Quote of the Day
"Crypto, in theory, works. In a perfect world, perhaps we could remove the middlemen, "own" our money, and ditch the government. But theory ignores reality. And reality is messy."
(Jack Raines)
Chart of the Day
The Nasdaq 100 has been outperforming the broad market for the better part of a decade now.
Housing
- Mortgage rates are at a 23-year high, per Freddie Mac. (cnn.com)
- 8% 30-year mortgage rates are not off the table. (wsj.com)
- Millennials are bearing the brunt of the tight housing market. (on.ft.com)
Strategy
- Why some people like to research and hold individual stocks instead of funds. (investmenttalk.co)
- The only reaction to an investment mistake is to admit it. (klementoninvesting.substack.com)
- Why economic moats matter. (flyoverstocks.com)
Crypto
- Crypto should have created something useful by now. (youngmoney.co)
- Ethereum futures-based ETFs are here. (riaintel.com)
Companies
- Did Target ($TGT) really close nine stores due to shoplifting? (popular.info)
- Can 3M ($MMM) keep coming up with new products? (wsj.com)
- Is GSK ($GSK) dragging its feet on a TB vaccine? (propublica.org)
China
- Hong Kong's stock market is now dominated by mainland Chinese companies. (wsj.com)
- You can dis-invest from China but you are still not free of its influence. (economist.com)
Economy
- Heavy truck sales rose in September. (calculatedriskblog.com)
- Weekly initial unemployment claims are still now showing much labor market weakness. (bonddad.blogspot.com)
Earlier on Abnormal Returns
- Longform links: when hobbies become side hustles. (abnormalreturns.com)
- What you missed in our Wednesday linkfest. (abnormalreturns.com)
- Personal finance links: a bad plan. (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
- Molly Jane Zuckerman, “Going Infinite” was intended to be a success story. Unfortunately, when its main character turned into a failure overnight, so did the book." (blockworks.co)
- Michael Lewis is coming under criticism from people who haven't read the book. (ritholtz.com)
- Despite the evidence, Michael Lewis wrote a hero story. (newsletter.mollywhite.net)
