Quote of the Day
"Hoaxes, frauds, manias, and other large-scale financial irrationalities have been with us from the beginnings of the markets in the seventeenth century, long before the Internet."
(Edward Thorp)
Chart of the Day

The S&P 500 has been consistently high in 2021, YTD. (via @andrewthrasher)
Strategy
- Why we learn the best lessons from our worst trades. (ritholtz.com)
- It's taken awhile but value investors are moving away from book-to-value. (evidenceinvestor.com)
Crypto
Companies
- Apple ($AAPL) has loosened its grip on the App Store. (nytimes.com)
- The Peleton ($PTON) slowdown is here. (axios.com)
- Companies are adding amenities to lure workers back to the office. (nytimes.com)
IPOs
- Brazil's Nubank is planning a U.S. IPO to become the country's most valuable financial firm. (reuters.com)
- EV pickup makers, Rivian Automotive, has filed for an IPO. (theverge.com)
- China is going to prevent data-heavy companies from going public overseas. (wsj.com)
Funds
- The slow demise of mutual funds is helping bring down fund fees. (pragcap.com)
- Vanguard is launching three high-conviction mutual funds for its Personal Advisor Services clients. (morningstar.com)
- The competitions for catchy ETF tickers is only heating up. (bloomberg.com)
Economy
- Personal income numbers seem to be normalizing. (bonddad.blogspot.com)
- The tapering is coming. (axios.com)
Earlier on Abnormal Returns
- Podcast links: waning influence. (abnormalreturns.com)
- What you may have missed in our Thursday linkfest. (abnormalreturns.com)
- Longform links: closed doors. (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
- The books that best explain the past decades for the markets including "Sapiens" by Yuval Noah Hariri. (awealthofcommonsense.com)
- A rave review for Robert Hagstrom's new book "Warren Buffett: Inside the Ultimate Money Mind." (blogs.cfainstitute.org)
- How 'time dilation' works: the book you read took thousands of hours of work. (seths.blog)