Quote of the Day
"We all live in bubbles. Some of these bubbles are made of money. Some are made of power. Some of pride. Some of hate. Some of lust. Some of loss."
(Nick Maggiulli)
Chart of the Day

Twitter ($TWTR) is trading below the close on the day of its IPO. (via @charliebilello)
Markets
- The problem with low TIPS yields. (thinkadvisor.com)
- Analysts have been skeptical of bonds for well over a decade. (morningstar.com)
- Does it ever make sense to borrow money to buy stocks? (marketwatch.com)
Crypto
- Bitcoin and the rest of crypto are diverging. (bloomberg.com)
- Grayscale has launched a Solana trust product for accredited investors. (theblockcrypto.com)
- What does it mean that China and India are opting out of cryptocurrencies? (axios.com)
- Twitter's ($TWTR) business model really hasn't changed much. (stratechery.com)
- Why Twitter ($TWTR) is such a disappointment. (howardlindzon.com)
- Jack Dorsey is going all-in on crypto over at Square ($SQ). (protocol.com)
Fund management
- No matter how you slice it, the ETF industry is highly concentrated. (klementoninvesting.substack.com)
- Why Envestnet ($ENV) is now launching new ETFs. (riabiz.com)
- Why did fund managers GQG Partners go public and in Australia, to boot? (morningstar.com)
Economy
- The September Case-Shiller numbers showed a 19.5% increase in home prices. (calculatedriskblog.com)
- Why home price gains are set to decelerate. (bonddad.blogspot.com)
Earlier on Abnormal Returns
- Research links: future states of the world. (abnormalreturns.com)
- What you missed in our Monday linkfest. (abnormalreturns.com)
- Adviser links: a nice reminder. (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
- Ten 2021 books that Amazon editors most recommend including "The Plot" by Jean Hanff Korelitz. (businessinsider.com)
- 100 must-read books of 2021 including "Under a White Sky: The Nature of the Future" by Elizabeth Kolbert. (time.com)
- Five books Bill Gates recommends this year including 'Project Hail Mary' by Andy Weir. (gatesnotes.com)