Quote of the Day
"Our future well-being depends on investors that finance crazy ideas. But it also depends on laws that punish executive teams that lie, steal, and forge documents."
(Dror Poleg)
Chart of the Day

It’s getting harder to ignore the inverted yield curve. (chart via FRED)
Bonds
- Bond investors are swapping mutual funds for ETFs. (advisorperspectives.com)
- Bonds vs. bond funds: people have strong feelings. (awealthofcommonsense.com)
- What lessons can we take away from the bond market this year? (monevator.com)
FTX
- Why investors were so willing to overlook issues with FTX, and crypto in general. (wsj.com)
- Taking a tax loss due to FTX-related losses is harder than it looks. (wapo.st)
- FTX is in large part a media story. (om.co)
- Stories of fraud can displace stories of people doing it right. (rationalwalk.com)
Finance
- Banks are sitting on more debt that just Twitter. (bloomberg.com)
- Should you read John Mack’s new book "Up Close and All In: Life Lessons from a Wall Street Warrior." (ft.com)
Companies
- Investors have lost their taste for money-losing, non-core pursuits. (bloomberg.com)
- Liberty Media is doing Liberty-type stuff with the Atlanta Braves. (hollywoodreporter.com)
- Walt Disney World inflation is a thing. (wsj.com)
Russia
- Anne Applebaum, "The [Russia] country’s future will be shaped not by mystical laws of history but by how its leaders and citizens absorb and interpret the tragedy of this shocking, brutal, unnecessary war." (msn.com)
- Explosives have been found near the damaged Nord Stream pipeline. (newscientist.com)
- Putin has done irreparable harm to the Russian economy. (marketwatch.com)
Economy
- It's getting harder to ignore the inverted yield curve. (morningstar.com)
- What causes more 'misery'? Inflation or unemployment. (wsj.com)
- LA port traffic was down in October. (calculatedriskblog.com)
Earlier on Abnormal Returns
- Podcast links: growing ear share. (abnormalreturns.com)
- Don't borrow money to invest. (abnormalreturns.com)
- What you missed in our Thursday linkfest. (abnormalreturns.com)
- Longform links: the rise of the influencer. (abnormalreturns.com)
- Humans have been consuming alcohol for millennia, but people are increasingly saying no. (abnormalreturns.com)
- Life is complicated, your workout doesn't have to be. (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
- Christopher Mims, "The dangers of an internet full of AI-generated content are myriad." (wsj.com)
- Narratives used to keep us alive, now they are used to manipulate us. (ritholtz.com)
- Twitter is more than memes and gifs. It is an important "archive of collective human behavior." (theconversation.com)
- It's easy to forget, but Tumblr still exists. (theatlantic.com)