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Quote of the Day
"Life itself is the ultimate scarce asset. The future is unknowable, and religiously maintaining a double-digit savings rate through the worst squalls of life is not of the utmost importance."
(Derek Thompson)
Chart of the Day

War, what is it good for? Defense stocks. (chart via @ycharts)
Strategy
- There's still too much closet indexing going on. (ft.com)
- People who get out of the market have a hard time getting back in. (evidenceinvestor.com)
Companies
- Netflix ($NFLX) is planning to charge premium rates for ads. (wsj.com)
- Snap ($SNAP) simply overhired during pandemic. (theinformation.com)
- How a Twitter ($TWTR) edit button can be abused. (washingtonpost.com)
- Musicians and songwriters are getting a pay hike from streamers like Spotify ($SPOT). (wsj.com)
Finance
- Institutional investors just can't get enough private equity exposure. (institutionalinvestor.com)
- Share buybacks are surrounded by a raft of myths. (ft.com)
- Distressed debt investors are still waiting for their opportunity. (economist.com)
Football
- Real Madrid's new stadium is nearing completion. (huddleup.substack.com)
- Chelsea's new owners are spending freely on talent. (ft.com)
- Barcelona FC is under real financial pressure. (readthegeneralist.com)
Economy
- Jobless claims have stopped going up. (bonddad.blogspot.com)
- Why the current housing market is nothing like 2008. (pragcap.com)
- Housing are still selling quickly. (housingwire.com)
Earlier on Abnormal Returns
- Longform links: the wrong model. (abnormalreturns.com)
- What you missed in our Wednesday linkfest. (abnormalreturns.com)
- Personal finance links: being self-aware. (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)