Quote of the Day
"One cannot ignore the irony that tech has spent years blasting the slow and stodgy government systems of the 20th century only to cry out, in times of need, for the Fed, the Treasury, and the FDIC to save the day—three institutions with a collective age of several hundred years."
(Derek Thompson)
Chart of the Day

A fun chart showing how Apple ($AAPL) performed relative to the SPDR S&P 500 ETF Trust ($SPY) since inception.
Markets
- The demise of SIVB upended all manner of market trends. (wsj.com)
- The bond market reversal caught a lot of managed futures funds offsides. (rcmalternatives.com)
- Why Treasury bonds are not risk-free. (rationalwalk.com)
Media
- Disney ($DIS) has some big strategic decisions to make. (on.ft.com)
- Free streaming numbers are moving up and to the right. (variety.com)
- How 'Ted Lasso' has become a big business. (huddleup.substack.com)
Silicon Valley Bank
- How Silicon Valley Bank took its eye off the risk management ball. (nytimes.com)
- There's little doubt that social media played a role in the downfall of SVB. (wsj.com)
- Banking has risks that other industries simply don't. (morningstar.com)
- SVB stood out in terms of the amount of uninsured deposits. (axios.com)
Regional
- The demise of SVB can't be good news for Silicon Valley real estate. (wealthmanagement.com)
- As Sunbelt metro areas grow, so do their traffic woes. (wsj.com)
- Gentrification (and short-term rentals) are upending neighborhoods in Austin, TX. (texasmonthly.com)
Europe
- Britain wants to lure early retirees back into the workforce. (nytimes.com)
- France is a big outlier when it comes to retiree income support. (wsj.com)
- Russia's population is spiraling downward. (washingtonpost.com)
Economy
- The economy is on the verge of a manufacturing recession. (bonddad.blogspot.com)
- National homebuilder confidence ticked higher in March 2023. (calculatedriskblog.com)
Earlier on Abnormal Returns
- Personal finance links: taking actual risks. (abnormalreturns.com)
- What you missed in our Tuesday linkfest. (abnormalreturns.com)
- Research links: reducing noise. (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)