Quote of the Day
"A Vanguard that offers private-equity investments and an advisory service that features exclusive funds isn’t Jack Bogle’s Vanguard."
(John Rekenthaler)
Chart of the Day

Apple ($AAPL) makes up roughly half of the value of Berkshire Hathaway’s ($BRK.A) public portfolio. (chart via @ycharts)
Interest rates
- The real yield on US Treasuries hasn't been this low since the 1980s. (bloomberg.com)
- The yield curve has been flattening the second half of 2021. (ig.ft.com)
Markets
- What Japan's stock market has going for it. (citywireusa.com)
- Consumer staples are one sector actually doing well. (sentimentrader.com)
Strategy
- It's never been easier to spread financial misinformation. (ofdollarsanddata.com)
- Lessons learned about investing from the world chess championship. (behavioralvalueinvestor.com)
Crypto
- FTX has signed a deal with the Golden State Warriors to be the official NFT hub. (theblockcrypto.com)
- What do you own when you buy a NFT? (protocol.com)
Companies
- The SaaS space has entered a correction. (tomtunguz.com)
- As has just about anything IPO'd in the past year. (howardlindzon.com)
ARK Innovation
- Ark Innovation ($ARKK) investors are lagging its headline returns. (morningstar.com)
- What it feels like to buy ARKK at the top. (impersonalfinances.com)
Economy
- The older you are, the more worried you are about inflation. (nytimes.com)
- The politics of inflation always work against the President. (fivethirtyeight.com)
Earlier on Abnormal Returns
- Research links: higher liquidity. (abnormalreturns.com)
- What you missed in our Monday linkfest. (abnormalreturns.com)
- Adviser links: an increased urgency. (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)