Quote of the Day
"Every success conceals countless failures; survivorship bias affects how we see the world."
(Barry Ritholtz)
Chart of the Day

Low volatility stocks are sitting at their all-time highs. (chart via @ycharts)
Commodities
- Interest in farmland as an asset class has never been higher. (ft.com)
- How Redditors roiled the wheat futures market. (nytimes.com)
Strategy
- Why market timing is so difficult. (morningstar.com)
- Investors should value a high slugging percentage vs. a high batting average. (novelinvestor.com)
- There is a big difference between owning a part of the stock market versus owning a part of a single company. (wsj.com)
- Don't forget, the markets are always in charge. (mrzepczynski.blogspot.com)
Books
- Five insights from Spencer Jakab's book "The Revolution That Wasn’t: GameStop, Reddit, and the Fleecing of Small Investors." (nextbigideaclub.com)
- A positive review of "In Pursuit of the Perfect Portfolio: The Stories, Voices, and Key Insights of the Pioneers Who Shaped the Way We Invest" by Andrew W. Lo and Stephen R. Foerster. (blogs.cfainstitute.org)
- Some funny excerpts from Fred Schwed's article "The Wall Street Dream Market." (novelinvestor.com)
- John Goodell, "While 'Think and Grow Rich' purports to be a business book, it’s actually a self-help book." (humbledollar.com)
Crypto
- It's getting harder to mine Bitcoin. (axios.com)
- The future of crypto is hiding the plumbing behind it. (avc.com)
AT&T-Time Warner
- The new Warner Bros. Discovery is saddled with debt. (nytimes.com)
- How the AT&T ($T) for Time Warner went so wrong. (variety.com)
ETFs
- How should we regulate the retail use of complex ETF products? (etftrends.com)
- The most interesting ETF launches of 2021. (etf.com)
Global
- Japan's central bank has slowed its purchase of ETFs but is still holding a lot of them. (finance.yahoo.com)
- Employment markets aren't just tight in the U.S. (economist.com)
- Canada's unemployment rate is at its lowest level since 1976. (bnnbloomberg.ca)
- Madrid has become a hot spot for Latin American emigres. (nytimes.com)
Policy
- How the Census Bureau is using AI to build a better population model. (wired.com)
- The FDA is failing when it comes to dealing with food illness outbreaks. (politico.com)
Workers
- How big a role is long Covid playing in worker shortages? (ft.com)
- What industries are most affected by an immigration shortfall? (wsj.com)
- Meet the workers who are shifting their way into tech jobs. (wsj.com)
- The U.S. risks falling behind high skilled immigration. (marginalrevolution.com)
Economy
- An economic slowdown need not a recession make. (nytimes.com)
- Will 5% mortgage rates finally slow the housing market? (economist.com)
- Why you need to look below the surface of CPI components. (ritholtz.com)
- The economic schedule for the coming week. (calculatedriskblog.com)
Earlier on Abnormal Returns
- These were the most clicked on items last week on the site. (abnormalreturns.com)
- What you missed in our Saturday linkfest. (abnormalreturns.com)
- Coronavirus links: still ongoing. (abnormalreturns.com)
- Podcast links: critical thinking skills. (abnormalreturns.com)
- Longform links: the illusion of staying informed. (abnormalreturns.com)
- Personal finance links: goals and circumstances. (abnormalreturns.com)
- Research links: uninformed searches. (abnormalreturns.com)
- Adviser links: remarkable service. (abnormalreturns.com)
- April ESG links: emerging risks. (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)