Quote of the Day
"In investing, we don’t get to operate backward, we must invest forwards."
(Barry Ritholtz)
Chart of the Day

It’s hard to overstate the damage being done to the market’s prior high fliers. (chart via @ycharts)
Strategy
- Ben Johnson, "There is no ideal investment strategy—not even broad, market-cap-weighted indexing." (morningstar.com)
- It's one thing to outperform, it's another thing altogether to keep doing it. (tker.co)
- There are no easy answers when it comes to hedging inflation with your portfolio. (monevator.com)
Crypto
- Why crypto companies are setting up shop in the Bahamas. (blockworks.co)
- Another Bitcoin futures-based ETF enters the space. (etf.com)
- What we can learn from SpaceX and Tesla ($TSLA) about how Musk manages. (theatlantic.com)
- Why Elon Musk is the logical buyer of Twitter ($TWTR). (nytimes.com)
- If nothing else, Elon Musk has gotten people talking about Twitter ($TWTR) again. (businessofbusiness.com)
- Would it be all that awful if Twitter ($TWTR) went away? (robinsloan.com)
Netflix
- Netflix ($NFLX) needs a bold, new approach. (variety.com)
- Why Netflix ($NFLX) should incentivize creators for their success. (nytimes.com)
- Countries differ in their preferences for dubbing vs. subtitles. (morningconsult.com)
Earlier on Abnormal Returns
- Personal finance links: unimaginable risks. (abnormalreturns.com)
- What you missed in our Tuesday linkfest. (abnormalreturns.com)
- Research links: changing valuations. (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)