Quote of the Day
"One thing that was very striking to me about how 2022 unfurled was the constant anger that bubbled underneath the surface."
(Kyla Scanlon)
Chart of the Day

Individual investors have been bearish for the better part of the year.
Content
- Some Substack newsletters that some prominent writers recommend including 'Doomberg.' (petition.substack.com)
- Blair duQuesnay's favorite female-created financial content from 2022. (blairbellecurve.com)
- What some Morningstar ($MORN) analysts recommend from 2022 including “The Bond King: How One Man Made a Market, Built an Empire, and Lost It All” by Mary Childs. (morningstar.com)
Streaming
- Netflix ($NFLX) is adding Nike ($NKE) fitness classes to its content library. (frontofficesports.com)
- Sunday Ticket moving to YouTube TV is only going to accelerate cord cutting. (variety.com)
Companies
- Apple's ($AAPL) semiconductor efforts have hit a wall. (theinformation.com)
- Meta ($META) is paying a financial prices for data breaches related to Cambridge Analytica. (wsj.com)
- 2023 is set to be a big year for new Macs. (macworld.com)
- FTX's bankruptcy lawyers are cashing in. (blockworks.co)
Musk
- Annie Lowery, "Musk’s Twitter purchase never made much financial sense." (theatlantic.com)
- Tesla ($TSLA) is boosting discounts on the Model 3 and Y. (wsj.com)
- How much of Tesla's ($TSLA) woes are due to Musk blowback? (ritholtz.com)
- Linette Lopez on what it's like to cover Elon Musk. (aaronrupar.substack.com)
Finance
- Wall Street bonuses are expected to be down 30-50% in 2022. (nytimes.com)
- Goldman Sachs' ($GS) retail banking push is getting derailed. (semafor.com)
- The London Stock Exchange Group is increasingly a data business. (wsj.com)
- Carlyle Group ($CG) is struggling to hire a CEO. (on.ft.com)
ETFs
- The Vanguard Short-Term Tax-Exempt Bond ETF ($VTES) is the firm's first ETF launch in 20 months. (etf.com)
- What overseas investors need to consider before buying U.S. domiciled ETFs. (on.ft.com)
- A Q&A with Dave Nadig about the big year for ETFs. (thinkadvisor.com)
Economy
- The labor market is the only segment of the economy that isn't rolling over. (bonddad.blogspot.com)
- Consumer balance sheets are in pretty good shape. (mrzepczynski.blogspot.com)
- U.S. population barely grew, 0.4%, in the past year. (wsj.com)
Earlier on Abnormal Returns
- Podcast links: the future of social media. (abnormalreturns.com)
- What you missed in our Thursday linkfest. (abnormalreturns.com)
- Longform links: withstanding financial stress. (abnormalreturns.com)
- How market shocks affect our perceptions of risk. (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)