Quote of the Day
"Simply put, Musk is flushing Twitter down the sink."
(Natasha Lomas)
Chart of the Day

The Fed is out of step with the market. (chart via @ycharts)
Markets
- Investor psychology hasn't changed much in the past 112 years. (behaviouralinvestment.com)
- How to avoid investment complexity. (morningstar.com)
- Asset location, 101. (obliviousinvestor.com)
Companies
- Alibaba ($BABA) is splitting into six companies. (cnn.com)
- Google ($GOOGL) is deprecating some Fitbit social features. (arstechnica.com)
- Disney ($DIS) has eliminated its metaverse division. (wsj.com)
- Apple ($AAPL) is finally rolling out its BNPL service, Apple Pay Later. (theverge.com)
Banks
- First Citizens ($FCNCA) is not afraid at buying busted banks. (ft.com)
- Bank equity holders have taken it on the chin this time around. (axios.com)
- The depositor panic seems to have abated. (ft.com)
- Where SVB's deposits fled. (thebasispoint.com)
Work
- Don't bring people back to the office without good coffee. (bloomberg.com)
- Nine things you shouldn't do via e-mail. (adamgrant.substack.com)
- Who's job at-risk of generative AI? (ft.com)
Economy
- The January 2023 Case-Shiller numbers show a continued deceleration in home price gains. (calculatedriskblog.com)
- The Fed is out of step with the market. (theirrelevantinvestor.com)
- Financial stresses are on the rise. (bonddad.blogspot.com)
Earlier on Abnormal Returns
- Research links: an ensemble of models. (abnormalreturns.com)
- Do you wonder why everything looks the same these days? (abnormalreturns.com)
- What you missed in our Monday linkfest. (abnormalreturns.com)
- Adviser links: hyperbole cycles. (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)