Adviser links: feeling like a priority

TaxesEight ways to minimize taxes on the sale of a business. (alphaarchitect.com)When does ‘married filing separately’ make sense? (genyplanning.com)MarketingYou don’t have to be on social media if you don’t want to. (forbes.com)Stop using stock photos on your website. (danielsolin.com)The bizHigh profile startups are turning to celebrities to help build brand value. (investmentnews.com)VCs are betting big […]

Sunday links: hiding in plain sight

MarketsThe meme stock crowd is fickle, at best. (compoundadvisors.com)Do we really want teenagers to trade stocks? (barrons.com)FinanceWhy Engine No. 1 LLC decided to go to war with ExxonMobil ($XOM). (wsj.com)How Blend tripled the amount of mortgages its software helped process. (forbes.com)VCs have poured money into mental health startups. (forbes.com)Fund managementThere is little stopping the growth […]

Saturday links: the gift of feedback

AutosWhy the timeline for autonomous vehicles keeps getting pushed back. (wsj.com)As more EVs hit the road some safety issues arise. (cnbc.com)It’s not just you? Headlights are getting brighter. (nytimes.com)Own a classic car? What about putting an electric drive train in it? (wsj.com)Why aren’t all cars hybrid by now? (vice.com)EnergyBig solar projects have surprising opposition…environmentalists. (wsj.com)Why […]

Coronavirus links: creating incentives

CompaniesJ&J ($JNJ) is going to have to dispose of a big batch of vaccines from the Emergent BioSolutions plant. (nytimes.com)Moderna ($MRNA) is seeking authorization for vaccines for adolescents. (wsj.com)Are other vaccine makers going to be able to take share from the established players over time? (ft.com)VaccinesHow Novavax’s ($NVAX) Covid vaccine works. (npr.org)The case for fractional […]

Friday links: less labor-intensive

StrategyThe best inflation hedge isn’t a hedge at all. (awealthofcommonsense.com)Much of what is called investing these days is speculation. (wsj.com)The ultimate power in investing: being good at suffering. (compoundadvisors.com)CompaniesHow many big companies are going to get built on the Shopify ($SHOP) platforms? (howardlindzon.com)Uber ($UBER) is a big winner in the Didi Chuxing IPO. (wsj.com)Amazon ($AMZN) […]

Podcast links: the housing shortage

HousingJoe Weisenthal and Tracy Alloway talk with Ali Wolf, the chief economist at the data and research firm Zonda, about why there are so few homes for sale in the U.S. (bloomberg.com)Michael and Ben talk with Logan Mohtashami about the state of the residential real estate market. (theirrelevantinvestor.com)Off-topicHoward Lindzon talks with Jim Lanzone, CEO of […]

Thursday links: the quits rate

StrategyWhy the bond market isn’t freaking out about inflation. (twitter.com)You’re better off trying to outpace inflation than hedge it. (monevator.com)CryptoBig custody bank, State Street ($STT), is jumping on the fast-moving crypto train. (ft.com)Why would El Salvador adopt Bitcoin as legal tender? (marginalrevolution.com)Some workers could soon have access to crypto in their 401(k) plans. (wsj.com)CompaniesCompanies are […]

Longform links: the path of least resistance

Book stuffA Q&A with Pete Davis author of “Dedicated: The Case for Commitment in an Age of Infinite Browsing.” (theatlantic.com)A Q&A with Katy Milkman author of “How to Change: The Science of Getting from Where You Are to Where You Want to Be.” (gq.com)CryptoCapital and talent are rushing into DeFi: a lay of the land. […]

Wednesday links: the next big housing shift

Meme stocksThe meme stock phenomenon is not going away. (theirrelevantinvestor.com)The Reddit phenomenon is best understood as rebellion. (tonyisola.com)Clover Health ($CLVR) is one of the beneficiaries of recent meme stock relief. (finance.yahoo.com)Call buying has slowed somewhat. (sentimentrader.com)StrategyConviction is necessary to succeed as an active investor. (blog.validea.com)CryptoInvestors no longer care about MicroStrategy’s ($MSTR) actual business. (wsj.com)Interactive Brokers […]

Personal finance links: focusing on work

HousingAs home prices rise, the $500,000 capital gains exemption is becoming more relevant. (wsj.com)Big chunks of the home loan system are still antiquated. (humbledollar.com)Some companies are making renting an apartment as easy as a couple of clicks. (wsj.com)Beware all those ‘best places to live’ lists. (robertsilvernail.com)Paying for collegeParent PLUS loans can be a real trap […]

Tuesday links: anxiety inducing

Meme stocksIf you have to. how to invest in meme stocks. (ofdollarsanddata.com)The meme stock phenomenon is also an options market phenomenon. (wsj.com)StrategyWas 2020 the new playbook for future bear markets? (awealthofcommonsense.com)Portfolio diversification is in the eye of the beholder. (theirrelevantinvestor.com)BankingBerkshire Hathaway ($BRK.A) is buying a $500 million stake in Brazil’s digital bank operator Nu Pagamentos […]

Research links: deeper research

FactorsYou don’t need a ‘zoo’ to explain the majority of returns. (evidenceinvestor.com)A review of the factor momentum literature. (sr-sv.com)Enough with book-to-market as a valuation measure. (alphaarchitect.com)AlternativesHow best to include managed futures into a portfolio. (wisdomtree.com)Liquid alternative mutual funds never really made a dent in the market. (insights.factorresearch.com)Portfolio managementResearch shows leverage works in theory, in practice […]

Monday links: bubble requirements

MarketsOver any arbitrary time period earnings may not tell you much about how stocks are doing. (awealthofcommonsense.com)Bubbles aren’t all bad, especially when leave infrastructure in the place for the future. (ft.com)This model shows a rising risk of a bear market. (sentimentrader.com)Strategy@demonetizedblog, “Risk tolerance is not easy to measure. Nor is it static. There is a […]

Adviser links: living life

PodcastsChristine Benz and Jeff Ptak talk with Alan Moore, co-founder of the XY Planning Network. (morningstar.com)Dasarte Yarnway talks with Brian Portnoy about funded contentment. (youtube.com)Alex Steger and Frank Talbot talk lessons learned with Ric Edelman founder of Edelman Financial Engines. (citywireusa.com)Going independent is like any other entrepreneurial effort – you need capital to get started. […]

Sunday links: why groupthink persists

StrategyWhy you should ‘front load’ your investment decision making process. (alphaarchitect.com)Why investing a lump-sum is so fraught for investors. (compoundadvisors.com)Diversification works, but it can’t work miracles. (retirementresearcher.com)CryptoIs Bitcoin still the bellwether for the crypto space? (allstarcharts.com)Stablecoins on the on-ramp for the crypt-cautious. (awealthofcommonsense.com)Despite its potential it’s still too early to treat any purchase of crypto […]

Saturday links: your current idea

AutosUsed car prices are helping drive consumer inflation. (ft.com)U.S. traffic deaths soared dramatically after coronavirus lockdowns ended in 2020. (reuters.com)The Drivers Collective wants to compete with Uber ($UBER) and Lyft ($LYFT) in New York. (nytimes.com)The Ford ($F) F-150 Lightning won’t fail due to politics. (marginalrevolution.com)Why Harley Davidson’s ($HOG) new Pan America is such a big […]

Coronavirus links: coronavirus severity

VaccinesModerna ($MRNA) is seeking full approval of its Covid vaccine from the FDA. (politico.com)The immunocompromised are likely to be the first group to get booster shots. (wsj.com)Vaccinated household members help keep family members safer. (medrxiv.org)A pediatrician on why you should get your child vaccinated. (theatlantic.com)Some hints of a link between the vaccines and myocarditis in […]

Friday links: rethinking the role of work

MarketsAre long bear markets now off the table? (theirrelevantinvestor.com)Short selling has been in decline for well over a decade. (valueplays.net)StrategyIt’s hard to generate alpha if your reasoning is hopelessly flawed. (ritholtz.com)How Stanley Druckenmiller deals with losses. (mrzepczynski.blogspot.com)CryptoFTX is spending big to get its name out there. (nytimes.com)Would restrictions on crypto help slow ransomware attacks? (wsj.com)A […]

Podcast links: investing giants

Buffett and SwensenTed Seides remembers David Swensen with Charley Ellis. (capitalallocators.com)Justin Carbonneau and Jack Forehand talk all things Buffett with Robert Hagstrom . (youtube.com)Investing in ChinaRick Ferri talks with Jason Hsu of Rayliant Global Advisors about applying systematic strategies in the Chinese stock market. (bogleheads.podbean.com)Barry Ritholtz talks with noted short-seller Carson Block, CIO of Muddy […]

Thursday links: pouring gasoline on the fire

MarketsGen Z has wrestled control away from the Baby Boomers. (fortune.com)Speculation has always been a feature of markets, but social media (and memes) are something different. (awealthofcommonsense.com)AMC Entertainment ($AMC) is warning you not to buy its stock. (finance.yahoo.com)GameStop and AMC are still in the Russell 2000 Value index. (wsj.com)CompaniesTwitter ($TWTR) Blue has launched. (protocol.com)Prosus is […]

Longform links: dysfunctional drinking

FinanceA closer look at the so-called ‘$113 million New Jersey deli.’ (nytimes.com)A big profile of Chamath Palihapitiya, the ‘pied piper’ of SPACs. (newyorker.com)Big TechAdam Pressman, “If YouTube were a stand-alone entity, that would make it the world’s fourth-largest seller of digital ads, after its parent company, Alphabet, Facebook, and Amazon.” (fortune.com)How Amazon ($AMZN) Prime distorts […]

Wednesday links: shooting for the moon

MarketsWant to know how stocks will do? Watch profit margins. (marketwatch.com)The 10-year breakeven inflation rate has stopped going up, for now. (wsj.com)StrategyThe ten biggest mistakes fund investors make including ‘Seeking smooth returns.’ (behaviouralinvestment.com)You can’t understand AMC ($AMC) by looking at the fundamentals. (theblindfoldedchimp.com)CryptoCoinbase’s ($COIN) pro platform now includes Dogecoin. (coindesk.com)Why Argentina is a hotspot for […]

Personal finance links: trying not to lose

Home equityDon’t be surprised if more Americans start drawing down some home equity. (awealthofcommonsense.com)What to know about pulling equity out of your home. (wsj.com)GivingDon’t wait until the end of your life to give your money away. (tonyisola.com)A look under the hood of the country’s largest donor-advised fund, the Fidelity Charitable Gift Fund. (morningstar.com)CashFour questions to […]

ESG links: stronger ground

DataThis manager says ESG data is still not up to snuff. (barrons.com)ESG matters for small caps, but data is harder to come by. (institutionalinvestor.com)The biggest complaint of ESG investors is poor data quality. (ft.com)ESG indices can different widely when it comes to particular companies. (ft.com)CarbonThe green energy revolution isn’t going to happen without financing, i.e. […]

Tuesday links: FOMO defined

CompaniesSigns that business travel is coming back. (wsj.com)‘Supply chain resilience’ is the new corporate buzzword. (nytimes.com)‘Shrinkflation’ is on the rise. (washingtonpost.com)FinanceThe pressure on SPAC sponsors is only going to grow over time. (wsj.com)Financial exchanges are keeping an eye on new asset classes and instruments. (ft.com)AMCAMC ($AMC) just raised a big round of capital to fund […]

Research links: extremely high valuations

Quant stuffThe 2021 Stocks, Bonds, Bills, and Inflation yearbook is now out. (cfainstitute.org)A round-up of recent white papers including ‘Are value stocks turning into momentum stocks?’ (bpsandpieces.com)ResearchWant to offset inflation? Think trend following. (papers.ssrn.com)A skeptical take on using factors in commodity strategies. (mailchi.mp)Value and momentum: separate portfolios or combined signals? (alphaarchitect.com)Why does the use of […]

Monday links: real risks

MarketsLessons learned from 200 years of market data. (awealthofcommonsense.com)The U.S. economy is experiencing a ‘great reset’ post-pandemic. (bloomberg.com)Nobody said learning about DeFi would be easy. (theirrelevantinvestor.com)HollywoodThe Hollywood-China connection is coming under strain. (hollywoodreporter.com)Film producers don’t necessarily make money. (latimes.com)Hollywood’s unions are now fully focused on living in a streaming world. (hollywoodreporter.com)GlobalChina is now encouraging families […]

Adviser links: unreasonable expectations

PodcastsChristine Benz and Jeff Ptak talk with Andrew Briggs about how to help lower income Americans save for retirement. (morningstar.com)Michael Kitces talks value propositions with Dan Moisand who is a Principal of Moisand Fitzgerald Tamayo. (kitces.com)Cold callingWhy the cold calling era is over. You can blame the Internet. (theirrelevantinvestor.com)Cold calling may be dead but there […]

Sunday links: decades in the making

Quote of the Day “The 2021 housing craze feels as sudden and shocking as the pandemic, but it was decades in the making.” (Derek Thompson) Chart of the Day Americans are increasingly hopping on flights going into Memorial Day. (compoundadvisors.com) Inflation Fund management Housing Policy Global Economy Earlier on Abnormal Returns Mixed media

Saturday links: traveling in two Americas

On Saturdays we catch up with the non-finance related items that we didn’t get to earlier in the week. You can check out last week’s edition here. Have a great weekend! Quote of the Day “I thought people would savor travel and be kind to one another, but unfortunately due to the fact that we’re […]

Coronavirus links: armchair epidemiologists

A coronavirus-focused linkfest is for now a weekly feature here on Abnormal Returns. Please stay safe and find a vaccination site near you. You can read last week’s edition here. Quote of the Day “The lesson to armchair epidemiologists: picking winners in the middle of a fight is a mistake. Recall how poorly last month’s […]

Friday links: long-term thinking

Quote of the Day “Long term is harder than most people imagine, which is why it’s more lucrative than many people assume.” (Morgan Housel) Chart of the Day In case you needed a reminder that the U.S. housing market is on fire. (via @lenkiefer) (twitter.com) Behavior Crypto Companies Finance ETFs Global Economy Earlier on Abnormal […]

Podcast links: turning the tables

Fridays are all about podcast links here at Abnormal Returns. You can check out last week’s links including a look at the downside of noise. Institutional investing Finance Off-topic

Thursday links: weird things

Quote of the Day “The problem is our brains were not built for the Internet. We’re not hardwired to deal with the constant stream of thoughts, opinions, pictures and news stories. Weird things are going to happen because of it.” (Ben Carlson) Chart of the Day A sign of the times: used car prices going […]

Longform links: creating the cloud

Thursdays are all about longform links on Abnormal Returns. You can check out last week’s linkfest including a look at why there can never be another MTV. Quote of the Day “The Cloud is a factory.” (Nathan Ensmenger) Book stuff Online Longreads

Wednesday links: 125 years

Quote of the Day “No stock has been in the Dow for the entire 125 years.” (Karen Langley and Peter Santilli) Chart of the Day How the recovery from pandemic will differ from the GFC. (economist.com) Markets Crypto Companies Finance Funds Economy Earlier on Abnormal Returns Mixed media

Personal finance links: what money can’t buy

Wednesdays are all about personal finance here at Abnormal Returns. You can check out last week’s links including a look at why shifting from saving to spending in retirement is so difficult. Quote of the Day “Even for the wealthiest, the coronavirus crisis challenged the notion that money could buy anything.” (Paul Sullivan) Chart of […]

Tuesday links: creating the future

Quote of the Day “If you allow the past – in investing or out of it – to consume you, you will never create the future you want and deserve.” (Vishal Khandelwal) Chart of the Day This indicator shows an overheated housing market. (chart via St. Louis Fed) (thebasispoint.com) Bonds Crypto Startups Fund management Work […]

Research links: market illusions

Tuesdays are all about academic (and practitioner) literature at Abnormal Returns. You can check out last week’s links including a look at the still elevated value spread. Quote of the Day “As I’ve listened to interviews, read, and thought about what the hell is happening, I’ve come to believe that markets are not absurd. It’s […]

Monday links: a new sense of the world

Quote of the Day “The pandemic seems to have broadened Airbnb’s sense of its place in the world. It once operated like an alternative to stodgy hotels, but is now embracing the idea that it can be an alternative to permanent housing as well.” (David Pierce) Chart of the Day The price of Bitcoin peaked […]

Adviser links: increased relevance

Mondays are all about financial adviser-related links here at Abnormal Returns. You can check out last week’s links including a look at the future of pro bono advice. Quote of the Day “Partnering with Altruist will help Vanguard increase its relevance to the independent channel, while keeping tech-centered custody giants like Schwab, Fidelity, and Pershing […]

Sunday links: common and familiar

Quote of the Day “Cryptocurrencies have become increasingly common and familiar, and the decision to buy one rather than another looks increasingly arbitrary.” (James Surowiecki) Chart of the Day Gasoline prices are at their highest level since 2014. (compoundadvisors.com) Strategy Crypto Fund management Policy Economy Earlier on Abnormal Returns Mixed media

Saturday links: watching and learning

On Saturdays we catch up with the non-finance related items that we didn’t get to earlier in the week. You can check out last week’s edition here. Have a great weekend! Quote of the Day “Watching and learning from people very different from you is a great way to learn to be happier.” (Arthur C. […]

Coronavirus links: becoming endemic

A coronavirus pandemic linkfest is for now a weekly feature here on Abnormal Returns. Please stay safe and find a vaccination site near you. You can read last week’s edition here. Quote of the Day “Over the coming years, experts hope the novel coronavirus will evolve to become more like the four coronaviruses that cause […]

Friday links: a speculative collectable

Quote of the Day “Much like art, crypto is essentially a speculative collectable. It will never be a viable currency in the non-criminal market as long as it’s so volatile.” (Allison Schrager) Chart of the Day Gold is having a moment. (chart via @ycharts) (axios.com) Markets Strategy Google Finance Funds Economy Earlier on Abnormal Returns […]

Podcast links: employee motivation

Fridays are all about podcast links here at Abnormal Returns. You can check out last week’s links including a look at the Madoff scandal over a decade later. Noise Ted Seides Post-pandemic Crypto Episodes

Thursday links: fueled by endurance

Quote of the Day “Compounding is fueled by endurance, so sitting through market insanity is not a defect; it’s accepting an optimal level of hassle.” (Morgan Housel) Chart of the Day The Citibank Economic Surprise Index for the U.S. has turned negative for the first time in nearly a year. (bloomberg.com) Strategy Crypto IPOs Ford […]

Longform links: exponential phenomena

Thursdays are all about longform links on Abnormal Returns. You can check out last week’s linkfest including a look at what really drove the Roaring 20’s. Quote of the Day “Exponential phenomena are almost impossible for us to grasp. We are very experienced in a more or less linear world…We’re not equipped for it. It […]

Wednesday links: lessons learned

Quote of the Day “The fraud coins are crashing this week. They’re getting hit like the major coins, only much, much harder. Which is as it should be.” (Josh Brown) Chart of the Day (twitter.com) Markets Strategy Crypto SPACs Finance Startups Funds Food delivery Economy Earlier on Abnormal Returns Mixed media

Personal finance links: a stark reminder

Wednesdays are all about personal finance here at Abnormal Returns. You can check out last week’s links including a look at why you should NEVER respond to a cold call. Quote of the Day “I’m a huge advocate for saving money and taking a long-term view when it comes to your finances. But the past […]