Quote of the Day
"Custom indexing represents a real market-share risk to ETFs writ large. As costs reach zero, they make more and more sense for a wider swath of investors."
(Patrick O'Shaughnessy)
Strategy
- We are nearing the one-year anniversary of the stock market bottom: how things have played out since then. (theirrelevantinvestor.com)
- JC Parets, "A lot of confusion among market participants really just comes down to time horizon." (allstarcharts.com)
- Having to sell is a lot different than wanting to sell. (novelinvestor.com)
Retail
- Retailers who are able are planning to open up new stores in part because space is available and rents are low. (cnbc.com)
- Americans have started buying 'real clothes' again. (washingtonpost.com)
News
- What news publishers can learn from Netflix ($NFLX). (ft.com)
- Media startups just doesn't scale like tech. (newstatesman.com)
- Substack is coming under increasing scrutiny for what writers it pays, and more importantly doesn't. (vox.com)
Air travel
- Two new airlines are planning to launch in the U.S. this year. (nytimes.com)
- Private air travel has boomed in pandemic. (axios.com)
- Airlines are hoping to use vaccination details to open up travel. (wsj.com)
Finance
- Startups are struggling to deal with all the incoming offers from SPACs. (nytimes.com)
- JP Morgan Chase ($JPM) plans to take a 10% stake in the wealth subsidiary of China Merchants Bank. (wsj.com)
- Deliveroo wants to sell shares in its IPO to its own customers. (ft.com)
Funds
- The writing is on the wall for the mutual fund industry. (wisdomtree.com)
- In defense of the ARK Innovation ETF ($ARKK). (priceactionlab.com)
March Madness
- Americans aren't watching March Madness the way they used to. (morningconsult.com)
- Why the state of Indiana is a logical place to host an entire NCAA basketball tournament. (si.com)
- 45% of Americans live in states where sports betting is legal. (axios.com)
Earlier on Abnormal Returns
- Podcast links: unreliable intuitions. (abnormalreturns.com)
- What you missed in our Thursday linkfest. (abnormalreturns.com)
- Longform links: the road salt oligopoly. (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
- How the pandemic changed our relationship with work. (vox.com)
- Hybrid work schedules are a logistical nightmare. (wsj.com)
- Ezra Klein talks with Cal Newport about his new book "A World Without Email: Reimagining Work in an Age of Communication Overload." (podcasts.apple.com)
- If e-mail is broken, what's the fix? (hbr.org)
