Quote of the Day
"Routine is necessary to build positive habit patterns, but life becomes stale when it is dominated by routine."
(Brett Steenbarger)
Chart of the Day

Check out the growing spread on 1 and 3 month T-bills. (chart via @ycharts)
Markets
- Apple ($AAPL) and Microsoft ($MSFT) now make up some 13.4% of the S&P 500. (ft.com)
- Financial influencers are not the problem. You are. (safalniveshak.com)
Crypto
- Just how real is the Bitcoin rally? (institutionalinvestor.com)
- Coinbase ($COIN) has sued the SEC seeking regulatory clarity. (blockworks.co)
- John Oliver looks at the demise of Terra/Luna, Celsius and FTX. (youtube.com)
Companies
- Ed Zitron, "Ultimately, Meta/Facebook is not an innovative company." (ez.substack.com)
- J&J ($JNJ) consumer-focused spin-off Kenvue is coming. (biopharmadive.com)
- 3M ($MMM) is cutting jobs, again. (bloomberg.com)
Finance
- Is there a way forward for First Republic ($FRC)? Some details on a potential rescue plan. (semafor.com)
- Why European companies love to list on a U.S. exchange. (ft.com)
Housing
- Lower mortgage rates aren't going to help buyers all that much. (bloomberg.com)
- The Case-Shiller national home index will soon turn negative. (calculatedrisk.substack.com)
- Later this year, housing will help drag down CPI. (bonddad.blogspot.com)
- Patrick O'Shaughnessy talks modular home manufacturing with Alexis Rivas, CEO of Cover. (joincolossus.com)
Ukraine
- Global public perception of Russia has plunged, post-invasion. (semafor.com)
- The longer the war goes on, the more complications there are for Ukrainian refugees. (npr.org)
- 'Save Ukraine' is trying to reunite children sent to Russia with their parents. (nytimes.com)
- Ukraine's crime syndicates are working to fight Russia. (thedailybeast.com)
Earlier on Abnormal Returns
- Research links: deploying AI. (abnormalreturns.com)
- What you missed in our Monday linkfest. (abnormalreturns.com)
- Adviser links: vulnerable later in life. (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)