Quote of the Day
"Delivery and on-demand are part of that future. We just have not found the right economic models for it."
(Om Malik)
Chart of the Day

The past two and half (extraordinary) years for the U.S. economy in one chart. (via @rortybomb)
Markets
- Bitcoin has been boring of late. (ft.com)
- Not all (emerging) markets are created equal. (allstarcharts.com)
Companies
- Zuck is running Meta ($META) into the ground. (ez.substack.com)
- Elon is trying to reassure Twitter ($TWTR) advertisers. (variety.com)
Hedge funds
- Big money managers keep snapping up private credit shops. (ft.com)
- Multi-strategy hedge funds are the new fund of funds. (ft.com)
Mortgages
- Mortgage rates are at a 20-year high. (wsj.com)
- Why mortgage rates are so high, and it isn't Treasurys. (bloomberg.com)
Inflation
- Through a statistical quirk, the Fed is causing the inflation it is fighting. (ritholtz.com)
- How rapid spikes in inflation play out. (papers.ssrn.com)
Economy
- Positive Q3 GDP is welcome but not enough to defuse recession worries. (econbrowser.com)
- No sign yet of a sustained uptick in weekly initial unemployment claims. (calculatedriskblog.com)
Earlier on Abnormal Returns
- Longform links: intermediated by AI. (abnormalreturns.com)
- What you missed in our Wednesday linkfest. (abnormalreturns.com)
- Personal finance links: transformative purchases. (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)