Quote of the Day
"The net result of the high confidence is startling: investors are now committing the most money to the most abstract opportunities in history while paying the least amount of attention."
(Peter Atwater)
Chart of the Day

The bottom in mortgage rates is now clear. (chart via Freddie Mac)
Markets
- Markets don't care what you think. (allstarcharts.com)
- Bear market sucks, but you can't spend your time afraid of them. (theirrelevantinvestor.com)
- Dividends have outpaced inflation over the long term. (wisdomtree.com)
Crypto
- Gemini is buying Bitria to create a 'full-service digital asset custodian for advisors.' (markets.businessinsider.com)
- Coinbase ($COIN) is buying crypto futures platform FairX. (theblockcrypto.com)
Companies
- Taiwan Semiconductor ($TSM) is rapidly boosting capital spending. (wsj.com)
- Taiwan Semiconductor ($TSM) is going to outspend its rivals. (washingtonpost.com)
Amazon
- Almost nobody quits Amazon ($AMZN) Prime. (nytimes.com)
- Just how at-risk is Amazon ($AMZN) from anti-trust activity? (vox.com)
Venture
- Softbank Vision and Tiger Global led the way in venture funding in 2021. (news.crunchbase.com)
- Sebastian Mallaby's "The Power Law: Venture Capital and the Art of Disruption" is a comprehensive look at VC. (ft.com)
Finance
- TPG ($TPG) is now public. (barrons.com)
- Do private companies need more SEC oversight or should it be easier to go public? (bloomberg.com)
- What it's like to be on the sell-side these days. (economist.com)
- RIP, Libor. (nytimes.com)
Vanguard
- Vanguard is not done lowering fund fees. (ft.com)
- Vanguard customers hate the mobile app. (investmentnews.com)
Economy
- Continuing unemployment claims continue to fall. (bonddad.blogspot.com)
- Current inflation is both a supply side and demand side issue. (fullstackeconomics.com)
Earlier on Abnormal Returns
- Longform links: venting vs. inventing. (abnormalreturns.com)
- What you missed in our Wednesday linkfest. (abnormalreturns.com)
- Personal finance links: playing the game of life. (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)