Quote of the Day
"Rather than get pulled into this mania, it is much more useful and psychologically healthy to recognize we must accept that drawdowns, corrections, bear markets, and crashes are simply part of the process."
(Barry Ritholtz)
Chart of the Day

The 60/40 portfolio set a record in the first half of 2022, and not in a good way. (chart via @charliebilello)
Markets
- The (poor) performance of major asset classes for June 2022. (capitalspectator.com)
- The S&P 500 had its worst first-half since 1970. (axios.com)
- The US Dollar had big first half of the year. (wsj.com)
- ETF launches slowed as the year went on. (etf.com)
Strategy
- How much bad news has the stock market already priced in? (awealthofcommonsense.com)
- People are now recognizing that things have changed. (theirrelevantinvestor.com)
- Valuation compression is here, in spades. (howardlindzon.com)
- If you are going to play the game, play one you can win. (safalniveshak.com)
Work
- Office building owners are pulling out all the stops to get workers back. (bloomberg.com)
- The case for having a little more slack in your schedule. (vox.com)
- Are companies adding too many disparate benefits? (ft.com)
Economy
- Apartment rents are still on the rise. (calculatedrisk.substack.com)
- Housing affordability has plummeted. (compoundadvisors.com)
- The Fed has thrown a wrench into the housing market. (pragcap.com)
Earlier on Abnormal Returns
- Podcast links: the business of Berkshire. (abnormalreturns.com)
- What you missed in our Thursday linkfest. (abnormalreturns.com)
- Longform links: at history's end. (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
- The best movies of 2022, so far, including 'After Yang.' (hollywoodreporter.com)
- The 10 best movies of 2022, so far, including 'Navalny.' (variety.com)
- The best movies of 2022, so far, including 'Everything Everywhere All At Once.' (vox.com)
- The best films of 2022, so far, including 'KIMI.' (nytimes.com)