Quote of the Day
"It's hard to imagine a full-throated bull market arising in the absence of something that's never been seen or heard before. The "new, new thing" and belief that "this time it's different" are shining examples of recurring bull market themes."
(Howard Marks)
Chart of the Day

The mega caps have a much bigger influence on the market these days.
Individual investors
- What Wall Street gets wrong about individual investors. (wsj.com)
- Index fund investors continue to vote with their dollars. (morningstar.com)
- Private equity has not given up on landing more individual investor allocations. (wsj.com)
Strategy
- When it comes to money we are all vulnerable to compelling stories. Three ways to think for yourself. (rootofall.substack.com)
- The Cathie Wood story looks a lot different a year later. (nymag.com)
- The untold story of super investor Robert Wilson. (novelinvestor.com)
- You can't hedge your way to wealth. (awealthofcommonsense.com)
Companies
- If VMWare ($VMW) is a target, aren't other software companies? (tomtunguz.com)
- Deere ($DE) is looking more and more like a tech company. (reuters.com)
Insurance
- More Australian homes are becoming uninsurable. (bbc.com)
- Montecito, California is filled with multi-million dollar homes that are effectively uninsurable. (sfgate.com)
- The Florida home insurance market is in crisis. (nbcnews.com)
Bonds
- Electronic bond trading is gaining traction. (ft.com)
- Bond ETFs just keep gaining share. (barrons.com)
Economy
- The American consumer is in pretty good shape. (finance.yahoo.com)
- American consumers don't think the rise inflation is permanent. (libertystreeteconomics.newyorkfed.org)
Earlier on Abnormal Returns
- Podcast links: options influence. (abnormalreturns.com)
- What you missed in our Thursday linkfest. (abnormalreturns.com)
- Longform links: the rarity of truth. (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)