Quote of the Day
"The problem is we have cyclical bulls, cyclical bears, secular bulls and secular bears. They vary in length and magnitude so there are no all-clears when you’re in it."
(Ben Carlson)
Chart of the Day
During the last 6 recession, the S&P 500 has gained an average of 61% from its low by the time the official end of the recession was declared by NBER.
Markets
- A 20% rally doth not a bull market make. (marketwatch.com)
- High yield bonds are bouncing. (allstarcharts.com)
Companies
- The New York Times ($NYT) has attracted an activist investor in ValueAct. (cnbc.com)
- Why time isn't on Elon Musk's side when it comes to Twitter ($TWTR). (theverge.com)
- Which companies might get hit by a global minimum tax. (washingtonpost.com)
Miami
- What does it mean to be a startup hub, like Miami, in a remote work world? (news.crunchbase.com)
- Corporate lawyers are flocking to Miami. (ft.com)
Economy
- Bill McBride, "We are seeing a sharp slowdown in the housing market, with more price reductions, more inventory, and fewer sales." (calculatedrisk.substack.com)
- The bullwhip effect has come for the bicycle market. (wsj.com)
Earlier on Abnormal Returns
- Podcast links: effective altruism. (abnormalreturns.com)
- What you missed in our Thursday linkfest. (abnormalreturns.com)
- Longform links: a one-man bot farm. (abnormalreturns.com)
- Don't let inertia keep you from learning something new (and useful). (abnormalreturns.com)
- My Q&A with Eric Barker author of “Plays Well with Others: The Surprising Science Behind Why Everything You Know About Relationships Is (Mostly) Wrong.” (abnormalreturns.com)
- Calibrating your work-life balance is no easy feat. (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)
