Quote of the Day
"Create more than you consume."
(Jeff Bezos)
Chart of the Day

US housing starts hit their highest level since 2006. (chart via @lenkeifer)
Markets
- Nearly 100% of S&P 500 stocks are above their 200-day moving average. (compoundadvisors.com)
- After a pause, retail traders are back. (finance.yahoo.com)
- Emerging markets are struggling of late. (sentimentrader.com)
Strategy
- Investment truisms often work up to a point. (morningstar.com)
- Five insights from William Bernstein's new book "The Delusions of Crowds: Why People Go Mad in Groups." (nextbigideaclub.com)
Crypto
- The bull and bear case for Coinbase ($COIN). (awealthofcommonsense.com)
- Grayscale has purchased a stake in ETF provider ClearShares. (finance.yahoo.com)
- How FTX has vaulted into the top ranks of cryptocurrency exchanges. (wsj.com)
- The new SEC chairman Gary Gensler is going to have. big impact on the future of cryptocurrencies. (protocol.com)
- The price of Dogecoin has gone vertical. (ft.com)
SPACs
- Family offices are big players in the SPAC game. (news.yahoo.com)
- The SPAC spigot is pretty much shut off due to oversupply and SEC warnings. (wsj.com)
- How much of SPAC demand was simply investors wanting something new? (sfoerster-5338.medium.com)
Housing
- Bill McBride, "This was the highest level for starts since June 2006." (calculatedriskblog.com)
- Still haven't refinanced your mortgage? You now have another opportunity. (barrons.com)
Earlier on Abnormal Returns
- Podcast links: lessons learned. (abnormalreturns.com)
- What you missed in our Thursday linkfest. (abnormalreturns.com)
- Longform links: smarter solutions. (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)