Quote of the Day
"In many cases, luxury goods cease to have status when they make the owner look stupid."
(Seth Godin)
Chart of the Day

It’s hard to come back from a big drawdown. (chart via @ycharts)
Markets
- How major asset classes performed in November 2022. (capitalspectator.com)
- Lumber is the worst performing commodity of 2022. (marketwatch.com)
- So-called 'zero day' options trading is booming. (ft.com)
FTX
- FTX's collapse was a crime, not an accident. (coindesk.com)
- Why did the Dealbook crowd applaud SBF? (thereformedbroker.com)
- FTX is what can happen when you give a founder unchecked power. (hbr.org)
Companies
- Why Salesforce ($CRM) keeps shedding successors to Marc Benioff. (marketwatch.com)
- Why Netflix ($NFLX) teamed up with Microsoft ($MSFT) to launch an ad-supported tier. (vox.com)
Private equity
- CFOs [collateralized fund obligations] have 'flown largely under the radar.' (on.ft.com)
- Private equity has been slow to mark down portfolio values. (economist.com)
Carbon offsets
- Timberland manager, Manulife Investment Management, is getting into the forest-offset market. (wsj.com)
- Forest carbon offsets don't actually do anything. (theconversation.com)
Global
- Is China's stock market still even investable? (ft.com)
- How European manufacturers are dealing with higher natural gas prices. (noahpinion.substack.com)
- Given conditions on the ground, Ukrainian refugees are waiting to return. (wsj.com)
- It's hard to argue that Brexit has been a net-positive for the UK economy. (ft.com)
Economy
- The October PCE showed slowing inflation. (calculatedriskblog.com)
- Initial unemployment claims are rising, albeit, from a low level. (bonddad.blogspot.com)
- The apartment rental market has rolled over. (calculatedrisk.substack.com)
Earlier on Abnormal Returns
- Longform links: reading and writing well. (abnormalreturns.com)
- What you missed in our Wednesday linkfest. (abnormalreturns.com)
- Personal finance links: what other people think. (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)