Quote of the Day
"MSTR [Microstrategy] is selling bonds to fund purchases of BTC [Bitcoin] and those purchases help drive the price of BTC up which allows MSTR to finance more bonds. It’s magnificently brilliant as long as the price of BTC keeps going up."
(Cullen Roche)
Chart of the Day
Microstrategy ($MSTR) has passed up Nvidia ($NVDA) to be the best performing stock over the past five years. (chart via YCharts)
Strategy
- To call an end to this, or any, bull market you need a negative catalyst, or two. (carsongroup.com)
- U.S.-based investors are finding it hard to keep the global diversification faith. (economist.com)
- Why John Rekenthaler was an important voice in financial writing for so long. (morningstar.com)
Finance
- Will private credit default recovery rates best bank loans or high yield bonds? (ft.com)
- You can't cap rates on credit cards without ditching card rewards. (economist.com)
ETFs
- If you're going to own an active strategy, own it in an ETF. (morningstar.com)
- But beware if the ETF is following an illiquid, thematic strategy. (klementoninvesting.substack.com)
Food
- Some evidence the big four potato companies colluded to raise prices. (cbc.ca)
- Orange juice consumption is in secular decline. (sherwood.news)
- Why are people so freaked out about seed oils? (eater.com)
Economy
- Why the Treasury term premium matters. (mrzepczynski.blogspot.com)
- Still no meaningful pickup in weekly initial unemployment claims. (calculatedriskblog.com)
- The agriculture and construction sectors rely heaviest on immigrant labor. (econbrowser.com)
Earlier on Abnormal Returns
- Longform links: data highways. (abnormalreturns.com)
- What you missed in our Wednesday linkfest. (abnormalreturns.com)
- Personal finance links: mostly positive markets. (abnormalreturns.com)
- Have you signed up for daily e-mail newsletter? Well, you should. (abnormalreturns.com)
Mixed media
- Anil Dash, "I know you think you have control over your subscribers on Substack. But understand this: every single new feature Substack releases, from their social sharing to their mobile apps, is proprietary and locks you into their network." (anildash.com)
- Beware platforms wanting to lock you in. (daringfireball.net)
- Why writers should own their home online. (spyglass.org)
