Quote of the Day
"Some of the best market opportunities come from occasions when trades that had been working suddenly don't work."
(Brett Steenbarger)
Chart of the Day

The past year has bailed out Occidental Petroleum’s ($OXY) purchase of Anadarko Petroleum. (chart via @ycharts)
Markets
- U.S. equity market outperformance versus international stocks isn't permanent. (awealthofcommonsense.com)
- Do stocks always outperform bonds over the long run? (mailchi.mp)
Behavior
- What we don't know almost always outweighs what we do. (ritholtz.com)
- Warren Buffett isn't afraid to admit mistakes. (rationalwalk.com)
- Why we love to kick the can down the road, until we can't. (capitalallocators.com)
Companies
- James Surowiecki, "Although buybacks do return capital to shareholders, the same is true of dividends—yet you rarely, if ever, hear politicians blasting dividend payments." (msn.com)
- S&P 500 companies could do $1 trillion in buybacks in 2023. (wsj.com)
- Taxes on share buybacks are a speed bump. (axios.com)
- Job number one for CEOs is capital allocation. (capitalgains.thediff.co)
Startups
- How increased regulatory risk is affecting startup valuations. (tomtunguz.com)
- Why Stripe trades at a discount to publicly traded Adyen. (theinformation.com)
- What makes for a great startup name. (news.crunchbase.com)
Ukraine
- Russia is not shy about sending new conscripts to the front lines. (nytimes.com)
- How some Russians are helping Ukraine in the war. (washingtonpost.com)
- How some Ukrainian companies have keep at it the past year. (wired.com)
Economy
- Another indicator showing a deceleration in the economy. (bonddad.blogspot.com)
- Companies outside of tech are reluctant to shed workers. (nyti.ms)
- How closely is the Fed following the Taylor Rule. (econbrowser.com)
Earlier on Abnormal Returns
- Adviser links: asking good questions. (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)