Quote of the Day
"Economists should have been less quick to judge what is or is not a bubble."
(Tyler Cowen)
Chart of the Day
Since the initial Fed rate hike, small caps tracked large caps until early this year. (chart via @ycharts)
Markets
- Money market funds are gorging on T-bills. (ft.com)
- The markets are not expecting further Fed rate hikes. (capitalspectator.com)
Strategy
- A history of the pandemic era stock market boom (and bust). (morningstar.com)
- Is gold a good investment? Meh. (monevator.com)
Crypto
- Blackrock ($BLK) is all ready to go with a spot Bitcoin ETF. (etf.com)
- Grayscale is teaming up with FTSE Russell on crypto indices. (blockworks.co)
- Five insights from Zeke Faux's "Number Go Up: Inside Crypto’s Wild Rise and Staggering Fall." (nextbigideaclub.com)
- Remember the guy who forgot the password for a hard drive with 7,002 Bitcoin on it? (wired.com)
Companies
- Danaher ($DHR) has completely remade its business. (herbgreenberg.substack.com)
- Novo Nordisk ($NVO) and Eli Lilly ($LLY) are pushing their advantage in obesity drugs. (ft.com)
Private equity
- Large university endowment funds are holding more private equity and venture capital. (wsj.com)
- Where private equity secondary discounts stand. (ft.com)
- AngelList on the state of early-stage venture capital in Q3 2023. (angellist.com)
- Bruce Springsteen apparently top-ticked the song royalty market. (bloomberg.com)
Global
- Germany's economy has badly lagged since the pandemic. (ft.com)
- Xi has chosen control over growth. (econbrowser.com)
NBA
- The state of the NBA on the start of the 2023-24 season. (huddleup.substack.com)
- NBA rosters are increasingly international. (espn.com)
- Why NBA teams are not stressed by their local TV deals. (frontofficesports.com)
Economy
- Why economists have gotten the post-pandemic economy so wrong. (nytimes.com)
- American households should experience lower energy costs this winter. (wsj.com)
Earlier on Abnormal Returns
- Research links: the impact of finfluencers. (abnormalreturns.com)
- What you missed in our Monday linkfest. (abnormalreturns.com)
- Adviser links: a diversity of goals. (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)
