Quote of the Day
"The secret of investing is that there is no secret. It’s staying the course."
(Vishal Khandelwal)
Chart of the Day

Stock and bond markets historically don’t pull back this much at the same time.
Strategy
- Investing based on geopolitical events is a recipe for disaster. (behaviouralinvestment.com)
- Five reasons why investors fail including 'too much leverage.' (ofdollarsanddata.com)
- Hedging inflation is harder than it looks. (morningstar.com)
- It's okay to be confused about the stock market. (howardlindzon.com)
Finance
- Markets are still reckoning with the valuation hit to empty office buildings. (economist.com)
- Want to get paid? Think PE, not IB. (ft.com)
Venture capital
- Fred Wilson, "The VC business has turned into a sprint. And you can’t sprint forever." (avc.com)
- How are accelerated investing cycles going to change venture outcomes? (pivotal.substack.com)
- You can't talk about U.S. startups without mentioning immigrants. (news.crunchbase.com)
- It's hard to see how many fast grocery delivery startups succeed. (commercialobserver.com)
- Will higher interest rates put a damper on venture debt? (tomtunguz.com)
Global
- The past decade has not been kind to the case for emerging markets. (ft.com)
- Seven lessons learned from countries that actually deal with Covid well including 'Follow the data in real time.' (theatlantic.com)
Economy
- Where inflation expectations, one year out, stand. (econbrowser.com)
- The Great Resignation is setting off a surge in new business formation. (axios.com)
- The supply chain issues facing the housing industry are many, including garage doors. (nytimes.com)
- Mortgage debt as a percentage of GDP is nowhere near GFC levels. (calculatedrisk.substack.com)
Earlier on Abnormal Returns
- Research links: unstable correlations. (abnormalreturns.com)
- What you missed in our Monday linkfest. (abnormalreturns.com)
- Adviser links: the brink of retirement. (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)