Quote of the Day
"Viewing events in isolation, without an appreciation for their deep roots, helps explain everything from why forecasting is hard to why politics is nasty."
(Morgan Housel)
Chart of the Day

Although mortgage rates are still low historically, the rise in rates has been notable.
Markets
- How major asset classes performed in March 2022. (capitalspectator.com)
- Managed futures are benefiting in 2022 from the rise in commodities. (rcmalternatives.com)
- Markets are back in risk-on mode. (sentimentrader.com)
Bonds
- Investors have gotten a harsh lesson in bond math in Q1. (wsj.com)
- Bonds were not a good diversifier in March. (mrzepczynski.blogspot.com)
Strategy
- Little good comes from chasing in markets. (howardlindzon.com)
- How does the stock market do when unemployment is low? (awealthofcommonsense.com)
- Five things to remember about market corrections. (compoundadvisors.com)
Crypto
- Crypto exchanges want to be regulated by the CFTC, not the SEC. (bloomberg.com)
- To call Binance just a crypto exchange would be misleading. (washingtonpost.com)
Finance
- How the late Ned Johnson helped turn investing into a regular part of middle class life. (nytimes.com)
- Memestocks were not the first mass retail investor movement. (nytimes.com)
Startups
- Keeping track of your startup shares is harder than you think. (businessofbusiness.com)
- The Silicon Valley crowd is combing through their cap tables for Russian interests. (wapo.st)
- The ultra-fast grocery delivery space is retrenching. (axios.com)
Covid relief
- Fraud in the PPP was worse than previously thought. (nbcnews.com)
- Even if the PPP was rife with fraud, it was well worth it. (washingtonpost.com)
- Covid relief reduced child poverty, until it didn't. (fivethirtyeight.com)
Policy
- Alan Cole, "Our dependence on future generations is an ineradicable facet of the physical world, not the financial system." (fullstackeconomics.com)
- The drop in U.S. birth rates can't be explained by demographic, economic, or policy changes. (econofact.org)
- Why this police department is hiring more women. (washingtonpost.com)
Economy
- A look at market-based expectations for inflation. (econbrowser.com)
- Monthly mortgage payments are on the rise. (calculatedrisk.substack.com)
- The economic schedule for the coming week. (calculatedriskblog.com)
Earlier on Abnormal Returns
- Top clicks last week on the site. (abnormalreturns.com)
- What you missed in our Saturday linkfest. (abnormalreturns.com)
- Coronavirus links: willingness to take risk (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)