Quote of the Day
"It’s hard to avoid the conclusion that, to some extent, Tesla’s stock has become a collectible--a security that is prized not solely for its company’s virtues but also for the belief that it will appreciate because others desire it."
(John Rekenthaler)
Chart of the Day

Contrary to popular belief, gold is not a great inflation hedge.
Psychology
- Gillian Tett, "One way to frame recent events is as a tussle between mainstream investors who are trying to think “slow”, and a retail crowd defiantly acting “fast.” (ft.com)
- The worst mistakes are repeated mistakes. (novelinvestor.com)
- Sometimes behavioral nudges backfire. (klementoninvesting.substack.com)
Taxes
- A deep dive into the recently enacted American Rescue Plan of 2021. (kitces.com)
- How taxes are set to change for 2021. (nytimes.com)
Companies
- Did you know Roblox ($RBLX) is valued more highly than EA ($EA)? (arstechnica.com)
- Target ($TGT) is the latest company to reduce its office space. (axios.com)
- Coupang ($CPNG) is a lot like Amazon ($AMZN) but also not at all. (protocol.com)
- Amazon ($AMZN) keeps opening new Amazon Fresh stores. (finance.yahoo.com)
Private equity
- At present there are no private equity firm in the S&P 500 Index, but that may soon be changing. (forbes.com)
- For most endowments, investments in private equity haven't done much to add performance. (evidenceinvestor.com)
- Why does Apollo Global ($APO) want to absorb Athene ($ATH)? (bloomberg.com)
- Investors care about one thing: performance. (nytimes.com)
Fund management
- Why the number of fund management companies are likely to shrink. (riaintel.com)
- You can't talk about hedge funds without talking about prime brokers. (allaboutalpha.com)
Global
- Canada's labor economy surged in February 2021. (bnnbloomberg.ca)
- The U.S. is working with Japan, India and Australia to distribute Covid vaccines to Asian nations. (news.yahoo.com)
Earlier on Abnormal Returns
- Podcast links: valuing song catalogs. (abnormalreturns.com)
- What you missed in our Thursday linkfest. (abnormalreturns.com)
- Longform links: the microwave economy. (abnormalreturns.com)
- Nobody wants your digital sh*t, either. (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
- Cam Wolf, "What all these investment vehicles—Otis, Rally, WatchFund, Robinhood, cryptocurrencies and NFTs more generally—have in common is a stated desire by their founders to level the economic playing field." (gq.com)
- On the state of the trading card, both digital and physical, boom. (axios.com)
- It's hard to describe NFTs as anything other than a gold rush. (newatlas.com)