Quote of the Day
"History is just a long story of the unthinkable happening, precedents being broken, and people reading the news with bewilderment and denial."
(Morgan Housel)
Chart of the Day

The U.S. economy is getting close to a full jobs recovery from the pandemic.
Markets
- Crude oil futures are in severe backwardation. (sentimentrader.com)
- The Treasury yield curve is flattening...quickly. (via @kathyjones) (twitter.com)
Strategy
- We like to pretend otherwise, but the world is always an uncertain place. (thefinancialbodyguard.com)
- Investors can't eat 'average returns.' (novelinvestor.com)
Crypto
- Institutional investors looking to get into crypto are having a hard time hiring. (institutionalinvestor.com)
- What role crypto is playing a big role in the war in Ukraine. (wsj.com)
EVs
- Ford ($F) is splitting its ICE and EV divisions. (nytimes.com)
- Jeep is planning a line of all-electric vehicles. (wsj.com)
- Sony ($SNE) and Honda ($HMC) are working on an EV. (theverge.com)
Airbnb
- Airbnb ($ABNB) is suspending operations in Russia and Belarus. (protocol.com)
- Why you should book an Airbnb in Ukraine now. (marginalrevolution.com)
Funds
- It's hard to find evidence that indexing is making it easier for active managers. (mathinvestor.org)
- A big profile of Cathie Wood of ARK Invest and the faith she has in the innovation theme. (on.ft.com)
EM
- Emerging market funds have always been an ethical mine field. (ft.com)
- ESG funds have less exposure to Russian equities. (morningstar.com)
Russia
- Putin's succeeds is due, in part, to his unpredictability. (ft.com)
- The Russian economy wasn't exactly doing great before Ukraine. (bloomberg.com)
- Russian sanctions are a legal morass. (ft.com)
Economy
- The U.S. economy is making progress on getting back to pre-pandemic employment levels. (bonddad.blogspot.com)
- The U.S. economy has three big economic tailwinds. (tker.co)
- The recovery has been fueled in part by massive employment support. (ritholtz.com)
Earlier on Abnormal Returns
- Welcome Tim Ferriss listeners! (abnormalreturns.com)
- Podcast links: growing your own. (abnormalreturns.com)
- What you missed in our Thursday linkfest. (abnormalreturns.com)
- Longform links: revived interest. (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)