Quote of the Day
"Thematic investing appeals to the worst investor instinct: The desire, based on the combination of avarice and undue self-confidence, to outdo one’s neighbor while knowing no more than one’s neighbor."
(John Rekenthaler)
Chart of the Day
Forward S&P 500 earnings estimates stopped going down four months ago. (chart via @sonusvarghese)
Strategy
- Periodic rebalancing is a part of any comprehensive investment plan. (awealthofcommonsense.com)
- Thematic investing appeals to investors' worst instincts. (morningstar.com)
Crypto
- The Three Arrows Capital founders are doing just fine, thank you very much. (nytimes.com)
- Robinhood ($HOOD) is ending support for Solana, Polygon and Cardano. (theblock.co)
- Crypto.com will shut down its institutional exchange service for US customers. (blockworks.co)
- Binance.US to halt dollar deposits. (finance.yahoo.com)
- Are institutional Coinbase ($COIN) clients jumping ship? (institutionalinvestor.com)
Startups
- Can the space industry actually 'hyperscale'? (ft.com)
- When your startup attracts copycats, you are winning. (scheplick.com)
- Five mistakes to avoid in your pitch deck. (fortune.com)
Finance
- The gig economy has come for hedge funds. (bloomberg.com)
- The Blue Owl Capital ($OWL) c-suite is in turmoil. (semafor.com)
- Company managements just can't stop 'double-clicking' on things in conference calls. (ft.com)
Work
- This summer is a good time to be a teenager with a job. (axios.com)
- Google ($GOOGL) is cracking down on remote work. (cnbc.com)
- Why no one wants to be a lifeguard any more. (msn.com)
- A change of jobs may not boost your happiness all that much. (msn.com)
Earlier on Abnormal Returns
- Podcast links: the new economy. (abnormalreturns.com)
- What you missed in our Thursday linkfest. (abnormalreturns.com)
- Longform links: write interesting things. (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)
Mixed media
- The LIV-PGA detente is ridiculous and soulless. (theringer.com)
- LIV Golf is only serving to keep a spotlight on Saudi Arabia's ills. (politico.com)
- Any LIV-PGA deal is going to face regulatory review. (msn.com)
- Nobody in Washington is happy with the PGA-LIV deal. (politico.com)
- A PGA-LIV deal is no sure thing. (thebignewsletter.com)
