Quote of the Day
"If you buy a stock just because someone else bought it, and that stock proceeds to decline in value, that’s on you."
(Jack Raines)
Chart of the Day

The discount to NAV for the Grayscale Bitcoin Trust ($GBTC) has been more than cut in half. (chart via @ycharts)
Markets
- When network effects reverse, look out. (flyoverstocks.com)
- AI is rapidly working its way through the hype cycle. (youngmoney.co)
Strategy
- The case for TIPS at today's levels. (morningstar.com)
- What is still relevant in Benjamin Graham's "The Intelligent Investor." (monevator.com)
- Diamonds are a lot less attractive when you can simply manufacture more. (economist.com)
Dumb Money
- What the new movie 'Dumb Money' gets wrong. (ft.com)
- Does the new movie 'Dumb Money' help explain the GameStop era? (vox.com)
Finance
- Look out. Goldman Sachs ($GS) wants in on the sports business boom. (wsj.com)
- If Hipgnosis is any sign, the bull market in song royalties seems to be coming to an end. (ft.com)
Venture capital
- Most companies are not suitable for a venture capital investment. (chrisneumann.com)
- Which companies might go through the IPO window? (news.crunchbase.com)
Private equity
- Apollo ($APO) is rebuilding Yahoo focused on sports and finance. (theinformation.com)
- Don't hold your breath for a great outcome at a KKR-owned Simon & Schuster. (theatlantic.com)
Elon Musk
- Siva Vaidhyanathan, "When rich people convince themselves that they are rich because they’re smart – instead of lucky and ruthless – they tend to misapply their talents to areas far beyond their knowledge or expertise." (theguardian.com)
- CEOs these days are taking their cues from how Elon Musk acts in public. (slate.com)
- Twitter is nearing a settlement with former employees denied pay and bonuses. (msn.com)
- We need more Starlinks, not controlled by a mercurial individual. (theatlantic.com)
- How Russia's propaganda machine successfully fooled Elon Musk. (msn.com)
Economy
- Is the decline in inflation done? (econbrowser.com)
- Has industrial production lost its value as a coincident indicator? (bonddad.blogspot.com)
- Where Q3 GDP nowcasts stand. (econbrowser.com)
- Is the pandemic to blame for persistently gloomy consumer sentiment? (bloomberg.com)
Earlier on Abnormal Returns
- Podcast links: better financial decisions. (abnormalreturns.com)
- What you missed in our Thursday linkfest. (abnormalreturns.com)
- Longform links: the power of focus. (abnormalreturns.com)
- The return on hassle is a real thing. (abnormalreturns.com)
- The question with emerging market equities is if, not when. (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
- David Deming, "In creative jobs, good decisions beat hard work every time." (forklightning.substack.com)
- If you always hit your goals, your goals are likely not ambitious enough. (wsj.com)
- On the value of being a contributor. (tomtunguz.com)
- Your 'hard' is different than 'mine.' (joylere.substack.com)