Quote of the Day
"It’s hard to tell the difference between boldness and recklessness, greed and ambition, contrarian and wrong."
(Morgan Housel)
Chart of the Day

Rupert Murdoch wants to put the band back together. (chart via @ycharts)
60/40 portfolios
- The 60/40 portfolio is having its worse returns in a century. (marketwatch.com)
- Why investors should pay more attention the 40 in a 60/40 portfolio. (rogersplanning.blogspot.com)
Strategy
- How market bottoms are made. (ritholtz.com)
- Why you shouldn't make big changes to your portfolio based on economics. (humbledollar.com)
- Will they, won't they, Fed predictions don't help investors one bit. (nytimes.com)
Boosters
- Americans are uninterested in the new bivalent boosters. (nytimes.com)
- Covid vaccine makers like Moderna ($MRNA) are feeling the pain. (on.ft.com)
Companies
- Instacart keeps slashing its valuation in anticipation of an IPO. (theinformation.com)
- Why companies are rapidly rolling out industrial robots. (wsj.com)
- A jury found Trevor Milton guilty of defrauding Nikola ($NKLA) investors. (nytimes.com)
ETFs
- Single-stock ETFs turn the idea of ETFs on their head. (nytimes.com)
- Anti-ETFs are growing in number. (blog.etfthinktank.com)
Policy
- It's not just Congress that has conflicts of interest when it comes to trading stocks. (wsj.com)
- There is a difference between unblocking and deregulation. (sarahconstantin.substack.com)
- Caring for the elderly in a nursing home is more expensive than aging in place. (theincidentaleconomist.com)
- The January 6th committee is putting the facts on record for future historians. (theconversation.com)
- Why do so many interventions help women but not men? (conversableeconomist.com)
Economy
- How much impact is the Fed having on the real economy? (kyla.substack.com)
- Why the Fed should take a beat. (stayathomemacro.substack.com)
- The economic schedule for the coming week. (calculatedriskblog.com)
Earlier on Abnormal Returns
- Top clicks this week on the site. (abnormalreturns.com)
- What you missed in our Saturday linkfest. (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)