Quote of the Day
"So historically, you would have been more likely to experience a 20% gain in a given year than a loss in the U.S. stock market."
(Ben Carlson)
Chart of the Day

Fees paid by fund investor have fallen by nearly half in the past two decades.
Markets
- It's not just IPOs. Secondary issues are at a record high YTD. (wsj.com)
- Breadth thrust are 'almost always a good sign.' (sentimentrader.com)
Strategy
- Drawdowns are just the cost of doing business, i.e. investing. (blog.validea.com)
- The 'life hacks' approach isn't going to get you far in trading. (adamhgrimes.com)
Companies
- Retailers are resorting to chartering their own ships. (axios.com)
- Every social media app eventually becomes a shopping app: TikTok and Shopify ($SHOP) hook up. (nytimes.com)
- OnlyFans is not getting out of the adult content business. (variety.com)
IPOs
- Warby Parker is going public via a direct listing. (barrons.com)
- Private equity giant TPG is going public. (wsj.com)
- SPACs are a huge opportunity for merger arb investors. (institutionalinvestor.com)
Yale Endowment
- The Yale University endowment has a new CIO. (wsj.com)
- Why Yale stayed in-house for its new CIO. (ft.com)
ETFs
- Capital Group plans to launch six actively managed, fully transparent ETFs in 2022. (citywireusa.com)
- Active ETF are gaining share. (pionline.com)
Canada
- Canada wants to slow, if not stop, overseas home buyers. (bloomberg.com)
- Why the worst may be over for lumber prices. (bnnbloomberg.ca)
Economy
- Why banks are buying Treasury bonds and not making loans. (nytimes.com)
- Some signs that U.S. housing demand is cooling off. (calculatedriskblog.com)
- Why housing prices are not included in CPI. (pragcap.com)
Earlier on Abnormal Returns
- Personal finance links: financial baggage. (abnormalreturns.com)
- What you missed in our Tuesday linkfest. (abnormalreturns.com)
- Research links: experiential judgment. (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)
Mixed media
- 'Big Daycare' emerging through pandemic stronger due in part to the damage done to smaller players. (fortune.com)
- How long will the pandemic boating boom continue? (bloomberg.com)
- WeWork continues to shift towards a "Uber-for-office-space" model." (axios.com)
- Not everyone is happy about the Pokemon card boom. (latimes.com)