Quote of the Day
"Irrational trends rarely follow rational timelines. Unsustainable things can last longer than you think."
(Morgan Housel)
Chart of the Day
The effect of the pandemic on retail sales is crazy. (via @charliebiello)
Strategy
- The stage is set for active managers to demonstrate some skill. (blogs.cfainstitute.org)
- Diversification matters a lot more than the specific method. (capitalspectator.com)
Madoff lessons
- Jamie Powell, "There’s an adage in finance that if someone delivers performance with the volatility of boring-old bonds, but the returns of equities, then something is wrong." (ft.com)
- It's not a coincidence that index investing took off, post-Madoff scandal. (washingtonpost.com)
Crypto
- BlockFi aims to the crypto bank. (notboring.co)
- An inverse Bitcoin ETF is coming to Canada. (finance.yahoo.com)
Companies
- Dell ($DELL) is spinning off its majority stake in VMWare ($VMW) with a big dividend, to boot. (wsj.com)
- Amazon ($AMZN) now has more than 200 million Prime subscribers. (theverge.com)
- Some businesses are complaining that Amazon ($AMZN) is forcing them to engage with different parts of the empire. (wsj.com)
Funds
Global
- All across Asia retail trading trading volume is on the rise. (ft.com)
- ZIRP is one reason for the continued interest in emerging market debt. (economist.com)
Housing
- Rising home prices don't have to end in a crash. (theirrelevantinvestor.com)
- New homebuilder confidence rose in April. (calculatedriskblog.com)
- Lumber prices are up some 35% YTD. (barrons.com)
Economy
- Weekly initial unemployment claims fell sharply last week. (calculatedriskblog.com)
- Retail sales soared in March. (crossingwallstreet.com)
- Not all inflation expectations measures are created alike. (mrzepczynski.blogspot.com)
Earlier on Abnormal Returns
- Longform links: smarter solutions. (abnormalreturns.com)
- What you missed in our Wednesday linkfest. (abnormalreturns.com)
- Personal finance links: big life decisions. (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)
