Quote of the Day
"The thing to remember about market history is you can use it to tell just about any story you want — why things will be different in the future, why they’ll remain the same, how relationships change, rules of thumb, how to beat the market, etc."
(Ben Carlson)
Chart of the Day

Big drops in Treasury futures have historically exposed other problems. (chart via @sentimentrader)
Markets
- Defensive stocks have been greatly outperforming cyclical stocks. (sentimentrader.com)
- What happens after a period of strong managed futures returns? (rcmalternatives.com)
Rates
- 30-year conventional mortgages are approaching 5.25% (mortgagenewsdaily.com)
- Yields on two-year instruments look almost palatable these days. (thereformedbroker.com)
Strategy
- Businesses adapt. That's what they do. (tker.co)
- You often tell whatever kind of story you want with stock market data. (awealthofcommonsense.com)
Companies
- Shopify ($SHOP) wants CEO Tobi Lutke to have more voting power. (bnnbloomberg.ca)
- Meta ($FB) paid $27 million to protect CEO Mark Zuckerberg last year. (nypost.com)
- Matthew Levine, "My guess is that Musk enjoys being able to tell Twitter what to do and does not care very much about it actually getting done." (bloomberg.com)
Startups
- Fanatics plans to use its fresh capital for M&A not operations. (ft.com)
- “Fortnite” creator Epic Games Inc. just raised $2 billion at a $32 billion valuation. (wsj.com)
ETFs
- The success of a thematic ETF is not guaranteed. (etf.com)
- A list of the best total U.S. stock market ETFs. (morningstar.com)
Economy
- March CPI rose at a 8.5% rate, but core CPI growth slowed. (calculatedriskblog.com)
- Real wages are taking a hit from higher inflation. (bonddad.blogspot.com)
- Gasoline had a big impact on CPI. (econbrowser.com)
Earlier on Abnormal Returns
- Research links: a coin toss. (abnormalreturns.com)
- What you missed in our Monday linkfest. (abnormalreturns.com)
- Adviser links: beautiful charts. (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)