Quote of the Day
"This is why recessions can be a double whammy: Earnings falling at the same time as psychology becoming more negative. The net result of both is to drive overall stock market prices lower."
(Barry Ritholtz)
Strategy
- Kevin Bracker, "We know that markets are pretty efficient and it is VERY, VERY hard to outperform on a risk-adjusted basis." (kevinbracker.substack.com)
- It's unlikely there is free money lying around in the stock market. (noahpinion.substack.com)
- On the downside of talking stocks with friends and family. (ramp.beehiiv.com)
Crypto
- Why you should expect to see a lot more crypto M&A activity. (wsj.com)
- And FTX will likely be in the middle of all of it. (frontmonth.substack.com)
Startups
- Klarna's big downround is complete. (ft.com)
- Just how much has Tiger Global has pulled back from its investment pace/ (techcrunch.com)
Fund management
- Investable hedge fund indices are an oxymoron. (wsj.com)
- Merger arb hedge funds are in a bit of a pickle. (ft.com)
- The case against ESG investing. (wsj.com)
Travel
- The major airlines are negotiating with pilot unions about a lot things not just pay. (nytimes.com)
- Heathrow airport struggled to keep up with a surge in traffic this summer. (marketwatch.com)
- Andy Slavitt talks with United ($UAL) CEO Scott Kirby. (omny.fm)
Economy
- The labor economy is not showing signs of a recession. (tker.co)
- There's nothing easy about being an independent gas station operator. (wsj.com)
Earlier on Abnormal Returns
- Adviser links: a story as old as time. (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)
