Quote of the Day
"One lesson of the pandemic is that humanity’s desire for normalcy is an underrated force, and there is no single mistake as common to political analysis as the constant belief that this or that event will finally change everything."
(Ezra Klein)
Chart of the Day

Inflation fears have been on the rise for awhile and the media is taking note.
Markets
- The IPO market has cooled off. (wsj.com)
- So has interest in day trading. (ft.com)
- Has the world passed Warren Bufffett by? (citywireusa.com)
Big Tech
- Apple ($AAPL) and Microsoft ($MSFT) are increasingly in competition. (bloomberg.com)
- Big Tech is now starting to enact laws to curtail their power. (nytimes.com)
- A lot of tech companies are sitting on unused SF office space. (cnbc.com)
Streaming
- How Jason Kilar is taking what he learned from Hulu to WarnerMedia. (wsj.com)
- How Netflix ($NFLX) designs its top ten lists. (vulture.com)
- Rotten Tomatoes is launching its own streaming channel. (variety.com)
Policy
- Governments have learned that providing a lot of support during a recession works. There may be no turning back. (awealthofcommonsense.com)
- UBI is here, pushed along by the pandemic. (technologyreview.com)
- It's hard to get around the power of Facebook ($FB) on political discourse. (americanpurpose.com)
- Wide swaths of the (rural) U.S. have a broadband problem. (theverge.com)
- Can the U.S. avoid the fate of Japan, demographic-wise? (klementoninvesting.substack.com)
Housing
- Bidding wars are becoming more common. (thebasispoint.com)
- Higher income was a big factor in who moved in pandemic. (bloomberg.com)
Economy
- Where various business cycle indicators stand. (econbrowser.com)
- How concerned should we be by 'transitory' inflation? (compoundadvisors.com)
- A succinct summary of the week's economic events. (ritholtz.com)
- The economic schedule for the coming week. (calculatedriskblog.com)
Earlier on Abnormal Returns
- Top clicks this week on the site. (abnormalreturns.com)
- What you missed in our Saturday linkfest. (abnormalreturns.com)
- Coronavirus links: the limits of statistical power (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)