Quote of the Day
“Farmers have got cash in their pockets, and when they have that the two things they want to buy are dirt and iron.”
(Jim Rothermich)
Chart of the Day

If you thought the performance of U.S. financials was disappointing, wait until you look at Europe.
Markets
- Stock buybacks are still rebounding from 2020 levels. (axios.com)
- Leveraged loan volume is on the rise along with M&A volume. (wsj.com)
Strategy
- JC Parets, "Your portfolio is your problem." (allstarcharts.com)
- How would you react if the stock market tread water for five years? (humbledollar.com)
Crypto
- A framework for regulating stablecoins. (future.a16z.com)
- Why the El Salvador experiment with Bitcoin doesn't make much sense. (econbrowser.com)
Companies
- Costco ($COST) is doing what it can to get goods to the U.S. in time for the holidays. (businessinsider.com)
- Paper shortages are hitting retailers as the holiday catalog season ramps up. (bloomberg.com)
SPACs
- Swedish electric-car maker Polestar is going public via a SPAC. (cnbc.com)
- SPACs are trading in some unpredictable ways as retail traders jump in. (wsj.com)
Economy
- The manufacturing economy is doing well despite bottlenecks. (bonddad.blogspot.com)
- American homeowners are removing home equity at an accelerating rate. (calculatedrisk.substack.com)
- As long as a substantial portfolio of the populace remains unvaccinated, the economy is at-risk. (ritholtz.com)
Earlier on Abnormal Returns
- Adviser links: one person at a time. (abnormalreturns.com)
- What you missed in our Sunday linkfest. (abnormalreturns.com)
- What everyone was reading last week on the site. (abnormalreturns.com)
- Are you a financial adviser looking for some out-of-the-box thinking? Then check out our weekly e-mail newsletter. (newsletter.abnormalreturns.com)
Mixed media
- Workers are returning to the office and sitting on Zoom ($ZM) all day. (washingtonpost.com)
- Successfully putting on a hybrid event is no small thing. (ft.com)
- It's hard to recreate the productivity benefits of working in close proximity. (washingtonpost.com)
- Why is our drive for productivity so strong? (calnewport.com)