Quote of the Day
"The ESG boom has probably encouraged companies to improve their disclosure about such issues as emissions and gotten them to think more concretely about the risk that climate change poses to their operations. But a vehicle for woke capitalism it’s not."
(James Surowiecki)
Chart of the Day
The cap-weighted and equal-weighted S&P 500 don’t look all that different. (chart via @ycharts)
Cash
- How to choose between T-bills and CDs. (wsj.com)
- Investors have poured some $600 billion into money market funds YTD. (ft.com)
- Retail investors are increasingly snapping up T-bills at auction. (barrons.com)
Strategy
- The stock market is long term proposition. (awealthofcommonsense.com)
- When trading, it's okay to hit the reset button. (allstarcharts.com)
Companies
- In the past decade, Nvidia ($NVDA) stock has gone up some 250x. (tomtunguz.com)
- Morgan Housel, "Companies should want the valuation they deserve, and not a penny more." (collabfund.com)
- The 100 most reputable companies in America. (axios.com)
Finance
- Why are auto insurance premiums on the rise? (ft.com)
- JP Morgan Chase ($JPM) is getting out of the personal line of credit business. (theinformation.com)
Energy
- Gasoline prices are down some 22% year-over-year headed into Memorial Day weekend. (nytimes.com)
- Lower natural gas prices are helping buoy the global economy. (wsj.com)
Economy
- The current bout of inflation is nothing if not complicated. (stayathomemacro.substack.com)
- The share of foreign-born workers in the U.S. labor force reached a record high in 2022. (axios.com)
Earlier on Abnormal Returns
- Podcast links: diverse decision making. (abnormalreturns.com)
- What you missed in our Thursday linkfest. (abnormalreturns.com)
- Longform links: no guarantee of happiness. (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)
