Quote of the Day
"Investors seem to have forgotten the lessons of the technology bubble. Lofty valuations, like those for stocks associated with today’s innovation, disruption and technology themes, can significantly hurt returns even if the economic themes do come true."
(Richard Bernstein)
Chart of the Day

FANG+ stocks are not all that expensive relative to the rest of the market.
Markets
- Natural gas prices have gone parallel in parts of the world. (ft.com)
- Consumer staples haven't been this small a percentage of the S&P 500 since 2000. (sentimentrader.com)
Strategy
- There's a right way and a wrong way to use financial forecasts. (pragcap.com)
- With inflation thinking in flux, follow the markets. (mrzepczynski.blogspot.com)
Venture capital
- How crypto changes the venture capital game. (howardlindzon.com)
- NFX just raised a $450 million seed fund. (news.crunchbase.com)
David Einhorn
- Hedge fund manager David Einhorn is still happy to own real companies that do stuff. (ft.com)
- But he doesn't have strong feelings about crypto. (markets.businessinsider.com)
Funds
- DoubleLine is jumping into the active ETF space. (citywireusa.com)
- Blackrock ($BLK) is launching target date funds that include annuities. (wsj.com)
- ARK Investment Management, the firm run by Cathie Wood, is moving to Florida. (wealthmanagement.com)
Shortages
- Even the cloud is experiencing a shortage of qualified workers. (wsj.com)
- Why books are in short supply. (vox.com)
Housing
- Housing affordability depends on how you look at it. (awealthofcommonsense.com)
- Home builders are scrambling to find all manner of building supplies. (wsj.com)
- Rents are surging around the country. (axios.com)
- Lumber prices are still up 15% year-over-year. (calculatedriskblog.com)
Economy
- How pandemic-related funds helped those at the low end of the wage scale. (bonddad.blogspot.com)
- Whatever happens to the economy, it's not a re-run of the 1970s. (economist.com)
Earlier on Abnormal Returns
- Personal finance links: spending time, not money. (abnormalreturns.com)
- Check out my appearance on 'The Long View' podcast with Christine Benz and Jeff Ptak. (abnormalreturns.com)
- What you missed in our Tuesday linkfest. (abnormalreturns.com)
- Research links: possible edges. (abnormalreturns.com)
- October ESG links: shareholder engagement. (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)