Quote of the Day
"The message for you and me? You can’t earn a higher return from alternative assets just because you need to. Only the earliest and most skillful (or luckiest) can get the best returns."
(Jason Zweig)
Chart of the Day

The S&P 500 is near all-time highs but an increasing percentage of stocks are at 1-month lows. (via @sentimentrader)
Markets
- How the rise of the individual trader is affecting the stock market including scaring off short-sellers. (wsj.com)
- New to the r/WSB scene? Some lingo you need to know. (businessofbusiness.com)
Strategy
- How to prepare for a long term bull market. (awealthofcommonsense.com)
- When it comes to investing, simple is better. (etf.com)
Finance
- High-yield debt is riskier than it looks at present. (economist.com)
- Premiums are on the rise for commercial cyber-insurance. (washingtonpost.com)
- What role with Nutmeg play with JP Morgan's ($JPM) push into the UK retail market? (wsj.com)
- What Big Tech is doing in fintech. (cbinsights.com)
Fund management
- Blackrock ($BLK) wants half of their ETF inflows to come from advisor models. (ft.com)
- Fund returns are now more closely associated with fund fees. (evidenceinvestor.com)
Travel
- Pent-up demand is causing wealthy Americans to upscale their travel spending. (washingtonpost.com)
- The country's national parks are overrun with visitors. (wsj.com)
- Tourists are headed to Hawaii, the resorts aren't ready. (bloomberg.com)
Housing
- Rising housing prices are helping to push rents higher. (axios.com)
- Apartment buildings are adding dedicated WFH spaces. (nytimes.com)
Inflation
- The ultimate tell on inflation will be wages. (mrzepczynski.blogspot.com)
- There's headline inflation and there's what you personally experience. (theirrelevantinvestor.com)
Canada
- Canada is in no hurry to open the border wit the U.S. (cnn.com)
- The case for opening the U.S.-Canada border. (marginalrevolution.com)
Earlier on Abnormal Returns
- Podcast links: talking memes. (abnormalreturns.com)
- What you missed in our Thursday linkfest. (abnormalreturns.com)
- Longform links: excessive optimism. (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)