Quote of the Day
"I am not saying NFTs are the next big thing. I am saying that consumer experiences built on a crypto stack are the next big thing."
(Fred Wilson)
Chart of the Day

Global equity markets have been in steady uptrends for months now.
Markets
- Market volatility feels like a distant memory. (thereformedbroker.com)
- Do the bond markets have inflation right? (theirrelevantinvestor.com)
- Just how overvalued in the U.S. stock market? (awealthofcommonsense.com)
- U.S. companies are once again at record profitability. (axios.com)
Crypto
- BitMEX is paying the CFTC a $100 million fine. (wsj.com)
- The Poly Network hacker is returning stolen funds. (coindesk.com)
Companies
- NortonLifeLock ($NLOK) is buying competitor Avas. (theverge.com)
- What exactly is Uber ($UBER)? (marker.medium.com)
Business travel
- The decline in business travel is really only a problem for the airlines, hotels, etc. (ft.com)
- It's hard to see how business travel fully rebounds. (ritholtz.com)
- Frequent fliers are out of practice. (wsj.com)
Venture capital
- More hedge funds are investing in private companies. What happens when things slow down? (bloomberg.com)
- Going direct is attractive for allocators, but full of potential pitfalls. (institutionalinvestor.com)
Fund management
- Fixed income is one area where Vanguard is expanding its active management efforts. (riabiz.com)
- Equal weighted indexes come with their own downsides. (ai-cio.com)
China
- If you are going to invest in China is important to focus on industries the government supports. (wsj.com)
- There's nothing worse for investors than unpredictable policy. (ft.com)
Economy
- The pandemic is going affect societal and economic trends for a decade. (etftrends.com)
- The infrastructure bill won't change anything overnight. (washingtonpost.com)
Earlier on Abnormal Returns
- Personal finance links: receding envy. (abnormalreturns.com)
- What you missed in our Tuesday linkfest. (abnormalreturns.com)
- Research links: flows matter. (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)