Quote of the Day
"Everyone, everywhere, doing almost any task, is just in pursuit of finding some space between expectations and reality."
(Morgan Housel)
Chart of the Day

Fifth place is on the line. Berkshire Hathaway ($BRK.A) is catching up to Tesla ($TSLA) market cap-wise. (chart via @ycharts)
Markets
- The Dow is trouncing the Nasdaq in 2022. (theirrelevantinvestor.com)
- The muni bond market is having its worst year in decades. (barrons.com)
Strategy
- Ben Carlson, "No single strategy works always and forever." (awealthofcommonsense.com)
- Jason Zweig, "Self-control is a key to investing success, but so is fending off self-delusion." (wsj.com)
- Sam Ro, "It can be frustrating to see folks with concentrated positions rake it in on some big winners." (tker.co)
Matt Levine
- Walt Hickey talks crypto with Matt Levine. (numlock.com)
- Josh and Michael talk with Matt Levine and Mary Childs author of "The Bond King." (thereformedbroker.com)
Companies
- Why it's a good thing that tech is getting boring. (wsj.com)
- What killed social media? There's a laundry list of culprits. (ft.com)
- A sign of reality in Silicon Valley is the death of the party round. (nytimes.com)
Policy
- Schools are awash in unspent Covid cash. (washingtonpost.com)
- Tech companies are increasingly worried about immigration shortfalls. (riabiz.com)
- Broadband subsidies are not hitting their goals. (washingtonpost.com)
- How close is betting on political outcomes in the U.S.? (politico.com)
- Congress has done nothing to prevent future child separations. (theatlantic.com)
Economy
- Why the stock market liked recent inflation news. (ritholtz.com)
- Will resilient consumers make the Fed's job harder? (wsj.com)
- Kyla Scan, "The Federal Reserve is increasingly between a rock and a hard place." (kyla.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)