Quote of the Day
"The problem is that there are a lot of publications in the world that would like to be supported by subscriptions, and a lot of readers in the world that would prefer to pay for ad-free content, but nobody is making a market. This is where Twitter is making its play."
(Ben Thompson)
Chart of the Day

Most investors today don’t have first-hand experience with inflation: what history tells us.
Strategy
- Five things to consider before selling a big winner, i.e. concentrated position. (awealthofcommonsense.com)
- Some common mistakes investors make including letting 'the tax tail wag the investment dog.' (thefinancialbodyguard.com)
Crypto
- Galaxy Digital buys BitGo in a move to become a 'one-stop shop for institutions.' (coindesk.com)
- Bitcoin is coming to a bank near you. (cnbc.com)
- It's hard to talk seriously about a joke cryptocurrency. (ft.com)
- Grayscale Investments is now an official sponsor for the New York Giants. (markets.businessinsider.com)
- How much energy does Bitcoin actually consume? (hbr.org)
Companies
- It's hard to fathom just how big, Big Tech has become. (theirrelevantinvestor.com)
- The world's biggest confectionery brands have been surprisingly durable. (fortunefinancialadvisors.com)
Venture capital
- Tiger Global is raising a new $10 billion growth equity fund. (axios.com)
- Just how profitable is VC investing? A look at some real-world performance numbers. (avc.com)
Exchanges
- The CME Group ($CME) is closing most of its physical trading floors. (wsj.com)
- Berkshire Hathaway's ($BRK.A) high stock price is breaking exchange systems. (wsj.com)
Funds
- Why hasn't the share of funds managed by women increased in the past two decades? (msn.com)
- Another dimension on which alternative asset funds disappoint: correlations. (morningstar.com)
Economy
- U.S. heavy truck sales are nearing levels seen pre-pandemic. (calculatedriskblog.com)
- It's hard to see the U.S. economy growing faster than it is now. (bloomberg.com)
Earlier on Abnormal Returns
- Personal finance links: taking outsized risks. (abnormalreturns.com)
- What you missed in our Tuesday linkfest. (abnormalreturns.com)
- Research links: a marketing trick. (abnormalreturns.com)
- Adapting to a world bent on falsifying the past. (abnormalreturns.com)
- May ESG links: measuring impact. (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)
Mixed media
- Another sign that the trading card market is bizonkers: card grading companies can't keep up with demand. (vice.com)
- The Red Hot Chili Peppers are selling their song catalog to Hipgnosis Songs for upwards of $140 million. (variety.com)
- Ben and Michael talk with Ezra Levine CEO of Collectable about the burgeoning sports memorabilia market. (awealthofcommonsense.com)