Quote of the Day
"It will always be the case that those with the most experience – and the good, smart, accurate wisdom that comes from it – will be the least willing to adapt their views as the world evolves."
(Morgan Housel)
Chart of the Day

With all the inflation talk, why aren’t long-term Treasury yields higher?
Markets
- Higher inflation has probably helped Bitcoin this year. (theirrelevantinvestor.com)
- The case for cash when risky asset duration is increasing. (economist.com)
Strategy
- The best way to invest in the face of inflation is to buy stuff people want. (ofdollarsanddata.com)
- Diversification is defense against our inability to forecast the future. (compoundadvisors.com)
- A lesson investors can take away from the Stoics. (theundercoverfundmanager.com)
Crypto
- Coinbase's ($COIN) IPO helped boost the performance of the Duke University endowment fund. (institutionalinvestor.com)
- A good explanation of NFTs. (marginalrevolution.com)
Startups
- More privacy-focused startups are getting funded. (axios.com)
- You.com wants to take on Google in search. (theverge.com)
- 'Entrepreneur in residence' is no longer a thing in the Valley. (hunterwalk.medium.com)
Housing
- How is OpenDoor ($OPEN) doing with its iBuying business? (washingtonpost.com)
- There are a lot of crosscurrents in the housing market but inventory still tells the tale. (calculatedrisk.substack.com)
- The build-to-rent sector for single-family homes is red hot. (wsj.com)
- Single-family home rents are on the rise. (housingwire.com)
Inflation
- Five year breakevens are at their highest level in two decades. (noahpinion.substack.com)
- Inflation isn't happening in a vacuum. It's occurring in the midst of a global pandemic. (tker.co)
- We knew a bump in inflation was coming, but people are still freaked out. (ritholtz.com)
- We had become spoiled by low, and not very volatile, inflation. (awealthofcommonsense.com)
- Who wins and who loses in an inflationary environment. (fullstackeconomics.com)
- Big companies are finding it easy to pass along price hikes. (popular.info)
- Inflation is not a US-only phenomenon. (bloomberg.com)
Economy
- The economy is booming and nobody is happy. (pragcap.com)
- On the state of the US economy almost two years into a pandemic. (theovershoot.co)
- It's hard to ignore the accelerating pace of innovation on the economy. (ritholtz.com)
Earlier on Abnormal Returns
- Longform links a metabolic mood. (abnormalreturns.com)
- What you missed in our Wednesday linkfest. (abnormalreturns.com)
- Personal finance links: cash and courage. (abnormalreturns.com)
- Most of what we know is wrong. Have a little humility. (abnormalreturns.com)
- Want to get luckier in life? Be nice. (abnormalreturns.com)
- On opting out of the online hostility and anger. (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)