Quote of the Day
"All of these easy get-rich schemes use similar themes: Making it look simple to earn lots of money without much experience, expertise, or effort."
(Barry Ritholtz)
Chart of the Day

Central bank gold buying surged the past three months. (chart via @ycharts)
Strategy
- Everybody talks their book. (covestreetcapital.com)
- 20 lessons Seth Klarman learned from the GFC including 'Do not accept principal risk while investing short-term cash...' (investmenttalk.substack.com)
Crypto
- Tesla ($TSLA) a big hit on its Bitcoin holdings. (electrek.co)
- Putting Grayscale Bitcoin Trust ($GBTC) into retirement accounts has backfired. (wsj.com)
- SBF's crimes hurt regular people. Don't let the crypto angle fool you. (msn.com)
Europe
- European companies have jumped on the stock buyback train. (ft.com)
- The case for the value factor in Europe. (mailchi.mp)
Startups
- The startup space is going through a collective cleanse. (avc.com)
- How to name a company these days. (bloomberg.com)
Companies
- Exxon Mobil ($XOM) generated record profits in 2022. (wsj.com)
- Spotify ($SPOT) showed some subscriber momentum. (variety.com)
- J&J ($JNJ) failed in its attempt a the Texas Two-Step. (cnbc.com)
Amazon
- John Herrman, "Amazon hasn’t been acting like a store for a while." (nymag.com)
- There is a bear market in cardboard demand. (freightwaves.com)
Economy
- Per Case-Shiller, national home prices fell in November 2022. (calculatedriskblog.com)
- The term spread is screaming recession. (econbrowser.com)
- CPI OER is going to fall throughout 2023. (bonddad.blogspot.com)
Earlier on Abnormal Returns
- Research links: considering all factors. (abnormalreturns.com)
- What you missed in our Monday linkfest. (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)