Quote of the Day
"Swimming in any ocean comes with risk, just like in investing."
(Justin Carbonneau)
Chart of the Day
Capturing the momentum factor is tricky – the case of the iShares MSCI USA Momentum Factor ETF ($MTUM). (chart via @ycharts)
Rates
- If Fed funds top out at 5.5%, what does that mean for the bond market? (disciplinefunds.com)
- Real yields are at their highest level in 15 years. (capitalspectator.com)
Strategy
- The stock market goes up (mainly) over time. So why does it make us miserable? (tonyisola.com)
- Sam Ro, "If you feel that the economic and market headlines seem overly negative, then it might be time to reconsider how you’re getting your information." (tker.co)
- How to invest if you have a really long time horizon. (klementoninvesting.substack.com)
- The stock market is never, not risky. (blog.validea.com)
Cash management
- The demise of SVB sent companies looking for new cash management alternatives. (axios.com)
- Startups focused on cash management for businesses are hot. (riaintel.com)
SPACs
- EV maker Vinfast ($VFS) just went public via a SPAC and it was something. (bloomberg.com)
- Former SPAC, Wheels Up ($UP) is being recapitalized. (wsj.com)
- How the SPAC explosion was different: disclosure. (herbgreenberg.substack.com)
Venture capital
- New unicorns have once again become a rare breed. (news.crunchbase.com)
- Well-run companies have well-run board meetings. (crossstack.substack.com)
AI
- AI isn't going to supercharge the American economy any time soon. (bloomberg.com)
- What if generative AI is a dud? (garymarcus.substack.com)
- How AI is being used by grifters. (vox.com)
- Why AI got overhyped. (garymarcus.substack.com)
Economy
- Why haven't higher interest rates tanked the economy? (theirrelevantinvestor.com)
- Housing is still a net positive for the economy. (bonddad.blogspot.com)
- The vibecession is over. (ft.com)
Earlier on Abnormal Returns
- Personal finance links: making big decisions. (abnormalreturns.com)
- What you missed in our Tuesday linkfest. (abnormalreturns.com)
- Research links: sticking with losing decisions. (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)
