Quote of the Day
"Good investing is a peculiar balance between the confidence to follow your ideas and the flexibility to recognize when you have made a mistake, early."
(Ryan Kreuger)
Chart of the Day

The 3 month-2 year Treasury spread is at record levels. (via @thestalwart and @ycharts)
Markets
- The stock market bottomed three years ago in the early days of the pandemic. (demystifyingmarkets.com)
- Financial stress has increased but is not at GFC-type levels. (econbrowser.com)
Banks
- The banking crisis could play out in tighter credit for small and mid-sized businesses. (wsj.com)
- Why selling SVB has proven to be a difficult task. (theinformation.com)
- Further banking consolidation could create 'banking deserts.' (wsj.com)
CRE
- The suburbs are full of office buildings that are unlikely to be occupied again. (bloomberg.com)
- Office rent renewals are seeing weakness. (axios.com)
- Expect more shopping malls to hit the financing wall. (bloomberg.com)
AI
- Plug-ins are going to make AI even more effective. (fastcompany.com)
- Why Elon Musk has OpenAI envy. (semafor.com)
- Character.AI is now a unicorn. (wsj.com)
TikTok
- TikTok's CEO had a rough go on Capitol Hill. (slate.com)
- Any TikTok ban would likely end up in the courts. (axios.com)
- How the demise of TikTok could play out. (marginalrevolution.com)
Fund management
- What Jack Bogle got right about ETFs. (morningstar.com)
- MSCI is cracking down the ESG ratings for funds. (ft.com)
Earlier on Abnormal Returns
- Podcast links: AI DJs. (abnormalreturns.com)
- What you missed in our Thursday linkfest. (abnormalreturns.com)
- Longform links: the purpose of technology. (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
- What happens when you move to a 'Zoom town' and subsequently lose your job? (bloomberg.com)
- Five insights from "How Big Things Get Done: The Surprising Factors That Determine the Fate of Every Project, from Home Renovations to Space Exploration and Everything in Between" by Bent Flyvbjerg and Dan Gardner. (nextbigideaclub.com)
- How 'loyal employees' can get the short end of the stick. (marketwatch.com)