Quote of the Day
"Position sizing is often treated as a secondary consideration to identifying a good investment. But in portfolio management it is critical."
(Marc Rubenstein)
Chart of the Day

Mortgage rates are at their highest level since December 2000. (chart via Freddie Mac)
Companies
- What now for Microsoft ($MSFT) after closing the Activision Blizzard deal? (theringer.com)
- The customer experience at Amazon ($AMZN) is getting worse. (ritholtz.com)
- Is Apple ($AAPL) making it too hard to do stuff on the Mac? (macworld.com)
Sports gambling
- Disney ($DIS) wanted no part of sports gambling, now its all in. (wsj.com)
- Sports books are embracing novelty bets. (theatlantic.com)
- How big a problem is youth gambling? (vice.com)
Fund management
- Why impact investing has been a disappointment. (aswathdamodaran.blogspot.com)
- How rising interest rates should affect hedge fund hurdle rates. (institutionalinvestor.com)
Housing
- Higher mortgage rates are causing more people to stay put. (wsj.com)
- How to reconcile home prices with worsening affordability. (ft.com)
Earlier on Abnormal Returns
- This blog just celebrated its eighteenth anniversary. (abnormalreturns.com)
- Podcast links: deepening deepfakes. (abnormalreturns.com)
- What you missed in our Thursday linkfest. (abnormalreturns.com)
- Longform links: an inch-deep pool of self-interest (abnormalreturns.com)
- The current ETF market provides something for everyone. (abnormalreturns.com)
- Dying with zero: the life of Charles Feeney. (abnormalreturns.com)
- Sub-3% mortgage rates are now a distant memory. (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)