Quote of the Day
"If you’re under 50 and working, you are the beneficiary of dips, corrections, panics and crashes. Even if you already have a lot invested. Because you are forced to buy more."
(Josh Brown)
Chart of the Day

How much of the surge in retail trading is due to ease of access vs. pandemic boredom?
Markets
- Emerging market equities are getting cheaper relative to the U.S. (bloomberg.com)
- Inflation is hitting emerging markets differently. (economist.com)
Audience
- When you've found your audience, focus on them. (thereformedbroker.com)
- The benefits of a blog are many but requires a sustained effort. (bpsandpieces.com)
Crypto
- Crypto markets are very different from traditional financial markets in this one important way. (justinpaterno.com)
- SEC Chairman Gensler is putting the DeFi crowd on notice. (wsj.com)
- Coinbase ($COIN) is beefing up its balance sheet. (wsj.com)
Companies
- Amazon ($AMZN) is planning to open 'several large physical retail locations in the U.S.' (arstechnica.com)
- Facebook ($FB) wants to bring VR to the workplace. (theverge.com)
- Databricks Inc. has reportedly raised fresh capital at a $38 billion valuation. (bloomberg.com)
Funds
- Goldman Sachs ($GS) is bulking up its asset management business. (washingtonpost.com)
- Why more mutual funds are going to convert to ETFs. (tradersmagazine.com)
- Index exposure has been a boon to public market investors, so why not private markets as well? (citywireusa.com)
- Cathie Wood has a lot of followers (and critics). (fortune.com)
Economy
- Weekly initial unemployment claims ticked lower last week. (calculatedriskblog.com)
- New business formation took off in pandemic and is continuing into 2021. (nytimes.com)
Earlier on Abnormal Returns
- Longform links: replacing facts with probabilities. (abnormalreturns.com)
- Context matters: the case of Palantir's vaunted vault of gold. (abnormalreturns.com)
- What you missed in our Wednesday linkfest. (abnormalreturns.com)
- Personal finance links: speed bumps and obstacles. (abnormalreturns.com)
- My post on gold over at the YCharts blog. (get.ycharts.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)