Quote of the Day
"The market doesn’t care about political beliefs. What it responds to is uncertainty, and it hates it."
(Michael Batnick)
Chart of the Day

Consumer discretionary stocks have been outperforming consumer staples during this rally.
Strategy
- Narrative always follows price, not the other way. (awealthofcommonsense.com)
- Investors make big mistakes when trying to outperform. (fortunesandfrictions.com)
- “If you could tell a sophisticated finance audience one thing, what would it be?” (thekcpgroup.com)
Crypto
- Why the Ethereum merge is such a big deal. (avc.com)
- The FDIC doesn't appreciate it when crypto firms imply they have coverage. (ft.com)
- FTX's financial results for 2021 have apparently leaked. (cnbc.com)
Financial
- Big banks are bracing for big fines for messaging issues. (wsj.com)
- KKR ($KKR) wants to get bigger in venture lending. (theinformation.com)
- Why private equity firms are interested in car wash companies. (wsj.com)
Fund management
- Fund managers change their benchmark to make their performance look better. (wsj.com)
- Even Vanguard is seeing outflows from its low-cost active funds. (morningstar.com)
- What to know about tax efficiency and mutual funds. (humbledollar.com)
- Can so-called influencers successfully launch ETFs? (citywireusa.com)
Policy
- Prosecutors are still working through a backlog of pandemic fraud cases. (nytimes.com)
- The IRS is required to study fee tax filing options. (propublica.org)
- The Dominion Systems lawsuit against Fox News is moving forward. (nytimes.com)
- The U.S. is under-policed and over-imprisoned. (marginalrevolution.com)
- Immigration is America's 'superpower.' (noahpinion.substack.com)
Economy
- Bank loan volume is growing. (econbrowser.com)
- Consumer behavior is endlessly fascinating. (tker.co)
- The economic schedule for the coming week. (calculatedriskblog.com)
Earlier on Abnormal Returns
- Top clicks last week on the site. (abnormalreturns.com)
- What you missed in our Saturday linkfest. (abnormalreturns.com)
- Single-bond ETFs are here. (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
- The glow from a return to the office has already worn off. (vox.com)
- How cities need to respond to the WFH revolution. (city-journal.org)
- Some firms that are taking a hard line when it comes to a return to the office. (theinformation.com)
- Remote work is going nowhere. (libertystreeteconomics.newyorkfed.org)