Quote of the Day
"Multiples expand and contract as investor sentiment changes. It’s like an excitement meter for stocks. The higher the multiple, the more excitement is priced in."
(Novel Investor)
Markets
- Options trading is the tail wagging the dog in some stocks. (barrons.com)
- GMO is still bearish. (gmo.com)
Strategy
- Don't let low interest rates get you to amp up your risk profile. (whitecoatinvestor.com)
- There's not a lot to get excited about in the liquid alternative fund space. (morningstar.com)
Crypto
- Why the big crypto exchanges are based overseas. (nytimes.com)
- Disruption is coming from so many directions for the global banking system. (ft.com)
Companies
- David Streitfeld "Silicon Valley made the tools that allowed Americans, and the American economy, to survive the pandemic." (nytimes.com)
- How The Daily Wire has built a big business on the back of Facebook ($FB). (npr.org)
- How to fail like Amazon ($AMZN). (josephcwells.com)
Finance
- Why every barbecue company seems to be going public at the same time. (wsj.com)
- There is no shortage of capital out there for aspiring entrepreneurs. (howardlindzon.com)
Zomato
- Zomato's debut bodes well for more Indian tech startups. (ft.com)
- Aswath Damodran's take on Zomato's business model. (aswathdamodaran.blogspot.com)
Housing
- Some big home builders are turning down new orders. (axios.com)
- More buyers are stepping back from the red hot housing market. (nytimes.com)
- What will it take to cool the housing market? (bonddad.blogspot.com)
- How many houses can big investors buy before there is a backlash? (wsj.com)
- Luxury home buyers seem unperturbed by climate risks. (bloomberg.com)
Drink
- There is a booming market for distilleries in Scotland. (ft.com)
- Signs are growing that the hard seltzer boom is cooling off. (finance.yahoo.com)
- Wine prices are coming down. (businessofbusiness.com)
Economy
- Retiring Baby Boomers are opening up opportunities for younger workers. (bloomberg.com)
- We have been spoiled by low inflation volatility for a long time now. (ritholtz.com)
Earlier on Abnormal Returns
- Podcast links: embracing discomfort. (abnormalreturns.com)
- What you missed in our Thursday linkfest. (abnormalreturns.com)
- Longform links: sticky knowledge. (abnormalreturns.com)
- The whole world is turning Japanese, demographically speaking. (abnormalreturns.com)
- Don't throw away other people's hard-earned money lessons. (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)
