Quote of the Day
"Timing a market bottom is tough because bad news in a bear market makes investors hesitate. By the time they hear good news, it’s already too late. They missed the bottom entirely."
(Novel Investor)
Chart of the Day

Market volatility is making everyone miserable. (via @sentimentrader)
Markets
- The stock market is acting as if the economy is already in recession. (theirrelevantinvestor.com)
- We are now stuck in the 'mushy middle' of the bear market: too late to sell, too early to buy. (thereformedbroker.com)
- Why capitulation is hard to spot in real-time. (economist.com)
Crypto
- Grayscale Investments is throwing down with the SEC. (coindesk.com)
- What factors help explain Bitcoin's price? (bloomberg.com)
- Charles Schwab ($SCHW) and Fidelity are both investing in a crypto market maker venture. (riabiz.com)
Travel
- The Fourth of July holiday is set up for a lot of frustrated travelers. (axios.com)
- Canada is struggling with flight delays and cancellations as well. (bnnbloomberg.ca)
- More business trips are happening by car as workers dread going to the airport. (wsj.com)
Netflix
- Netflix ($NFLX) is slowly backing away from the binge model. (wsj.com)
- Netflix ($NFLX) subscriber churn is on the rise. (vox.com)
Economy
- Weekly initial unemployment claims have stopped going down. (calculatedriskblog.com)
- American consumers have reduced savings to pay higher prices. (bonddad.blogspot.com)
- Housing inventory is on the rise. (calculatedrisk.substack.com)
Earlier on Abnormal Returns
- Longform links: at history's end. (abnormalreturns.com)
- What you missed in our Wednesday linkfest. (abnormalreturns.com)
- Personal finance links: moving the needle. (abnormalreturns.com)
- The Covid-19 vaccines saved a nearly unfathomable number of people. (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)
Mixed media
- Why Dan McCrum's "Money Men: A Hot Startup, A Billion Dollar Fraud, A Fight for the Truth" is worth a read. (brontecapital.blogspot.com)
- Bob Iger is writing a follow-up to the best-selling "The Ride of a Lifetime." (variety.com)
- Some books to check out this Summer including "Freezing Order" by Bill Browder. (realreturns.blog)