2020. (ft.com)
- Everybody makes mistakes, even Warren Buffett. (theirrelevantinvestor.com)
Strategy
- What the heck happened to gold? (theirrelevantinvestor.com)
- Why investors are stuck in a cycle of reaching for returns and eventually get burned in the process. (wsj.com)
- If you like Bitcoin, buy Bitcoin. Don't get cute trying to buy some proxy. (bloomberg.com)
- People are trading their brains out on nearly every online platform. (financial-planning.com)
NFTs
- Alex Danco, "I think it makes more sense to think of NFTs not as a product, or as a technology, but as a gathering point; like a part of the CBGBs floor plan." (danco.substack.com)
- How NFTs change creator economics. (a16z.com)
- NFTs will not eliminate demand for physical art. (wired.com)
SPACs
- Are you really a celebrity if you don't have a SPAC? (nytimes.com)
- Why you should be wary of the financial projections coming out of SPACs. (institutionalinvestor.com)
Finance
- Jane Fraser's want to simplify things as the new CEO of Citigroup ($C). (wsj.com)
- There is plenty of demand for shares in hot startup on private marketplaces, but supply lags behind. (ft.com)
ARK Invest
- ARK Invest has attracted a whole host of copycats. (barrons.com)
- ARK Invest owns many of the same stocks in Japan-domiciled funds. (bnnbloomberg.ca)
Policy
- The racial wealth gap is stark in terms of retirement account balances. (wsj.com)
- This simple rule would prevent most major corporate mergers. (theatlantic.com)
- USPS delays are not getting any better. (washingtonpost.com)
- State legislatures are still disproportionately white. (politico.com)
- More Americans are self-identifying as LGBTQ. (news.gallup.com)
Economy
- 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: human behavioral factors. (abnormalreturns.com)
- What to do when everything seems weird in the markets. (abnormalreturns.com)
- Did you miss the bottom in mortgage rates? Don't worry too much about it. (abnormalreturns.com)
- E-mail is different you have to earn the permission of your audience. (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)