Quote of the Day
"I would argue that humility is the best trait an investor could have. True humility helps us avoid what I call ‘unforced errors’ like having too much conviction about any market prediction."
(Blair duQuesnay)
Chart of the Day

The best time to diversify is when you think you don’t need it.
Markets
- Falling Treasury yields have resulted in falling mortgage rates. (housingwire.com)
- Just how low have high yield bond yields gotten? This low. (wsj.com)
- Lumber prices are down some 50% from their peak. (fortune.com)
Retail trading
- Retail traders are increasingly driving markets. (wsj.com)
- Markets are going up because people have excess cash. (awealthofcommonsense.com)
- Retail trading is on the rise but the S&P 500 keeps growing. (axios.com)
Strategy
- Missing a year like the past one is tough on your portfolio. (thereformedbroker.com)
- Bears tell you a lot more than bulls. (theirrelevantinvestor.com)
Crypto
- Circle Internet Financial Inc. is going public via a SPAC merger. (wsj.com)
- Crypto exchange Bullish is set for a public listing through a SPAC merger. (coindesk.com)
- A framework for thinking about the crypto ecosystem. (tomtunguz.com)
- How Bitcoin mining works in Texas. (washingtonpost.com)
- Why China came down hard on miners. (coindesk.com)
Companies
- It's hard to talk about the chip shortage without mentioning ASML Holding. (nytimes.com)
- Every company is seemingly becoming an advertising business. (axios.com)
- Livestreaming is coming for retail. (washingtonpost.com)
Finance
- Venture capitalists are investing like crazy in 2021. (axios.com)
- On the uneasy relationship between private equity and SPACs. (economist.com)
- It's hard to argue that private equity is driving home prices at this point. (theirrelevantinvestor.com)
- Why you should expect to see more M&A activity in the sports business. (sportico.com)
- The direct listing has come to the UK via Wise PLC. (wsj.com)
- It's hard to deny Robinhood's role in changing the landscape. (awealthofcommonsense.com)
Hedge Funds
- Hedge funds had a strong first half of 2021. (hedgeweek.com)
- However some hedge funds are still feeling the pinch of the meme stock wave. (wsj.com)
- Alloccators are shifting fixed income into hedge funds. (hedgeweek.com)
Fund management
Housing
- A hot housing market means record commissions for realtors. (bloomberg.com)
- Apartment rent hikes are coming for those moving back to the city. (washingtonpost.com)
- Workers can't afford to live near jobs in hot labor markets like Ketchum, Idaho. (wsj.com)
- Condo boards are not designed to deal with existential threats. (washingtonpost.com)
- Are second homes really overrated? (thebasispoint.com)
Jobs
- The jobs mismatch is in part a geography problem. (wsj.com)
- Why the food service industry has lost workers. (ritholtz.com)
Economy
- Market expectations for inflation have petered out. (econbrowser.com)
- Americans are feeling good about their situation, post-pandemic. (thewhyaxis.substack.com)
- Which is why they have upped their borrowing. (wsj.com)
- Economic policy uncertainty has fallen off the table. (econbrowser.com)
- The economic schedule for the coming week. (calculatedriskblog.com)
Earlier on Abnormal Returns
- Top clicks last week on the site. (abnormalreturns.com)
- What you missed in our Saturday linkfest. (abnormalreturns.com)
- Coronavirus links: the delta warning. (abnormalreturns.com)
- Don't follow your passion. (abnormalreturns.com)
- The future is promised to no one. (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)
Work
- Another positive trial of a four-day workweek, this one in Iceland. (apnews.com)
- Morra Aarons-Mele talks with Ann Sale about having difficult work conversations. (hbr.org)
- Five insights from Erica Dhawan's new book "Digital Body Language: How to Build Trust and Connection, No Matter the Distance " (nextbigideaclub.com)