Quote of the Day
"For good reason, the best investors in history – the likes of Warren Buffett, Peter Lynch, and Seth Klarman – have assiduously avoided trying to forecast the future."
(Robert Seawright)
Chart of the Day
Japanese government bond yields are at their highest levels since the 1990s.
Markets
- There is a new high in the number of global stock markets hitting new highs. (entrylevel.topdowncharts.com)
- Small caps are having a moment. (allstarcharts.com)
- So are microcaps. (capitalspectator.com)
Strategy
- There are no members of the forecasting hall of fame. (betterletter.substack.com)
- Market leadership can change without the market breaking. (excessreturnspod.substack.com)
- There is one upside to illiquid investments. They prevent you from making rash decisions. (behaviouralinvestment.com)
Economy
- December CPI was in line, but grocery prices are still an issue. (axios.com)
- Eleven things weighing on consumer confidence. (larryswedroe.substack.com)
- Net migration was likely negative in 2025. (washingtonpost.com)
- Bill McBride of Calculated Risk is pulling back on economic coverage. (calculatedriskblog.com)
Earlier on Abnormal Returns
- Research links: earnings uncertainty. (abnormalreturns.com)
- What you missed in our Monday linkfest. (abnormalreturns.com)
- Adviser links: thinking about success. (abnormalreturns.com)
- Don't miss a thing! Sign up for our daily e-mail newsletter. (abnormalreturns.com)
Mixed media
- Google referral traffic was way down in 2025. (pressgazette.co.uk)
- Nicholas Carr, "The rise of generative artificial intelligence, as both a practical technology and a popular obsession, crystallises Big Tech’s cultural takeover." (unherd.com)
- A sign of the times: an app called 'Are You Dead?' is popular in China. (semafor.com)
