Quote of the Day
"If you’re thinking of selling because you’re worried about how much lower these names can go, then you’ve already lost. You need to plan for these selloffs before they happen because they always happen."
(Michael Batnick)
Markets
- A record number of stocks have been making 52-week highs. (sentimentrader.com)
- Last year's hottest stocks have been the worst performers YTD. (theirrelevantinvestor.com)
ARK Invest
- The Ark Invest Innovation ETF ($ARKK) is back down to November price levels. (ft.com)
- Spencer Jakab, "Analysts at Bespoke Investment Group calculate that the money-weighted annualized return of her funds since inception was 5.24% through Monday. That is far less than a steady investment in a plain vanilla S&P 500 index fund." (wsj.com)
David Swensen
- Four lessons learned from David Swensen including 'asset allocation is everything.' (ofdollarsanddata.com)
- Swensen's approach to investing was widely copies, but not equaled. (morningstar.com)
- David Swensen leaves a powerful legacy. (abnormalreturns.com)
Crypto
- There is a difference between a memecoin and memestock. (bnnbloomberg.ca)
- Should crypto investors be worried about Bitcoin's underperformance? (finance.yahoo.com)
- Crypto-related media is booming. (axios.com)
Finance
- Falling credit card balances isn't good new for the banks. (wsj.com)
- 'Buy now, pay later' is moving beyond online retail. (vox.com)
- Startup mortgage lender Better is going public via a SPAC. (wsj.com)
- Are big banks better? Not so much... (papers.ssrn.com)
Fund management
- Neckar, "The genius of private equity was not the use of leverage and tax shields, but the idea that private companies could be packaged as assets which needed to be managed for a (steep) fee." (neckar.substack.com)
- Fund managers have latched onto Hendrik Bessembinder's findings to justify going after 'moon shots.' (ft.com)
Housing
- It's hard to get around the fact that we need to build more houses in the U.S. (awealthofcommonsense.com)
- New starter home construction is nearly extinct in the U.S. (freddiemac.com)
Economy
- Some people have left the hospitality industry for good. (nytimes.com)
- Historically, countries don't lose currency reserve status overnight. (pragcap.com)
Earlier on Abnormal Returns
- Research links: a sin stock factor. (abnormalreturns.com)
- What you missed in our Monday linkfest. (abnormalreturns.com)
- Adviser links: an elaborate process. (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)
