Quote of the Day
"If markets were perfectly consistent, it would make sense for us to pursue a totally consistent mindset. When opportunity sets vary over time, it makes sense for us to accept reality and adjust accordingly."
(Brett Steenbarger)
Chart of the Day

Amazon ($AMZN) may have won the pandemic but it’s stock has underperformed other retailers over the past year. (via @charliebilello)
Markets
- Market breadth isn't great. (sentimentrader.com)
- Emerging market equities haven't been this cheap relative to the rest of the world for a decade. (bnnbloomberg.ca)
Strategy
- Why simplicity and low costs outperform sophistication and complexity. (whitecoatinvestor.com)
- A little humility goes a long way when it comes to money. (humbledollar.com)
Crypto
- If Bitcoin can go to $25,000 it can easily go to $100,000. (thereformedbroker.com)
- There's so much happening with crypto, DeFi, NFTs, and DAOs it's hard to keep track. (theirrelevantinvestor.com)
- Adding crypto is just part of PayPal's ($PYPL) ambitions. (ft.com)
- It's one thing to turn Bitcoin mining rigs off. It's another thing to get them out of China. (wsj.com)
- Changes are coming to how USD Coin is backed. (cnbc.com)
Companies
- Why Spotify's ($SPOT) big buyback is puzzling. (ft.com)
- Why Facebook ($FB) didn't want to release its most trafficked content in Q1 2021. (washingtonpost.com)
Fund management
- How Cathie Wood became the most influential money manager in the world. (nytimes.com)
- Why ETF managers should focus more on retail investors. (etf.com)
Global
- Global supply bottlenecks are not going away any time soon. (nytimes.com)
- Joe Weisenthal and Tracy Alloway talk with the former head of Afghanistan's central bank. (bloomberg.com)
- Iceland proves out the case for vaccinations. (washingtonpost.com)
Work
- At least 2 million more American workers retired earlier than expected due to pandemic. (npr.org)
- The 'great resignation' is leaving some workers behind - overworked and unhappy. (thecut.com)
- If Chick-fil-A is having a problem finding workers, you know something is up. (news.yahoo.com)
Economy
- Why the Fed should just start tapering. (thereformedbroker.com)
- Why banks aren't lending. (mrzepczynski.blogspot.com)
Earlier on Abnormal Returns
- Adviser links: a different attitude. (abnormalreturns.com)
- What you missed in our Sunday linkfest. (abnormalreturns.com)
- What everyone read last week on Abnormal Returns. (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)