Quote of the Day
"The thing about risks is that they become less of a problem for markets the more market participants talk about them because that means the risks are probably priced in."
(Sam Ro)
Chart of the Day
The VIX is at its lowest level since before the pandemic. (via @charliebilello)
Markets
- Investors have returned back to the previous bull market's winners. (herbgreenberg.substack.com)
- The stock market does best going forward when the unemployment rate is above average. (awealthofcommonsense.com)
- Fund fees really do matter. (humbledollar.com)
Crypto
- Marc Rubinstein, "The future of crypto in America may yet be decided by Congress, but failing that it will be up to the courts to determine whether a 75+ year old test is as pertinent today as it was when it was devised." (netinterest.co)
- There's really no good news for the crypto industry. (axios.com)
Finance
- IPOs are showing some signs of life. (axios.com)
- Barron's surveys the online brokerage landscape. (barrons.com)
Companies
- The streaming business model is broken. (vulture.com)
- The co-working business is diversifying its client base. (axios.com)
- How the Apple Watch saved the luxury watch industry. (om.co)
- Twitter really hates paying its bills. (platformer.news)
VC
- You can expect to see more startups closing up shop as funding dries. up. (wsj.com)
- How a seed investor approaches valuation discussions. (hunterwalk.com)
- Focus matters for VCs. (caia.org)
Policy
- The era of flush state budgets is coming to an end. (theatlantic.com)
- Why are states easing regulation on child labor? (newyorker.com)
- Merck ($MRK) is suing so as not have to negotiate drug prices with Medicare. (nytimes.com)
- Economists love immigration. People not so much. Why the difference? (newyorker.com)
- Who benefits from the existence of the Federal Home Loan Bank system? (bloomberg.com)
- Ezra Klein talks with Jennifer Pahlka author of "Recoding America: Why Government Is Failing in the Digital Age and How We Can Do Better." (nytimes.com)
Economy
- How will the fertility crisis affect GDP growth? (awealthofcommonsense.com)
- How the housing market is stabilizing. (housingwire.com)
- The pandemic boating boom isn't over just yet. (axios.com)
- The economic schedule for the coming week. (slate.com)
Earlier on Abnormal Returns
- Top clicks this week on the site. (abnormalreturns.com)
- What you missed in our Saturday linkfest. (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)
