Quote of the Day
"It is safe to say investors are going to experience much more volatility in long-term bonds in the years ahead and you’re not exactly being compensated for that increased volatility at current interest rate levels."
(Ben Carlson)
Chart of the Day

The WallStreetBets crowd found a new target this week. (chart via @ycharts)
Strategy
- A well-diversified portfolio allows you to survive any economic regime. (portfoliocharts.com)
- Why all the bubble talk is ultimately counterproductive. (capitalspectator.com)
- Our brains aren't designed for taking on full-on risks. (furballfinancial.substack.com)
Crypto
Finance
- Like other firms, Fidelity saw a big jump in retail clients in 2020. (wsj.com)
- How SPACs work from the perspective of the investor. (morningstar.com)
- Oscar Health ($OSCR) is now public. (techcrunch.com)
ETFs
- The story behind the forthcoming, Dave Portnoy-backed, VanEck Vectors Social Sentiment ETF ($BUZZ). (finance.yahoo.com)
- Do you really want to an ETF that picks stocks based on 'social sentiment'? (marketwatch.com)
Real estate
- Commercial real estate lenders are in no hurry to put loans in default. (ft.com)
- Companies are pushing workers to come back to the office until vaccinations happen. (nytimes.com)
- Drive-thru lanes have become a must-have for QSRs. (wsj.com)
- Miami has a plan for rising sea levels. It's ultimate success remains highly uncertain. (nytimes.com)
Housing
- The housing market is in a completely different situation than 2008. (epsilontheory.com)
- Jones Lang Lasalle ($JLL) is teaming up with single-family rental company Roofstock. (wsj.com)
- Backup power is the hot new developer amenity. (nytimes.com)
Global
- Countries that did the best combating Covid are now the slowest to vaccinate and re-open. (wsj.com)
- Why Germany has been slow to get shots in arms. (ft.com)
- Want to witness normality? Take a look at New Zealand. (nytimes.com)
Earlier on Abnormal Returns
- Personal finance links: your future financial needs. (abnormalreturns.com)
- What you missed in our Tuesday linkfest. (abnormalreturns.com)
- Research links: hard-wiring good behavior. (abnormalreturns.com)
- March ESG links: sustainable momentum. (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)