Quote of the Day
"You can’t possibly know everything there is to learn in the vast history of the world, but with every book you read, the fingerprints of history start to fill in the gaps."
(Michael Batnick)
Chart of the Day

The spread between the energy sector and the stock market this year is stunning. (chart via @ycharts)
Strategy
- The stock market is rewarding companies showing profitability. (theirrelevantinvestor.com)
- When bond diversification dilutes your portfolio diversification. (wsj.com)
- Why we should never be 100% certain about any outcome. (ramp.beehiiv.com)
Crypto
- Binance and FTX are beefing. (ft.com)
- El Salvador's Bitcoin experiment is an abject failure. (bloomberg.com)
Companies
- Energy companies have been direct beneficiaries of the war in Ukraine. (ft.com)
- Airbnb ($ABNB) is going to make its pricing more transparent. (engadget.com)
Fund management
- How much is ByteDance worth? Mutual fund companies disagree. (morningstar.com)
- Investors really don't want to have to vote their shares. (ft.com)
China
- Xi has changed the compact between business and the Party. (nytimes.com)
- Remember Luckin Coffee? It is thriving again. (wsj.com)
- China leads the world in deploying industrial robots. (wisdomtree.com)
Deflation
- Wholesale used car prices fell in October 2022. (calculatedriskblog.com)
- Used Rolex prices are in a bear market. (snippet.finance)
Economy
- We're all just sitting around waiting for the recession to start. (awealthofcommonsense.com)
- It's getting harder to ignore the role of corporate profits on inflation. (ritholtz.com)
- The labor economy is decelerating but isn't in a downturn. (bonddad.blogspot.com)
Earlier on Abnormal Returns
- Adviser links: a winning model. (abnormalreturns.com)
- What you missed in our Sunday linkfest. (abnormalreturns.com)
- What everyone was reading last week on the site. (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)
Mixed media
- Seth Godin, "Standing for something is a good way to avoid having someone stand on you." (seths.blog)
- The stock market undervalues political capital. (sparklinecapital.com)
- Brett McKay talks with Robert Talisse author of "Overdoing Democracy: Why We Must Put Politics in Its Place." (artofmanliness.com)
- Russia admits to interfering in American elections. (reuters.com)