Quote of the Day
"It’s no coincidence that most of the all-time great investors — Benjamin Graham, Warren Buffett, Howard Marks, Peter Lynch, etc. — had the innate ability to explain their investment process in a way that everyone could understand it."
(Ben Carlson)
Chart of the Day

Anything Bitcoin-related is taking it on the chin. (chart via @ycharts)
Markets
- If nothing else, the Fed is causing investors pain. (howiesarchive.com)
- The risk/reward equation for bonds has done a 180. (pragcap.com)
FTX
- How FTX unraveled. (thediff.co)
- The Binance deal for FTX is not a foregone conclusion. (coindesk.com)
- The end to the FTX story has not yet been written. (amycastor.com)
- VCs are going to get crushed by the FTX news. (forbes.com)
Companies
- The rising price of cyber insurance is causing some companies to opt out. (ft.com)
- Disney ($DIS) gained streaming customers at the expense of operating profits. (variety.com)
- Taiwan Semi ($TSM) is planning another fab in Arizona. (wsj.com)
- Meta ($META) is laying off some 11,000 employees. (cnbc.com)
- Apple's ($AAPL) advertising push is troubling. (macworld.com)
- Amazon ($AMZN) HQ2 now looks like an anachronism. (protocol.com)
Housing
- Redfin ($RDFN) is laying off 13% of its workforce and is getting out of the home flipping business. (geekwire.com)
- New home cancellations increased sharply in Q3. (calculatedrisk.substack.com)
Economy
- What the Sahm Indicator is saying about a recession. (mrzepczynski.blogspot.com)
- An economic soft landing is not off the table. (bloomberg.com)
Earlier on Abnormal Returns
- Personal finance links: career shifts. (abnormalreturns.com)
- What you missed in our Tuesday linkfest. (abnormalreturns.com)
- Research links: return on capital. (abnormalreturns.com)
- Can a business go from 'extreme reliability' to 'unreasonable hospitality'? (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)