Quote of the Day
"The environment for launching a start-up was really crazy the past five years. And the truth is that if you’re going to build something from scratch, this might be as good a time as you’ve had in a decade."
(Bill Gurley)
Chart of the Day

Putting the historically bad year for the bond market into perspective. (chart via @ycharts)
Markets
- Less than 10% of Nasdaq stocks are above their 200-day moving average. (theirrelevantinvestor.com)
- The Nasdaq has been outperforming the S&P 500 since June. (allstarcharts.com)
- IPOs are down to GFC-type levels. (ft.com)
Strategy
- If you have to speculate in the markets, at least follow these guidelines, including 'Do not speculate on the margin.' (morningstar.com)
- Europe's problems are now pretty well known. (albertbridgecapital.com)
Apple
- Apple ($AAPL) is pulling back expectations for iPhone sales. (finance.yahoo.com)
- The iPhone 14 Pro is a glimpse into the future. (sixcolors.com)
Companies
- Signs of hope for an Alzheimer's treatment are helping Biogen ($BIIB). (statnews.com)
- Lululemon ($LULU) is launching a membership program, Lululemon Studio. (nytimes.com)
- What Adobe ($ADBE) is planning for Figma. (bloomberg.com)
- Ad sales have been falling throughout 2022. (vox.com)
Finance
- Wall Street's biggest banks are paying $1.8 billion in fines over the use of messaging apps. (wsj.com)
- Keep an eye out for layoffs at investment banks. (economist.com)
- More SPAC liquidations are going to happen this year. (institutionalinvestor.com)
Global
- Covid is the nail in the coffin as Hong Kong as a global city. (nytimes.com)
- The future of Petrobras hinges on the coming Presidential election. (ft.com)
- Russian men are fleeing in droves to avoid mobilization. (washingtonpost.com)
Economy
- More evidence that housing prices peaked this Summer. (bonddad.blogspot.com)
- Bill McBride, "Rents are now decreasing seasonally." (calculatedrisk.substack.com)
- Is the Fed at this point 'chasing a phantom menace'? (bonddad.blogspot.com)
Earlier on Abnormal Returns
- Personal finance links: a great irony. (abnormalreturns.com)
- What you missed in our Tuesday linkfest. (abnormalreturns.com)
- Research links: a stock market constant. (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)