Quote of the Day
"The real world has no silos. The big learning comes when you connect the dots from one field to the next."
(Morgan Housel)
Chart of the Day

Leading U.S. economic indicators have been falling for a year now. (via @bespokeinvest)
Companies
- RIP, Bed, Bath & Beyond ($BBBY). (axios.com)
- Apple ($AAPL) is being very deliberate in its approach to financial services. (ft.com)
- Pepsi ($PEP) is quietly working to make its products healthier. (wsj.com)
Policy
- The IRA and CHIPS Act have caused a surge in domestic manufacturing investment. (axios.com)
- Hiking Social Security retirement ages would disproportionately hurt lower income Americans. (theatlantic.com)
- The U.S. should accept any Chinese refugee who wants in. (noahpinion.substack.com)
- Police reform may be impossible without gun reform. (theatlantic.com)
- Would ranked-choice voting help save U.S. democracy? (politico.com)
- Not every HOA sucks, but a lot do. (vox.com)
Economy
- Earnings can fall even without an economic recession. (tker.co)
- Demography isn't going to tell you much about future inflation. (awealthofcommonsense.com)
- Companies are not afraid to raise prices. (ritholtz.com)
- The economic schedule for the coming week. (calculatedriskblog.com)
Earlier on Abnormal Returns
- Top clicks last week on the site. (abnormalreturns.com)
- What you missed in our Saturday linkfest. (abnormalreturns.com)
- Ramit Sethi teaches you how to spend money. (abnormalreturns.com)
- Just in time for tax day, a custom indexing linkfest! (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)