Quote of the Day
"You can shake your head at how big these companies are getting but they are big for a reason. The fundamentals more than back up their market caps."
(Ben Carlson)
Chart of the Day

Some of the best performing stocks of 2020 have seen a turnaround this year.
Markets
- The market's biggest companies aren't there by accident. (awealthofcommonsense.com)
- Size was the defining equity market factor of 2021. (morningstar.com)
- Flush corporate pension funds are rebalancing into bonds. (ft.com)
Crypto
- Big Tech is seeing an exodus for crypto startups. (nytimes.com)
- Bitcoin ownership is highly skewed. (wsj.com)
- It's easy to forget crypto stuff is happening outside the U.S. (wired.com)
- How Axie Infinity works. (garbageday.email)
Venture
- VCs have not been shy about putting money into crypto startups. (bloomberg.com)
- The math behind venture capital fund returns. (insights.factorresearch.com)
- How to run an early-stage board meeting. (nfx.com)
Companies
- Oracle ($ORCL) is buying medical records company Cerner ($CERN). (cnbc.com)
- Carvana ($CVNA) is in no hurry to give up transactions with affiliated parties. (wsj.com)
ETFs
- 2021 was a boom year for ETF launches in the U.S. (bloomberg.com)
- A look the year in ETFs including a surge in actively managed funds. (etf.com)
- The big ETF providers continue to cut fees. (riabiz.com)
Supply chain
- Companies are having to re-think their global supply chains. (ft.com)
- Companies are innovating to get around this year's bottlenecks. (wsj.com)
Economy
- A lot of demand was pulled forward in pandemic, 2022 is to going to see some normalization. (avc.com)
- Falling savings rates will cause more people to re-enter the workforce. (wsj.com)
Earlier on Abnormal Returns
- Adviser links: inflation ignorance. (abnormalreturns.com)
- What you missed in our Sunday linkfest. (abnormalreturns.com)
- Top clicks 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
- The best (and worst) investment books of 2021 including "The Revolution That Wasn't" by Spencer Jakab. (advisorperspectives.com)
- Some investment books worthy of gifting including "Trillions: How a Band of Wall Street Renegades Invented the Index Fund and Changed Finance Forever " by Robin Wigglesworth. (monevator.com)
- Notes from "The Davis Dynasty" the story of Shelby Collum Davis and his family by John Rothchild. (novelinvestor.com)