Research links: genuine stock selection skill

Tuesdays are all about academic (and practitioner) literature at Abnormal Returns. You can check out last week’s links including a look at the role Bitcoin can play in a diversified portfolio. Quote of the Day “The current bleak environment does not bode well for active managers. We recall that 2020 was characterized by relatively favorable […]

Monday links: growing humility

Quote of the Day “I used to ‘know’ things. Nowadays there’s very little I’m sure about. Time and experience have made me more humble, in life and investing. One of the few things I’m certain of is that I don’t know very much.” (The Undercover Fund Manager) Chart of the Day The S&P 500 is […]

Adviser links: the ideal adviser

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 challenge of keeping a client after an adviser retires. Quote of the Day “The ideal advisor is a guide, a coach. She leads with empathy, not instruction.” (Tim Maurer) Podcasts The biz […]

Sunday links: the lucky ones

Quote of the Day “So many of the people we celebrate today for being geniuses are the result of some combination of hard work, intelligence, luck and survivorship bias.” (Ben Carlson) Chart of the Day Did you know DoorDash ($DASH) is now worth more than Uber ($UBER)? (compoundadvisors.com) Markets Crypto Companies Finance Policy Economy Earlier […]

Saturday links: specific chemical effects

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 “We’ve been consuming booze for several thousand years and have studied the compound’s specific chemical effects on the liver and […]

Coronavirus links: sick societies

A coronavirus-focused linkfest is still a weekly feature here at 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 real problem is simply that sick societies have sick institutions. Science is not some cloistered preserve in the clouds, but is […]

Friday links: paying attention to stocks

Quote of the Day “When the stock market is going up, people pay attention to the index. When the stock market is going down people, pay attention to their stocks.” (Michael Batnick) Chart of the Day Despite an ongoing pandemic, REITs have bounced back. (chart via @ycharts) (wsj.com) Markets Crypto Facebook Companies Finance Economy Earlier […]

Podcast links: living longer

Fridays are all about podcast links here at Abnormal Returns. You can check out last week’s links including a look at the history of Silicon Valley. Invest Like the Best Economy Longevity Off-topic Finance

Thursday links: no official record

Quote of the Day “In the crypto world, because crypto exchanges are not regulated as exchanges, there is no NBBO and there is no official record of the best price.” (Tomio Geron) Chart of the Day 30-year mortgage rates are content to sit below 3.0%. (chart via Freddie Mac) (housingwire.com) Markets Crypto Startups China Economy […]

Longform links: craving entertainment

Thursdays are all about longform links on Abnormal Returns. You can check out last week’s linkfest including a look at the history of the Starbucks Frappuccino. Quote of the Day “In every generation, children have craved whatever entertainment their parents decried and restricted the most.” (Jason Zweig) Book stuff Facebook Social media Autos Longreads

Wednesday links: a behavioral lens

Quote of the Day “Every development to an investment process, platform or piece of regulation should be viewed through a behavioural lens.” (Joe Wiggins) Chart of the Day Generac ($GNRC) is a big winner when bad weather strikes. (chart via @ycharts) (nytimes.com) Markets Strategy Crypto Apple Rivian Finance Economy Earlier on Abnormal Returns Mixed media

Personal finance links: a first-world curse

Wednesdays are all about personal finance here at Abnormal Returns. You can check out last week’s links including a look at the benefits of investing in your relationships. Quote of the Day “Worrying about money when you have it is a curse. A first-world curse, to be clear, but a curse all the same.” (Michael […]

Tuesday links: the crowded correction crowd

Quote of the Day “Virtual currencies, much like pickup trucks, are marketed for off-road use. But the reality is that the vast majority of users choose to stay on the streets and highways.” (Binyamin Appelbaum) Chart of the Day Despite a lack of volatility, the VIX has ticked higher. (sentimentrader.com) Markets Strategy Crypto Amazon Intuit […]

Research links: playing lotto

Tuesdays are all about academic (and practitioner) literature at Abnormal Returns. You can check out last week’s links including a look at how selective memory plays a role in investor overconfidence. Quote of the Day “That the S&P 500 should be at fair value is about as likely as playing a game of lotto, where […]

Monday links: talking and debating

Quote of the Day “Investors get to talk and debate, whether it’s on Reddit or elsewhere. The policies are the same: not to defraud the public, whether that’s a large institution, a hedge fund, or an individual.” (Gary Gensler) Chart of the Day Fewer stock markets are trading in uptrends. (sentimentrader.com) Strategy Crypto Finance ETFs […]

Adviser links: deeper expertise

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 highest priorities for RIA leaders. Quote of the Day “Financial advisors sold products. Financial Advicers sell themselves, their expertise, and their process that helps clients follow through on that advice to make […]

Sunday links: a forecasting trick

Quote of the Day “The trick when forecasting is realizing that’s what you’re doing.” (Morgan Housel) Chart of the Day Industrial stocks have stopped going up. (allstarcharts.com) Markets Strategy Crypto Apple-Epic Companies Venture capital Finance Policy Economy Earlier on Abnormal Returns Mixed media

Saturday links: good ideas

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 “Good ideas feel early.” (Seth Godin) Chart of the Day The hard seltzer boom seems to have hit a wall. […]

Coronavirus links: what success looks like

A coronavirus-focused linkfest is still a weekly feature here at Abnormal Returns. Please stay safe and find a vaccination site near you. You can read last week’s edition here. Quote of the Day “It is really important that we convey that success does not equal no cases…Success looks like very few people in the hospital […]

Podcast links: ETF origins

Fridays are all about podcast links here at Abnormal Returns. You can check out last week’s links including a look at the origin story of VC behemoth Andreessen Horowitz. The biz Startups Business Finance

Thursday links: a great hobby

Quote of the Day “Speculation is a great hobby if you can afford it, but it shouldn’t be confused with investment.” (Seth Godin) Chart of the Day Americans say its a bad time to buy a house. (thebasispoint.com) Strategy Amazon Finance Funds Sports betting Economy Earlier on Abnormal Returns Mixed media

Longform links: our finite time

Thursdays are all about longform links on Abnormal Returns. You can check out last week’s linkfest including a look at how (and why) ivermectin became the latest ‘miracle cure’ for Covid. Quote of the Day “For all the anxiety and uncertainty of this moment in history, we could think of it as an unprecedented opportunity […]

Wednesday links: rapid recreations

Quote of the Day “In general the thing that is happening now in the crypto world is that it is rapidly recreating the things that exist in the traditional finance world.” (Matt Levine) Chart of the Day Another look at just how strong the market has been in 2021. (athrasher.com) Markets Crypto Finance ETFs Economy […]

Personal finance links: a simplified retirement

Wednesdays are all about personal finance here at Abnormal Returns. You can check out last week’s links including a look at the benefits of taking a trial run at retirement. Quote of the Day “Sentimentality can’t make you rich, but it can make you feel happy in ways money never will.” (Jacob Schroeder) Podcasts Annuities […]

Tuesday links: telling each other stories

Quote of the Day “Yes, we’re always telling each other stories. That doesn’t mean that buying a drawing of a rock is the same as buying a company that mines rocks.” (Joe Weisenthal) Chart of the Day The Delta variant has put economic indicators into reverse. (sentimentrader.com) Strategy Crypto Companies Finance Funds Global Economy Earlier […]

Research links: a lazy approach

Tuesdays are all about academic (and practitioner) literature at Abnormal Returns. You can check out last week’s links including a look at whether there is a fundamental reason for value’s underperformance. Quote of the Day “However, being as objective as I can be, there is little doubt that toward the end of his life, Graham […]

Monday links: a fundamental break

Quote of the Day “The advent of gaming, especially computer gaming, marks a fundamental break in human affairs.” (Tyler Cowen) Chart of the Day Business travel is getting throttled as the Delta variant spreads. (chart via @ycharts) (wsj.com) Crypto Companies Finance Entertainment Economy Earlier on Abnormal Returns Mixed media

Adviser links: cash withdrawals

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 advantages of hiring professionals from outside the advisory space. Quote of the Day “The most important point here is that in a portfolio that has cash coming out of it, return cannot […]

Sunday links: a rational middle

Quote of the Day “There is a rational middle between Zero deficits on one side and Modern Monetary Theorists on the other.” (Barry Ritholtz) Chart of the Day Apple ($AAPL) was the first company to reach $2.5 trillion in market capitalization. (compoundadvisors.com) Strategy Crypto Finance Policy Restaurants Economy Earlier on Abnormal Returns Mixed media

Saturday links: wishing and insisting

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 “Change persists whether we asked for it or not. Wishing and insisting won’t get us back to a world that’s […]

Coronavirus links: expert disdain

A coronavirus-focused linkfest is still a weekly feature here at Abnormal Returns. Please stay safe and find a vaccination site near you. You can read last week’s edition here. Quote of the Day “In the eyes of vaccine skeptics, the experts’ disdain for ivermectin, paradoxically, is the best demonstration that it’s actually valuable.” (James Surowiecki) […]

Friday links: an epic recovery

Quote of the Day “The epic recovery from the Covid crash of early 2020 has made it all but impossible for most of us to reconstruct how afraid we were only a year-and-a-half ago.” (Jason Zweig) Chart of the Day On the state of the employment recovery. (calculatedriskblog.com) Markets Strategy Companies Finance Global Privacy Economy […]

Podcast links: origin stories

Fridays are all about podcast links here at Abnormal Returns. You can check out last week’s links including a look at whether going exclusive blunts a podcaster’s influence. Venture Behavior Institutional investors Index funds Finance Off topic

Thursday links: imperfect portfolios

Quote of the Day “One of the most liberating realizations in money management is when you understand the perfect portfolio doesn’t exist and that you should construct a simple & appropriate portfolio so you can focus most of your energy on other more important things in life.” (Cullen Roche) Chart of the Day 30-year mortgage […]

Longform links: catering to tourists

Thursdays are all about longform links on Abnormal Returns. You can check out last week’s linkfest including a look at why hospitals don’t want you to know how much they charge for procedures. Quote of the Day “Margaritaville does an incredible job of catering to every type of person who might be in Times Square.” […]

ESG links: independent paths

We are now publishing our ESG links on a monthly basis. You can check out the previous set of links including a look at some blind spots for ESG ratings. Quote of the Day “Private markets and sustainable investing remain two of the hottest areas in finance. So far, they have been on independent paths, […]

Wednesday links: real potential

Quote of the Day “But crypto isn’t just gambling. Sure, it might look like that right now, but I think there are real potential use cases for crypto.” (Cullen Roche) Chart of the Day Enhanced unemployment benefits have had minimal effects on people going back to work. (wsj.com) August performance Crypto Amazon Companies Finance Fidelity […]

Personal finance links: being patient

Wednesdays are all about personal finance here at Abnormal Returns. You can check out last week’s links including a look at why there’s always somebody richer than you out there. Quote of the Day “Be more patient” in investing is the “sleep 8 hours” of health. It sounds too simple to take seriously but will […]

Tuesday links: balanced risk-taking

Quote of the Day “When we engage in balanced financial risk-taking, we tend to have a more balanced mind frame.” (Brett Steenbarger) Chart of the Day Financials are having a moment. (sentimentrader.com) Strategy Facebook Audio IPOs China Economy Earlier on Abnormal Returns Mixed media

Research links: freaked out investors

Tuesdays are all about academic (and practitioner) literature at Abnormal Returns. You can check out last week’s links including a look at just how well markets price goodwill. Chart of the Day Are value stocks cheap for a reason? (aqr.com) Factors Inflation Alternatives Climate Behavior Research

Monday links: waning exuberance

Quote of the Day “Cryptocurrencies, regardless of where they’re trading today, will eventually prove to be worthless. Once the exuberance wears off, or liquidity dries up, they will go to zero. I wouldn’t recommend anyone invest in cryptocurrencies.” (John Paulson) Chart of the Day Global economic surprises have now turned negative. (sentimentrader.com) Markets Crypto Space […]

Adviser links: hiring outsiders

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 rising number of 401(k) and IRA millionaires. Quote of the Day “Most people in the industry try to hire people with industry experience. I would rather hire someone who I think could […]

Sunday links: the act of speculation

Quote of the Day “While there will always be personal losses and hardship for individual investors that get caught out in a mania, the act of speculation is key for driving economic growth and prosperity at the national level.” (Jamie Catherwood) Chart of the Day 2021 has seen a lot of all-time market highs. (compoundadvisors.com) […]

Saturday links: open platforms

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 “Over time, the value of a uniform, a brand or a platform is defined by the worst people who wear […]

Coronavirus links: saving lives

A coronavirus-focused linkfest is still a weekly feature here at Abnormal Returns. Please stay safe and find a vaccination site near you. You can read last week’s edition here. Quote of the Day “For me, the fact that people are 300 times more likely to die if they’re unvaccinated is all I need to know…It’s […]

Friday links: persistent irrationalities

Quote of the Day “Hoaxes, frauds, manias, and other large-scale financial irrationalities have been with us from the beginnings of the markets in the seventeenth century, long before the Internet.” (Edward Thorp) Chart of the Day (twitter.com) Strategy Crypto Companies IPOs Funds Economy Earlier on Abnormal Returns Mixed media

Podcast links: waning influence

Fridays are all about podcast links here at Abnormal Returns. You can check out last week’s links including a look at the growth in the innovation economy. The biz Non-finance Venture Finance

Thursday links: the drum of fundamentals

Quote of the Day “Prices, therefore, rule everything. Prices determine returns and, ultimately, prices determine wealth. So you can beat the drum of fundamentals all you want, but it won’t change a thing in the meantime. It’s sad, but true.” (Nick Maggiulli) Chart of the Day Why 30-year mortgage rates are still under 3.0%. (chart […]

Longform links: closed doors

Thursdays are all about longform links on Abnormal Returns. You can check out last week’s linkfest including a look at why it’s so hard to be rational. Quote of the Day “Names can open doors, and they can also close them.” (Amit Katwala) Technology Behavior Medicine Longreads

Wednesday links: 20% gains

Quote of the Day “So historically, you would have been more likely to experience a 20% gain in a given year than a loss in the U.S. stock market.” (Ben Carlson) Chart of the Day Fees paid by fund investor have fallen by nearly half in the past two decades. (morningstar.com) Markets Strategy Companies IPOs […]