Quote of the Day
"So much of history is driven by chance, accident, and flukes. That’s true for the big stuff and the personal journeys."
(Morgan Housel)
Chart of the Day

Is it finally time for international stocks to outpeform the US?
Strategy
- Diversification works, just not the way you want it to. (awealthofcommonsense.com)
- Every investor makes mistakes. (humbledollar.com)
Crypto
- How (and why) crypto markets differ from equity markets. (drorpoleg.com)
- The cryptocurrency space is only getting more complex. (mrzepczynski.blogspot.com)
- The Helium network shows how cryptocurrency can work in practice. (nytimes.com)
- Meta ($FB) is struggling because the experience on Facebook and Instagram is getting worse. (garbageday.email)
- Facebook ($FB) has been trailing Big Tech for awhile now. (ritholtz.com)
- Social networks have morphed into creator platforms. (axios.com)
Spotify
- Spotify ($SPOT) is struggling to manage competing interests on its platform. (wsj.com)
- Spotify's ($SPOT) biggest problem isn't Joe Rogan. (theatlantic.com)
Big Tech
- Why Google ($GOOGL) lags in the cloud. (bloomberg.com)
- Why Microsoft ($MSFT) buying Activision shouldn't be a big surprise. (wsj.com)
Finance
- What has changed on Wall Street since Michael Lewis wrote "Liar's Poker." (nytimes.com)
- Why private equity loves the wealth management business. (investmentnews.com)
Policy
- On the rise of the 'New Industrialism.' (noahpinion.substack.com)
- The U.S. needs a new approach in the global war for talent. (bloomberg.com)
- U.S. public schools are at the nexus of a whole host of negative trends. (washingtonpost.com)
- Despite overwhelming bipartisan support, a Congressional stock trading ban is not a sure thing. (theatlantic.com)
- Why unilateral student loan forgiveness is bad public policy. (fullstackeconomics.com)
- The PPP benefited businesses far more than workers. (nytimes.com)
Economy
- Mortgage rates are headed toward 4.0%. (mortgagenewsdaily.com)
- The economic schedule for the coming week. (calculatedriskblog.com)
Earlier on Abnormal Returns
- Top clicks this week on the site. (abnormalreturns.com)
- What you missed in our Saturday linkfest. (abnormalreturns.com)
- Coronavirus links: misplaced complacency. (abnormalreturns.com)
- The 12 best financial blogs including Abnormal Returns. (snippet.finance)
- February ESG links: stakeholder capitalism. (abnormalreturns.com)
- Just because sports gambling is legal, doesn't mean you should participate. (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)