Quote of the Day
“He [Munger] is more responsible than anyone—and even Warren would acknowledge that—in moving the discipline of value investing from just simply buying cheap securities into buying and holding quality businesses for the long haul.”
(Li Liu)
Chart of the Day
The unemployment rate has been below 4% for the longest stretch since the 1960s. (via @charliebilello)
Markets
- Survey data is really only useful at extremes. (theirrelevantinvestor.com)
- Stock markets around the world are at or near their highs. (downtownjoshbrown.com)
Strategy
- Good luck trying to pick the best performing asset class on a year-by-year basis. (awealthofcommonsense.com)
- It takes time to develop your investing principles. (microcapclub.com)
Bitcoin ETFs
- How much in assets will spot Bitcoin ETFs gather? (axios.com)
- A Bitcoin ETF is just another way to speculate. (ft.com)
Companies
- Why have L'Oréal and Estée Lauder stocks diverged so much? (axios.com)
- Why do gold bars on Costco.com ($COST) sell out so quickly? (wsj.com)
Global
- Conflict in the Red Sea is driving up global container shipping rates. (ft.com)
- Just because people are voting, doesn't mean there is actual democracy. (theatlantic.com)
Policy
- Erik McClure, "We could fix everything, we just don’t." (erikmcclure.com)
- Why the booming Sunbelt economy has bypassed the state of Mississippi. (wsj.com)
- U.S. cities are dropping off-street parking requirements. (npr.org)
- The case for Invest America Accounts. (axios.com)
- Trump businesses received $7.8 million from foreign governments while in office. (msnbc.com)
- The threat of violence hangs over the heads of elected Republican officials. (vox.com)
- The NRA may be in decline, but in many ways they have already won. (bloomberg.com)
Economy
- The U.S. labor economy is not overheating. (ft.com)
- Checking in on the health of the U.S. economy. (carsongroup.com)
- The economic schedule for the coming week. (calculatedriskblog.com)
Earlier on Abnormal Returns
- Top clicks last week on the site. (abnormalreturns.com)
- What you missed in our Saturday linkfest. (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)