Quote of the Day
"When you were born has an enormous impact on the type of returns you’ll earn in the stock market. It also has an enormous impact on the type of wealth you’ll build over the course of your life, especially in the early years."
(Michael Batnick)
Chart of the Day

After a harrow start to 2020, the S&P 500 traded over 4,000 for the first time in history today. (chart via @ycharts)
March
- How major asset classes performed in March 2021. (capitalspectator.com)
- Gold lost some 10% last quarter, one of its worst quarters in history. (sentimentrader.com)
Markets
- Why the stock market has shrugged of all manner of shocks: fiscal support (bloomberg.com)
- Investing in airline IPOs is the ultimate bet on recovery. (wsj.com)
- There is a continuum between risk and uncertainty. (mrzepczynski.blogspot.com)
Startups
- Demand for startups is driving up valuations. (economist.com)
- Should individual investors jump at the opportunity to buy into IPOs? (fa-mag.com)
SPACs
- SPACs have helped drive a big rebound in M&A activity. (ft.com)
- Endeavor is buying the rest of UFC as a part of its plan to go public. (sportico.com)
Fund management
- Morningstar has weighed in on ARK Invest's investment process. (morningstar.com)
- Family offices are bring more alternative investment talent in-house. (wsj.com)
Housing
- The pandemic caused a surge in demand for second/vacation homes. What happens next? (wsj.com)
- How big a role does housing play in the big generational wealth gap? (theirrelevantinvestor.com)
- Remote work is going to change the economy in ways we still don't fully grasp. (axios.com)
Economy
- Weekly initial unemployment claims remain over 700k. (bonddad.blogspot.com)
- The ISM manufacturing reading is at one of it's highest reading since 1984. (bonddad.blogspot.com)
Earlier on Abnormal Returns
- Longform links: the costs of remote work. (abnormalreturns.com)
- What you missed in our Wednesday linkfest. (abnormalreturns.com)
- Personal finance links: second guessing prices. (abnormalreturns.com)
- Know matter where, or how, you publish you need to own access to your audience. (abnormalreturns.com)
- What you should do to maximize the sum total of your life experiences. (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)