Quote of the Day
"The U.S. economy is shaped by the decisions of several hundred million people, and the definition of a recession is determined by exactly eight of them. That’s one good reason to avoid the “are we in a recession?” debate entirely."
(Derek Thompson)
Chart of the Day

Mortgage rates have been uniquely volatile in 2022. (chart via @lenkiefer)
Strategy
- John Rekenthaler, "Avoid portfolio managers who claim to know how “this time will be different.” It probably won’t be. Even if it is, it may not match their expectations." (morningstar.com)
- Ben Carlson, "Investing would be easier if markets followed a set pattern but that’s not how things work. Humans are unpredictable so the stock market is as well." (awealthofcommonsense.com)
Companies
- A closer look at Apple's ($AAPL) Q3 earnings. (sixcolors.com)
- Roku's ($ROKU) growth has slowed to a trickle. (variety.com)
- Binance and FTX are taking advantage of the crypto crash. (wsj.com)
Startups
- The Miami tech scene got out of the gates fast, now comes the hard work. (theinformation.com)
- There's a startup that helps companies do layoffs. (npr.org)
- Scooter rental companies have burned through a ton of cash along the way. (news.crunchbase.com)
Economy
- The economy isn't in recession, but it is definitely slowing. (ritholtz.com)
- James Hamilton, "The big concern looking forward is housing." (econbrowser.com)
- Job changers are seeing big boosts in pay. (axios.com)
- The housing downturn is here. (pragcap.com)
Earlier on Abnormal Returns
- Podcast links: podcast plagarism. (abnormalreturns.com)
- What you missed in our Thursday linkfest. (abnormalreturns.com)
- Longform links: a questionable liberty. (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)