Quote of the Day
"If we have a hard time explaining the past what chance do we have at consistently predicting the future?"
(Ben Carlson)
Chart of the Day
Despite the war in Ukraine, U.S. markets have not hit the panic button.
Markets
- Geopolitics matter for markets, but not as much as earnings. (bloomberg.com)
- For many stocks the bear market is already here. (blog.validea.com)
- Investors are terrible at forecasting wars. (economist.com)
Strategy
- Cullen Roche, "The world has become big messy place almost out of nowhere. We got a bit spoiled by 10 years of low and stable growth." (pragcap.com)
- Tyler, "Smart investors chase unattainable perfection, but wise investors choose measurable happiness." (portfoliocharts.com)
- Jack Raines, "The market isn't wrong. It's just the market. The only thing "right" or "wrong" is how we respond to the market." (youngmoney.co)
Crypto
- On the challenges of investing with anonymous founders. (nytimes.com)
- Some rules of thumb on how will people interact with DAOs. (tomtunguz.com)
Berkshire Hathaway
- Some lessons from the 2021 Berkshire Hathaway ($BRK.A) annual shareholder letter. (novelinvestor.com)
- How voting share has shifted between classes of Berkshire Hathaway ($BRK.A) stock. (rationalwalk.com)
Companies
- "What Uber really wants to win is local." (protocol.com)
- Fanatics just raise capital at a $27 billion valuation. (wsj.com)
- Lemonade ($LMND) and Root ($ROOT) are struggling to gain ground on the big insurance companies. (businessofbusiness.com)
- Amazon ($AMZN) is closing its book stores. (washingtonpost.com)
Indexes
- Index shops are removing Russia from indices. (ritholtz.com)
- There's no good solution for anyone still holding Russian equities. (institutionalinvestor.com)
Emerging markets
- Emerging markets are once again in the spotlight. (economist.com)
- Country risk is once again on the table. (ft.com)
- The Freedom Emerging Markets 100 Index ETF ($FRDM) doesn't have a Russia problem. (humbledollar.com)
ETFs
- A look at the thought behind the new Schwab Crypto Economy ETF. (riabiz.com)
- The ARK Innovation ETF ($ARKK) is changing as its underlying holdings fall in price. (morningstar.com)
Work
- The 'Great Resignation' is, in part, about reorienting our approach to work. (theatlantic.com)
- Summer interns are now ghosting companies. (wsj.com)
- Don't just accept a company's severance package without looking into it. (fastcompany.com)
Economy
- Continuing unemployment claims are sitting at 50-year lows. (bonddad.blogspot.com)
- Mortgage rates have dropped below 4.0%. (calculatedrisk.substack.com)
Earlier on Abnormal Returns
- Longform links: revived interest. (abnormalreturns.com)
- Personal finance links: money talk. (abnormalreturns.com)
- What you missed in our Tuesday linkfest. (abnormalreturns.com)
- Research links: active share evidence. (abnormalreturns.com)
- March ESG links: reflected values. (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
- No one should cheer the damage done to the Russian economy. (theatlantic.com)
- Five reasons why economic sanctions are taking hold. (fullstackeconomics.com)
- We're just scratching the surface on supply disruptions due to Ukraine. (ft.com)
- Whether Russia 'wins' the war in Ukraine, Putin has already lost. (theguardian.com)
- Russia needs an off ramp. (noahpinion.substack.com)
