Quote of the Day
"The most important question to ask with bubbles is not whether we are in one at any given time. The question to ask is “Even if I told you that we were, is there a strategy you can pursue to improve your returns relative to a buy and hold approach?”
(Jack Forehand)
Chart of the Day

“Among industries, sectors, and global indexes, we are now seeing among the best participation on record.”
Markets
- High ISM Manufacturing numbers don't necessarily mean good news for stocks. (compoundadvisors.com)
- The Top Shot bubble has burst. (theirrelevantinvestor.com)
Crypto
Companies
- Amazon ($AMZN) continues to take digital ad share. (wsj.com)
- How long can AT&T ($T) and Comcast ($CMCSK) resist calls to spin off their media units? (hollywoodreporter.com)
- Plaid has moved on from its broken Visa ($V) deal with a capital raise at a substantially higher valuation. (news.crunchbase.com)
Finance
- Ken Griffin's Citadel empire is hitting on all cylinders. (ft.com)
- Jamie Dimon's JP Morgan Chase ($JPM) shareholder letter is a must-read. (thereformedbroker.com)
ETFs
- The ARK Space Exploration & Innovation ETF ($ARKX) has already amassed more than $445 million in AUM. (wsj.com)
- Charles Schwab ($SCHW) is planning its first actively managed ETF. (thinkadvisor.com)
- The Vanguard Ultra-Short Bond ETF ($VUSB) has launched. (etf.com)
Global
- India has a growing number of startups, including Groww, that provide mobile investing apps. (techcrunch.com)
- New Zealand has a big housing affordability problem. (bloomberg.com)
Economy
- Inflation breakevens seemed to have stopped going up. (politicalcalculations.blogspot.com)
- Mortgage applications are tailing off as rates rise. (housingwire.com)
- How the pandemic could kick off a surge in productivity. (theirrelevantinvestor.com)
Earlier on Abnormal Returns
- Personal finance links: getting older. (abnormalreturns.com)
- What you missed in our Tuesday linkfest. (abnormalreturns.com)
- Research links: getting comfortable with 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)