Quote of the Day
"Clause by clause, covenant by covenant, sovereign debt instruments have been intentionally and systematically stripped of nearly every provision that might safeguard the interests of creditors."
(Jay Newman)
Chart of the Day

AAII Individual Investor Bullish Sentiment it at its lowest level since 1992.
Markets
- Why are individual investors so sullen? (allstarcharts.com)
- Mortgage rates now easily top 5%. (axios.com)
Strategy
- Why investors can safely ignore alternative funds. (morningstar.com)
- Collectible platforms come with higher fees. (financial-planning.com)
Psilocybin
- Some clues on how psilocybin treatments could help rewire the brain to combat severe depression. (nytimes.com)
- That doesn't mean the companies in this space are going to succeed. (wapo.st)
Startups
- GoPuff is still trying to 'crack the instant delivery code.' (nytimes.com)
- Wagestream, an app focused on hourly workers, just raised a new round of capital. (techcrunch.com)
- Quartz is struggling to find profitability. (ft.com)
- Five reasons why startup CEOs are reluctant to fire some one. (hunterwalk.com)
The Business of Sports
- Sports gambling volume is up and to the right. (variety.com)
- NFL teams are getting into the crypto sponsorship game. (huddleup.substack.com)
- Football clubs are a bad investment. (klementoninvesting.substack.com)
Streaming
- The password sharing problem is bigger than you think. (msn.com)
- Is streaming pushing us to 'peak content'? (vox.com)
- Why streaming services are addicted to true-crime series. (nytimes.com)
- How to kick moochers off your streaming account. (mentalfloss.com)
Economy
- Truck freight rates are going into reverse. (wsj.com)
- Weekly initial unemployment claims are sitting at historic lows. (calculatedriskblog.com)
- 'Unretirements' are on the rise. (hiringlab.org)
- Real retail sales have stalled out. (bonddad.blogspot.com)
Earlier on Abnormal Returns
- Longform links: stupider en masse. (abnormalreturns.com)
- Before joining the Great Resignation read up on the grass-is-greener fallacy. (abnormalreturns.com)
- What you missed in our Wednesday linkfest. (abnormalreturns.com)
- Personal finance links: funding your goals. (abnormalreturns.com)
- My Q&A with Nick Maggiulli about his newly published book "Just Keep Buying: Proven ways to save money and build your wealth." (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)