Quote of the Day
"A short-seller is a professional conspiracy theorist, who believes They're Hiding Something, sets out to prove it, and expresses this view with both a manifesto and some put options. The bad short sellers go out of business, and the good ones put bad companies out of business."
(Byrne Hobart)
Chart of the Day
Airbnb, Pinterest and Snowflake stand out as VC-backed companies from the past decade that are actually trading above their IPO values. (chart via @ycharts)
Strategy
- The 60/40 portfolio is flawed, but you need an alternative. (morningstar.com)
- Investors don't need to make snap judgments. (behaviouralinvestment.com)
Finance
- Inside Vanguard's bond indexing money machine. (wealthmanagement.com)
- Why Arm Holdings is bypassing London for New York for its IPO. (cnbc.com)
Venture capital
- Airbnb, Pinterest and Snowflake stand out as VC-backed companies from the past decade that are actually trading above their IPO values. (news.crunchbase.com)
- a16z wants to bet on "early-stage companies that "support the national interest." (axios.com)
- Some VCs are looking to fund laid off tech workers. (news.crunchbase.com)
Retailing
- Suburban retail locations are seeing a bump from hybrid work schedules. (wsj.com)
- Amazon's ($AMZN) bet on 'just walk technology' has foundered. (theinformation.com)
- Should you tip even if you don't interact with another human being? (wsj.com)
Finance
- Bank borrowing from the Fed's discount window is back down to normal levels. (axios.com)
- Goldman Sachs ($GS) has settled a long standing lawsuit alleging gender pay discrimination. (fortune.com)
- Who earned a record whistleblower award from the SEC? (ft.com)
Business books
- An excerpt from "SBF: How the FTX Bankruptcy Unwound Crypto’s Very Bad Good Guy" by Brady Dale. (institutionalinvestor.com)
- A Q&A with Felix Salmon author of "The Phoenix Economy: Work Life, and Money in the New Not Normal." (fintechlatest.substack.com)
- An excerpt from “Plunder: Private Equity’s Plan to Pillage America” by Brendan Ballou. (nytimes.com)
Economy
- Credit conditions are tight in the American economy. (bonddad.blogspot.com)
- Lumber prices are down to pre-pandemic levels. (calculatedriskblog.com)
Earlier on Abnormal Returns
- Research links: ignoring regret. (abnormalreturns.com)
- Everybody is a creator, whether they acknowledge it or not. (abnormalreturns.com)
- What you missed in our Monday linkfest. (abnormalreturns.com)
- Adviser links: a fundamental misalignment. (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)
