Quote of the Day
"Once you take risk out of a part of a bank’s operations, it is hard to let market principles govern the rest."
(Roger Lowenstein)
Markets
- Bonds are once again a risk-off asset. (thereformedbroker.com)
- Markets are betting the Fed is closer to a pause. (econbrowser.com)
- Oil prices are below where they were before the Ukraine war. (axios.com)
Strategy
- Risk is what you don't see coming. (theirrelevantinvestor.com)
- How crises affect our risk perceptions. (behaviouralinvestment.com)
- Pundits love to peddle fear in the face of market volatility. (fa-mag.com)
Companies
- Facebook has shed some 25% of its workforce in the past few months. (drorpoleg.com)
- What Zuck has to say to the tech industry. (investmenttalk.substack.com)
- Google Cloud is shifting its customer focus. (theinformation.com)
- Office vacancies rates are not improving. (axios.com)
Finance
- Why 2023 is not a replay of 2008-09. (ritholtz.com)
- Credit Suisse is not Silicon Valley Bank. (ft.com)
- Japan bank portfolios are full of long dated bonds. (economist.com)
- First Republic Bank ($FRC) hasn't always been a standalone entity. (thebasispoint.com)
- American Express ($AXP) cards have appeal to Gen Z and Millennial customers. (barrons.com)
- Social media played a big role in the demise of SVB. (thisisthetop.substack.com)
Ukraine
- The conflict in Ukraine is the first GoFundMe war. (wsj.com)
- Russia has committed war crimes by taking Ukrainian children across the border. (semafor.com)
- Ukraine is running low on munitions. (nytimes.com)
Economy
- Still no sign of a turn in weekly initial unemployment claims. (calculatedriskblog.com)
- Housing construction leads almost every recession. (bonddad.blogspot.com)
- Good weather boosted employment in February. (calculatedriskblog.com)
- We still aren't building enough single family homes. (thebasispoint.com)
- The Fed is buying time to allow unrealized losses to roll off bank balance sheets. (soonparted.co)
Earlier on Abnormal Returns
- Longform links: combating burnout. (abnormalreturns.com)
- Don’t waste your emotional capital investing out of spite. (abnormalreturns.com)
- What you missed in our Wednesday linkfest. (abnormalreturns.com)
- Personal finance links: taking actual risks. (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)
Mixed media
- Nobody wants to log into your site to read your content. (theverge.com)
- An exmaple why scaling a media business is so difficult. (simonowens.substack.com)
- Companies continue to deprecate customer support phone lines to everyone's loss. (wapo.st)
- Tech layoffs are setting off a scramble for people with H1-B visas. (restofworld.org)
