Quote of the Day
"The only good news about the market is I have nothing good to say about the markets."
(Howard Lindzon)
Chart of the Day

Despite better deal valuations, investors are nervous about the big private equity companies. (chart via @ycharts)
1H
- The first six months of 2022 has seen disastrous returns. (awealthofcommonsense.com)
- What has happened historically after a bad first half of the year. (quantifiableedges.com)
Markets
- Commodity prices are no longer rising. (thereformedbroker.com)
- Signs of stress are growing in the corporate bond market. (mrzepczynski.blogspot.com)
- One year-one year forwards have stopped going up. (econbrowser.com)
- The Yen is at multi-decade lows against the dollar. (ft.com)
Funds
- What investors get wrong about fund yields. (morningstar.com)
- Should investors be rewarded for making a long term commitment to a fund? (behaviouralinvestment.com)
Crypto
- Big Wall Street firms have, by and large, sidestepped the carnage in the crypto market. (nytimes.com)
- Whereas, black Americans are feeling the pain of the crypto crash. (ft.com)
- El Salvador's Bitcoin bet is not paying off. (nytimes.com)
IPOs
- The IPO window is firmly shut. (wsj.com)
- Can a public come public too early? (news.crunchbase.com)
- How the Enjoy Technology SPAC deal went bad so fast. (on.ft.com)
Economy
- John Hilsenrath, "If the U.S. is in or near one [a recession], it doesn’t yet look like any other on record." (wsj.com)
- Consumers are still spending. (tker.co)
- Heavy truck sales are not falling. (calculatedriskblog.com)
- Recessions can cause long-lasting supply side disruptions. (bloomberg.com)
- How long has it taken for home prices to recover from declines? (calculatedrisk.substack.com)
Earlier on Abnormal Returns
- Research links: preserved purchasing power. (abnormalreturns.com)
- Adviser links: learning a lot. (abnormalreturns.com)
- What you missed in our Sunday linkfest. (abnormalreturns.com)
- Top clicks last week on the site. (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
- "Trillions: How a Band of Wall Street Renegades Invented the Index Fund and Changed Finance Forever" by Robin Wigglesworth is a 'excellent walk down the halls of financial history.' (bankeronwheels.com)
- "Empire of Pain: The Secret History of the Sackler Dynasty" by Patrick Radden Keefe will 'make your blood boil.' (neckar.substack.com)
- A review of "Your Essential Guide to Sustainable Investing" by Larry E. Swedroe and Samuel C. Adams. (blogs.cfainstitute.org)
- A nice review of Nick Maggiulli's new book "Just Keep Buying." (evidenceinvestor.com)