Quote of the Day
"The meme-stock bubble, though, has no real legacy, other than . . . some memes and catchphrases. It was just a bout of collective madness that made some people very rich and a lot of people much poorer."
(James Surowiecki)
Chart of the Day

Inflation, i.e. core CPI less shelter, has gone negative. (via @calculatedrisk)
Strategy
- Why you likely won't identify the next financial fraud ahead of time. (capitalallocators.com)
- Bitcoin is still trading like a high beta asset. (allstarcharts.com)
Companies
- Nelson Peltz has a bone to pick with Bob Iger and Disney ($DIS). (wsj.com)
- Swearing is on the rise in corporate earnings calls. (ft.com)
Microsoft
- Why everyone is keeping an eye on Microsoft ($MSFT) and OpenAI. (theinformation.com)
- Microsoft ($MSFT) employees are getting unlimited time off. (theverge.com)
AI
- Some sites are already publishing AI-generated content. (futurism.com)
- Don't ban ChatGPT in schools, use it as a teaching tool. (nytimes.com)
- Should ChatGPT be used to write Wikipedia articles? (slate.com)
JP Morgan Chase
- JP Morgan Chase ($JPM) bought Frank, a student loan startup. The lawsuits are now flying. (forbes.com)
- JPMorgan Chase ($JPM) is now shuttering Frank. (cnbc.com)
Startups
- Where Fidelity is marking down (and up) its startup investments. (theinformation.com)
- Why have startups been unable to make a real dent in insurance? (ft.com)
- Flexport is laying off 20% of its workforce. (cnbc.com)
Fund management
- Tidal Financial Group is helping to convert a SMA into a ETF. (ft.com)
- Fund managers and customers want different things. (evidenceinvestor.com)
Economy
- Weekly initial unemployment claims are hanging out at a low level. (bonddad.blogspot.com)
- On the state of the U.S. housing market including falling mortgage rates. (calculatedrisk.substack.com)
- Housing inventory jumped in December. (housingwire.com)
- The Fed doesn't have the tools to fight this bout of inflation. (ritholtz.com)
Earlier on Abnormal Returns
- Longform links: the nature of investing. (abnormalreturns.com)
- What you missed in our Wednesday linkfest. (abnormalreturns.com)
- Personal finance links: finding a new plan. (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)