Quote of the Day
"Yes, this country has kept its promise. But as I reflect on spending the bulk of my adult life here, I realize I understand this country less today than I did 30 years ago."
(Vitaliy Katsenelson)
Chart of the Day

To end the year you can still get a 30-year conventional mortgage for around 3%. (chart via Freddie Mac)
Markets
- Market-wise, 2021 looks a lot like 1995. (sentimentrader.com)
- By this measure, 2021 was the second strongest year for the stock market since 1941. (priceactionlab.com)
Strategy
- If the U.S. stock market is expensive, look overseas. (wapo.st)
- Investors shouldn't be afraid of 'doing nothing.' (behavioralvalueinvestor.com)
Crypto
- The playbook for the crypto industry. (awealthofcommonsense.com)
- Crypto ads are coming to the Super Bowl. (wsj.com)
- Why all the hate directed at web3? (blockworks.co)
ETFs
- Muni bond ETFs just keep growing. (wsj.com)
- The most interesting new ETFs of 2021 including the Discipline Fund ETF ($DSCF). (citywireusa.com)
- How is the non-transparent ETF structure doing tax-wise? (ft.com)
Housing
- On the relationship between public spaces and home prices. (ritholtz.com)
- Don't discount the value of the neighborhood, not just the house. (getrichslowly.org)
- Old textile mills are a blank canvas for developers, especially in the age of Covid. (nytimes.com)
Economy
- Weekly initial unemployment claims are sitting at historically low levels. (calculatedriskblog.com)
- Air cargo systems are now getting backed up. (wsj.com)
- The holiday shipping disaster that wasn't. (nytimes.com)
Earlier on Abnormal Returns
- Longform links: true disconnection. (abnormalreturns.com)
- What you missed in our Wednesday linkfest. (abnormalreturns.com)
- Check out my conversation with Peter Lazaroff on 'The Long Term Investor' podcast. (peterlazaroff.com)
- Personal finance links: a never ending cycle. (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)