Quote of the Day
"Finding success as a long-term investor requires navigating a psychological minefield."
(Ben Carlson)
Chart of the Day

At its highest level since 2015: the Canadian dollar is on a bit of a tear. (chart via @ycharts)
Markets
- Interest in SPACs and IPOs are way off their highs. (mrzepczynski.blogspot.com)
- 2021 is looking to be the year of the stock buyback. (ft.com)
Strategy
- No matter how you slice is the U.S. equity market looks expensive. (blog.validea.com)
- Most investors never formulate an investment plan let alone put it into writing. (sentimentrader.com)
- Diversification should includes style as well as asset class. (morningstar.com)
- Beware high-cost funds using strategies based on 'science.' (etf.com)
Crypto
- Dogecoin gives away the crypto game. (ft.com)
- Bitcoin fans now have a car to root for in the Indianapolis 500. (sportico.com)
Finance
- The SPAC boom is the fee gift that keeps on giving. (finance.yahoo.com)
- Softbank is tripling down the second version of the Vision Fund. (axios.com)
- A wrinkle in the plan for Greg Abel to take over as CEO of Berkshire Hathaway ($BRK.A). (rationalwalk.com)
Economy
- Transitory or not, consumer prices were up big in April. (crossingwallstreet.com)
- Inflation weirdness is going to be with us for awhile. (pragcap.com)
- The U.S. economy is nearly unrecognizable the last time inflation was an issue. (thereformedbroker.com)
- Open jobs are at a high per the March JOLTS report. (wsj.com)
- Retail workers, like restaurant workers, are leaving the field for greener pastures. (businessinsider.com)
Earlier on Abnormal Returns
- Personal finance links: tenacity and awareness. (abnormalreturns.com)
- What you missed in our Tuesday linkfest. (abnormalreturns.com)
- Research links: a sin stock factor. (abnormalreturns.com)
- David Swensen leaves a powerful legacy. (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)