Quote of the Day
"Even if it never takes over the housing market, Airbnb will change it forever."
(Dror Poleg)
Chart of the Day

India’s stock market is putting the rest of the EM to shame. (chart via @ycharts)
Markets
- Small cap stocks stand out for their cheap valuations. (morningstar.com)
- Why have energy stocks and oil prices diverged? (compoundadvisors.com)
Strategy
- Ben Carlson, "We’ve never seen a market environment like this where both stocks and bonds were crushed simultaneously." (awealthofcommonsense.com)
- A Q&A with Bob Pisani author of “Shut Up & Keep Talking: Lessons on Life and Investing from the Floor of the New York Stock Exchange.” (thinkadvisor.com)
Crypto
- Crypto advocates are trying to push blame for FTX onto regulators. (msn.com)
- Texas is feeling the pain of the crypto mining downturn. (bloomberg.com)
- Is there a way forward for crypto, post-FTX? (nytimes.com)
Finance
- When will the big banks fix its Zelle fraud problem? (observer.com)
- Treasury market liquidity is a growing risk. (ft.com)
- Credit cards are a legacy system. (bam.kalzumeus.com)
Venture capital
- The hurdles that startups need to get over to raise additional capital are now higher. (semilshah.com)
- Venture capital is now bearing fruit in areas like AI. (notboring.co)
Funds
- Why the mutual fund-to-ETF conversion wave is just beginning. (ft.com)
- You might be surprised what is the country's second largest bond fund. (morningstar.com)
Economy
- The labor economy drives spending, not savings. (stayathomemacro.substack.com)
- New factory orders are still strong. (bonddad.blogspot.com)
- New heavy truck sales continue apace. (calculatedriskblog.com)
- More jobs don't equal inflation. (valueplays.net)
Earlier on Abnormal Returns
- Adviser links: technical skill. (abnormalreturns.com)
- It's been awhile since anyone has commented on my book. Thanks, Dave! (ritceyteam.com)
- What you missed in our Sunday linkfest. (abnormalreturns.com)
- Top clicks 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)