Quote of the Day
"Rich people invest early — before a company launches its first product and before a building is built. Everyone else comes along later once a lot of the value has been created and the project has been "derisked."
(Dror Poleg)
Chart of the Day
Putting today’s mortgage rates into some historical perspective. (chart via @lenkiefer)
Strategies
- Why anomalies don't often make for great ETFs. (citywire.com)
- Why traditional measures of market risk don't apply to private credit funds. (wsj.com)
- What if Warren Buffett had continued to run his hedge fund? (monevator.com)
Finance
- The Fed now admits some blame for the demise of SVB. (npr.org)
- Why it's hard to say precisely what's going on in the office building market. (ft.com)
- Harley Davidson ($HOG) says there is a shortage of repo men. (bloomberg.com)
Companies
- Will Marc Benioff ever give up the reins at Salesforce ($CRM)? (businessinsider.com)
- Amazon's ($AMZN) ad business is growing faster than AWS. (axios.com)
- Intel ($INTC) just suffered its worst quarter on record. (wsj.com)
- Spotify ($SPOT) now has more than 515 million users, 210 million that are paid. (theverge.com)
- ExxonMobil ($XOM) and Chevron ($CVX) are seeing record profits. (bloomberg.com)
Smoking
- U.S. adult smoking rate has hit an all-time low. (apnews.com)
- The U.S. is a standout when it comes to smoking. (semafor.com)
Weed
- How California and New York botched marijuana legalization. (wsj.com)
- Legal marijuana use is all well and good, but it shouldn't be celebrated. (washingtonpost.com)
- How weed strains get their names. (esquire.com)
Economy
- The Fed's favorite inflation measure (PCE) is down to 4.1% year-over-year. (calculatedriskblog.com)
- The economy doesn't feel like it is in recession. (axios.com)
Earlier on Abnormal Returns
- Podcast links: the science of sleep. (abnormalreturns.com)
- What you missed in our Thursday linkfest. (abnormalreturns.com)
- Longform links: an unprecedented opportunity. (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)
