Quote of the Day
"Two-thirds of economists expect one in 2023. I was also in that camp in 2022, but now I’m not so sure."
(Michael Batnick)
Chart of the Day

How major asset classes performed in 2022 and the past decade.
Markets
- There's no sign that options trading is slowing down. (wsj.com)
- The 10-year Treasury rates peaked back in the Fall. (axios.com)
Finance
- Private equity managers are abusing their discretion when it comes to valuations. (institutionalinvestor.com)
- Goldman Sachs ($GS) is laying off thousands of workers this week. (thinkadvisor.com)
- Black founders in the U.S. raised about 1% of 2022 venture capital funding. (techcrunch.com)
Hybrid work
- Bob Iger wants Disney ($DIS) workers back in the office four days a week. (cnbc.com)
- It's hard to take remote work away once you provide it as a option. (nytimes.com)
Global
- The UK's worker shortage is exacerbated by long Covid. (nytimes.com)
- Warm weather has helped Europe withstand Russian gas cutoffs. (bloomberg.com)
- The war in Ukraine is damaging the ecosystem in the Black Sea. (bbc.com)
- Apple ($AAPL) is planning to open stores in India. (theverge.com)
Economy
- Roger Lowenstein, "The only “good” Fed is that one promotes sustainable growth. Galloping inflation is never sustainable; rapidly rising prices are the antithesis of stability." (rogerlowenstein.substack.com)
- Wholesale used vehicles prices down nearly 15% over the past year. (calculatedriskblog.com)
- Mortgage buydowns are the hot new thing helping the housing market. (axios.com)
- Apartment rents are set to fall in 2023. (wapo.st)
Earlier on Abnormal Returns
- Adviser links: two forms of growth. (abnormalreturns.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)