Quote of the Day
"The world breaks about once every ten years, on average. For your country, state, town, or business, once every one to three years is probably more common."
(Morgan Housel)
Chart of the Day

2022 is already the worst year for mortgage rates since 1979.
Crypto
- Do we need a spot Bitcoin ETF? (etf.com)
- Grayscale is gearing up for a fight with the SEC. (protocol.com)
Companies
- Walmart ($WMT) can't seem to crack the Chinese market. (wsj.com)
- Nextdoor ($KIND) has a toxic content problem. (bloomberg.com)
- Why have hospitals largely escaped anti-trust regulation? (wsj.com)
Jack Welch
- Before Jack Welch, CEOs didn't get fabulously wealthy by just doing their job. (lefsetz.com)
- Why Boeing's ($BA) problems trace back to Jack Welch-style management. (finance.yahoo.com)
ESG
- ESG funds are products like any other. (fwpwealth.com)
- There's no way to judge company's by a 'holistic' ESG standard. (rogerlowenstein.substack.com)
Fund management
- How JP Morgan Asset Management became a big player in active ETFs. (pionline.com)
- There is a lot of differentiation in the U.S. equity ETF market. (alphaarchitect.com)
Policy
- The public sector has only regained 58% of jobs lost during Covid. (axios.com)
- The Supreme Court has so much power because Congress has abrogated its duty. (theatlantic.com)
- What the TSA can teach us about gun control. (vox.com)
- We lose something when we have to 'harden' public spaces. (washingtonpost.com)
- A Q&A with Leah Boustan co-author of "Streets of Gold: America's Untold Story of Immigrant Success." (fasterplease.substack.com)
- The racial wealth gap stopped shrinking decades ago. (papers.ssrn.com)
Housing
- 30-year mortgage rates are approaching 6%. (calculatedrisk.substack.com)
- Higher rates are bringing some sanity back to the housing market. (awealthofcommonsense.com)
- Rising mortgage rates are a head wind but there are structural supports of the housing market. (freddiemac.com)
Economy
- Consumer sentiment has been tanking for a year now. (tker.co)
- A closer look at May inflation numbers. (econbrowser.com)
- The economic schedule for the coming week. (calculatedriskblog.com)
Earlier on Abnormal Returns
- Top clicks this week on the site. (abnormalreturns.com)
- What you missed in our Saturday linkfest. (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)