Quote of the Day
"Bear markets experience indiscriminate selling, but there’s an order to it. The most speculative names get hit first, then it’s the leaders, and then it’s everything else."
(Michael Batnick)
Chart of the Day

More stocks have made new lows than new highs for 34 weeks now.
Treasuries
- The MOVE index is at 2020-like levels. (axios.com)
- Investors are shunning the 20-year Treasury. (ft.com)
Stock picking
- On the importance of researching stocks even when they are too expensive. (rationalwalk.com)
- When to sell a stock: a flowchart. (twitter.com)
60/40 Portfolio
- A reason why the 60/40 portfolio isn't working this time around. (morningstar.com)
- Expected returns on a 60/40 portfolio have risen dramatically. (marketwatch.com)
Companies
- Haleon, the world’s biggest standalone consumer health business, is now trading on the LSE. (cnbc.com)
- If Elon wants to 'fix' Twitter's ($TWTR) bot problem, he should be Twitter. (bloomberg.com)
- When lower sales make for lower losses. (ft.com)
Venture capital
- Some guidelines for valuing a venture capital portfolio including 'Be conservative.' (avc.com)
- Some VCs are taking extended vacations amid the carnage. (theinformation.com)
- Giving out stock-based compensation is tougher when stock prices are in free fall. (protocol.com)
- The rapid grocery startup space is in full retreat. (wired.com)
Global
- Covid and the war in Ukraine remain as two big wild cards for the global economy. (nytimes.com)
- Covid did a number on global childhood vaccinations. (washingtonpost.com)
Housing
- On the current state of the housing market including rising inventories. (stayathomemacro.substack.com)
- National home builder confidence plunged in June. (calculatedriskblog.com)
- A visualization of housing growth in the past year. (axios.com)
- Housing shortages are no longer a coastal phenomenon. (npr.org)
Economy
- The story of the economy is inflation, inflation and inflation. (tker.co)
- The world is very different than the last time inflation was this high. (awealthofcommonsense.com)
- How much Fed tightening has the stock market priced in? (ritholtz.com)
- Three reasons why the economy is so weird right now including 'If consumers are miserable, why is leisure spending on fire?' (theatlantic.com)
- U.S. inflation is not all that unique relative to the rest of the world. (bonddad.blogspot.com)
Earlier on Abnormal Returns
- Adviser links: estate tax intricacies. (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
- How cities are effectively using incentives to attract remote tech workers. (wsj.com)
- Nobody's going into the office on Fridays these days. (washingtonpost.com)
- Work-life balance early in your career can put you at a disadvantage. (youngmoney.co)
- On the importance of having a friend at work. (ft.com)