Quote of the Day
"The index mindset plays it safe. It throws away a big shot for index returns. It is often the best approach. Not rolling the dice in order to avoid error is the index mindset."
(Robert Seawright)
Chart of the Day
The yield curve, 10 year-3 month, has never been inverted longer. (via @charliebilello)
Markets
- All-time stock market highs is not a bearish signal. (awealthofcommonsense.com)
- The Nikkei 225 is at its highest level in 34 years. (ft.com)
- A valuation analysis of the Magnificent Seven. (aswathdamodaran.blogspot.com)
Strategy
- Moira O'Neill, "Whatever your means, if you’re approaching retirement aiming to fill a pensions black hole by trading, stop it now." (ft.com)
- A review of "The Four Pillars of Investing, Second Edition: Lessons for Building a Winning Portfolio" by William J. Bernstein. (blogs.cfainstitute.org)
- The bigger the portfolio, the more consequential a spreadsheet error. (ft.com)
Companies
- How dependent is Coinbase ($COIN) still on Bitcoin? (blockworks.co)
- IBM ($IBM) is stopping contributions to its 401(k) plan in favor of its pension plan. (nytimes.com)
Whiskey
- What distillers need to consider when it comes to how long to age a whiskey. (anderson-review.ucla.edu)
- An investment fund that only invests in whiskey barrels. (axios.com)
Football
- Football's concussion problem starts before players get to the NFL. (slate.com)
- Why other teams are mad at the San Francisco 49ers. (wsj.com)
- How the yellow line changed how you watch football. (theatlantic.com)
Economy
- Some signs the economy is weaker than the data says. (bonddad.blogspot.com)
- Is the Fed looking at the wrong inflation rate? (stayathomemacro.substack.com)
- Measuring the impact of China on global markets. (klementoninvesting.substack.com)
Earlier on Abnormal Returns
- Podcast links: platform agnosticism. (abnormalreturns.com)
- What you missed in our Thursday linkfest. (abnormalreturns.com)
- Longform links: why competition matters. (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)