Quote of the Day
"The problem with narratives like “stocks only go up” is that it fools people into chasing returns when they are mostly chasing risk."
(Cullen Roche)
Chart of the Day
The U.S. economy is running out of positive economic surprises.
Markets
- Why you shouldn't talk about 'buyers and sellers' as if they were monolithic blocs. (ritholtz.com)
- There is no single way to determine if a market is overbought or oversold. (capitalspectator.com)
Strategy
- A Q&A with William Bernstein author of "The Delusions of Crowds: Why People Go Mad in Groups." (evidenceinvestor.com)
- Why market timing is so difficult in practice. (novelinvestor.com)
Companies
- How much of pandemic demand is going to stick around for Clorox ($CLX)? (msn.com)
- Gambling companies, like bet365, are big winners in the pandemic. (nytimes.com)
SPACs
- Adding a celebrity to a SPAC may not necessarily be to attract retail investors. (nytimes.com)
- WeWork is going public via a SPAC merger. (wsj.com)
- The SEC is going to start taking a closer look at SPAC offerings. (finance.yahoo.com)
Funds
- The ETF price war rolls on. (investmentnews.com)
- Why fund managers fail to repeat outsized outperformance. (bpsandpieces.com)
Suez Canal
- Ships are now be re-routed to avoid the still blocked Suez Canal. (nytimes.com)
- Coffee shortages could be in the offing. (bloomberg.com)
- The amount of cargo traveling through the Suez Canal has been going up over time. (visualcapitalist.com)
Economy
- Despite rising rates there are still plenty of Americans who would benefit from refinancing their mortgage. (housingwire.com)
- Some home borrowers in Europe are paid to take on a mortgage. (wsj.com)
Earlier on Abnormal Returns
- Podcast links: capital allocators. (abnormalreturns.com)
- What you missed in our Wednesday linkfest. (abnormalreturns.com)
- Longform links: a great future. (abnormalreturns.com)
- Abnormal Returns was included in this Apex Wealth list "My ten favorite money blogs (2021 edition)." (apexmoney.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)
