Quote of the Day
"Focusing on the wrong things is not only exhausting, but it encourages the worst of our investing behaviours – what we think is an effort to add value is very likely to be destroying it."
(Joe Wiggins)
Chart of the Day
Government shutdowns have not tanked the stock market historically. (via @RyanDetrick)
Strategy
- A wide range of outcomes is always on the table. (tonyisola.com)
- The hardest thing about being an investor is deciding what to focus on. (behaviouralinvestment.com)
IPOs
- Putting a valuation on Instacart ($CART). (aswathdamodaran.blogspot.com)
- Speaking of IPOs, Klayvio ($KVYO) is now public as well. (cnbc.com)
Finance
- The life of a short-seller, even when proven correct, is no easy thing. (institutionalinvestor.com)
- Corporate single-family home buyers have slowed their roll. (wsj.com)
- The story of how the VIX index came to be. (ft.com)
Fund management
- Ark Invest is expanding into Europe, via acquisition. (citywire.com)
- Goldman Sachs Asset Management has raised more than $14 billion to buy secondary stakes in PE funds. (ft.com)
Writing online
- Casey Newton, "There are a shocking number of unfilled niches in paid newsletters." (platformer.news)
- Leaving the MSM: one year of writing on Substack. (danieldrezner.substack.com)
- Writing for a living vs. writing for your own knowledge. (neckar.substack.com)
Economy
- Don't get too hung up on all the various real-time GDP forecasts. (ritholtz.com)
- Just when you think inflation has been tamed, signs of strength reappear. (businessinsider.com)
- Is the apartment boom finally over? (housingwire.com)
- Small business optimism is on the rise. (axios.com)
- Does the Fed pay attention to the ECB? (klementoninvesting.substack.com)
Earlier on Abnormal Returns
- Personal finance links: the need to impress. (abnormalreturns.com)
- What you missed in our Tuesday linkfest. (abnormalreturns.com)
- Research links: the inevitability of losses. (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
- Five insights from "Where Is My Office?: The Post-Pandemic Edition" by Chris Kane and Eugenia Anastassiou. (nextbigideaclub.com)
- How inconsistency can help against burnout. (dariusforoux.com)
- Who thrives as a 'little fish in a big pond'? (artofmanliness.com)
- There is no perfect career path. (wsj.com)
