Quote of the Day
"In this world, the economy is just sort of blah for a long while and we slog along full of uncertainty."
(Allison Schrager)
Chart of the Day

There’s always stuff going on below the surface of the stock market.
Bonds
- The bond market is setting all sorts of historical records this year. (ft.com)
- Why TIPS failed just when investor needed them the most. (morningstar.com)
- Elon Musk tried to wriggle out of it, but he is now the proud owner of Twitter. (axios.com)
- Twitter's time as a public company was a relative disappointment for shareholders. (finance.yahoo.com)
Apple
- Apple ($AAPL) is working hard to rid itself of excess cash. (macworld.com)
- Apple's ($AAPL) Q4 in charts. (sixcolors.com)
Companies
- Michael Batnick, "The multiples on money-losing companies look radically different today than they did a year ago." (theirrelevantinvestor.com)
- Cloud computing revenue growth is slowly notably. (tomtunguz.com)
- Meta ($META) looks bad relative to its FAANGM brethren. (ritholtz.com)
- Airbnb ($ABNB) hosts are feeling a downturn. (bloomberg.com)
Economy
- The apartment market is slowing rapidly. (calculatedriskblog.com)
- Central banks are all fighting the same phenomenon. (mrzepczynski.blogspot.com)
Earlier on Abnormal Returns
- Podcast links: planning a podcast. (abnormalreturns.com)
- What you missed in our Thursday linkfest. (abnormalreturns.com)
- Longform links: intermediated by AI. (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)