AutosStephen Wilmot, “Delivery vehicles lend themselves to EV technology in ways passenger vehicles don’t.” (wsj.com)Microsoft ($MSFT) is investing in GM’s self-driving vehicle startup Cruise. (marketwatch.com)Despite some missteps VW trails only Tesla ($TSLA) in terms of EV and hybrid auto production. (wsj.com)EnergyOffshore wind installations require their own specialized support. (wsj.com)Oil and gas companies could become geothermal energy powerhouses. (qz.com)PFASsPFASs, or perfluoroalkyl and polyfluoroalkyl substances, are present in the drinking water of most Americans. (scientificamerican.com)PFASs are present in a lot of the popular outdoor clothing lines. (gq.com)EnvironmentRegenerative farming is both an opportunity for farmers and the planet. (indystar.com)Bad things happen when underground aquifiers get depleted. (wired.com)How the pandemic is undermining sea-based weather monitoring. (hakaimagazine.com)How New Zealand … [Read More...]

EpisodesJosh Brown talks with Ryan Barrows of Vanguard about ‘How America Invests.’ (thereformedbroker.com)Joe Weisenthal and Tracy Alloway talk with Corey Hoffstein about where quant goes from here. (bloomberg.com)Barry Ritholtz talks with Adam Karr, portfolio manager at Orbis Investments, about running an ‘unconstrained and concentrated fund.’ (ritholtz.com)Meb Faber talks multi-asset portfolios with Adrian Helfert of Westwood Group. (mebfaber.com)Tano Santos talks value investing with Mohnish Pabrai. (www8.gsb.columbia.edu)Eric Balchunas and Joel Weber recently spoke with Barry Ritholtz about pretty much everything including Bitcoin, Tesla and EVs. (ritholtz.com)Ted Seides talks with Frank Kinniry of Vanguard Group about its entry into private equity. (capitalallocatorspodcast.com)Cameron Passmore and Benjamin Felix talk MMT with Cullen Roche. (rationalreminder.ca)Howard Lindzon talks financial journalism with … [Read More...]

MarketsThere are plenty of signs we are in a risk-on environment. (allstarcharts.com)How to measure investor sentiment using market prices. (capitalspectator.com)StrategyHypergrowth eventually ends. The stock market cares about how it ends. (theirrelevantinvestor.com)Drawdowns always look easier to handle on a chart than they are in real life. (compoundadvisors.com)CryptoHow to think about Bitcoin as a religion. (bloomberg.com)Five reasons why the SEC should approve a Bitcoin ETF. (bloomberg.com)MoviesThe fact that AMC Theaters ($AMC) hasn’t gone bankrupt yet is a minor miracle. (nytimes.com)Another wave of high profile movie delays is coming. (variety.com)Air travelCommercial air travel is way down in pandemic, but the private jet business is booming. (bloomberg.com)Everybody is just guessing about whether business travel will rebound post-pandemic. (wsj.com)SPACsSPACs generate … [Read More...]

Book excerptsAn excerpt from “The Plague Cycle: The Unending War Between Humanity and Infectious Disease” by Charles Kenny. (slate.com)An excerpt from “Beginners: The Curious Power of Lifelong Learning” by Tom Vanderbilt. (outsideonline.com)An excerpt from “This Is the Voice” by John Colapinto. (theguardian.com)Pandemic policyHow the U.S. set itself on path for failure during the pandemic. (nytimes.com)Operation Warp Speed was kind of working until it came to vaccine distribution. (politico.com)FoodLoss of sense of smell is a Covid side effect. What happens if you make your living by your nose? (wired.co.uk)A profile of chef Ángel León and his plan to save the sea. (time.com)Just how sustainable can Big Meat actually become? (ft.com)LongreadsHow Andreessen Horowitz transformed into a media company. (newcomer…. [Read More...]

MarketsSome markets that are definitely not in a bubble, including financial stocks. (awealthofcommonsense.com)The reflation trade is helping commodities, including crude oil. (allstarcharts.com)RetailRetail traders are demanding more of every kind of asset, and suppliers are still catching up. (howardlindzon.com)IG Group is buying retail-focused online brokerage Tastytrade. (marketwatch.com)CryptoGrayscale ended 2020 with $20.2 billion in AUM which is 10x 2019. (investopedia.com)CompaniesFox essentially swapped a stake in Roku ($ROKU) for ownership in Tubi. (thestreamable.com)Neiman Marcus creditors are getting bailed out by the Mytheresa ($MYTE) IPO. (ft.com)ARK InvestDoes ARK Invest have a capacity problem? (barrons.com)It’s hard not to marvel at ARK Invest’s 2020. (institutionalinvestor.com)ETFsThematic ETFs are not launched at market bottoms. (msn.com)A third SPAC-focused ETF is coming to market. (wsj.com)FundsETFs saw inflows … [Read More...]

Four yearsHow the Dow has performed during Presidential administrations. (thereformedbroker.com)What markets did over the past four years. (capitalspectator.com)Retail tradingThe new class of retail traders really are roiling the stock markets. (theirrelevantinvestor.com)This rally is being driven by unprofitable companies. (ft.com)Small trader are buying call options hand over fist. (sentimentrader.com)Market breadth is off the charts. (allstarcharts.com)StrategySome major secular trends have reversed of late. (compoundadvisors.com)Six stocks doth not a diversified portfolio make. (bloomberg.com)NetflixNetflix ($NFLX) now has more than 200 million global subscribers. (nytimes.com)Netflix ($NFLX) is now a consumer staple. (compoundadvisors.com)SPACsGoldman Sachs ($GS) is warning about the SPAC boom. (bloomberg.com)Former SPAC deal, Quantumscape ($QS) has no shortage of skeptics. (ft.com)Singapore wants to become a hub for SPACs. (ft.com)Electronic tradingThe … [Read More...]

RatesHow to interpret TIPS breakeven spreads. (econbrowser.com)Real interest rates can no longer be estimated on a country-by-country basis. (klementoninvesting.substack.com)Quant stuffMichael Harris, “Traders and investors should be very careful with charts involving claims that cannot be verified.” (priceactionlab.com)Institutional investors haven’t given up on quant yet. (institutionalinvestor.com)When should you consider throwing out your model? (mrzepczynski.blogspot.com)Prof. Campbell Harvey named ‘2020 Quant of the Year’ by The Journal of Portfolio Management. (pm-research.com)ResarchWhy isn’t there more research on the impact of taxes on taxable investors? (aqr.com)Just how safe are stocks over the long run? (papers.ssrn.com)Do factors proxy for fundamental risks? (alphaarchitect.com)Some more on the overnight stock market returns effect. (systematicindividualinvestor.com)Private equity performance is neither reliable, … [Read More...]

MarketsThree big themes for the rest of the year including a mutating virus. (blog.yardeni.com)Why didn’t the financial markets react more to political violence? (theatlantic.com)StrategyHow to invest in a bubble. (awealthofcommonsense.com)Jeff Miller, “Successful investors are realists not ideologues.” (dashofinsight.com)A nice review for Joachim Klement’s book “Seven Mistakes Every Investor Makes (And How to Avoid Them).” (valueandopportunity.com)CryptoThe government of Iran is blaming Bitcoin miners for electrical blackouts. (washingtonpost.com)MediaApple ($AAPL) has finally decided to get into the premium podcast business. (markets.businessinsider.com)Medium has purchased e-book company Glose. (theverge.com)Issues about content moderation are going to spread from Twitter ($TWTR) and Facebook ($FB). (onezero.medium.com)Freakonomics Radio is opening up it archive and produce new shows. (axios.com)PeletonPeople who ordered … [Read More...]

VariantsViruses mutate. So does the novel coronavirus. (theatlantic.com)The new variants increase the urgency to get people vaccinated. (statnews.com)We don’t really know if delaying second vaccinations would allow for greater virus mutation over time. (sciencemag.org)We need new diagnostic tests to identify the new variants. (statnews.com)Why you need to step up your vigilance with the new variants about. (vox.com)VaccinesJ&J ($JNJ) is nearing results of its Phase 3 vaccine trial and could make 1 billion doses. (barrons.com)Pfizer ($PFE) says its vaccine works against the new variants. (nytimes.com)The efficacy of just the first dose was not a focus of clinical trials. (wired.com)The Sinovac vaccine is less efficacious than previously thought. (cnbc.com)How much vaccine you can extract from the vial depends on the type … [Read More...]

AutosAutomakers around the world are facing a shortage of chips. (theverge.com)Why fatality rates on U.S. roads rose last year. (wsj.com)Ferrari is getting dragged kicking and screaming into the SUV era. (nytimes.com)How to think about the new automotive industry. (asymco.com)BatteriesWe are going to need to start recycling batteries to help make more EVs. (axios.com)The next wave of EV adoption relies on better, cheaper batteries. (wsj.com)EnergyHow long before we stop thinking of energy and oil/gas as the same thing? (wsj.com)How small floating power stations could harness thermal energy in the ocean. (wired.com)There are dams already in place not generating power. Why not hook them up? (ft.com)Towns in the West are seeing surging revenues from wind projects while revenues … [Read More...]

The GoldmineIntroducing ‘The Goldmine’ a new audio feed where you can hear your favorite financial writers read their best content. (abnormalreturns.com)You can listen to latest episode by Ben Carlson ‘It’s OK To Build Wealth Slowly.’ (awealthofcommonsense.com)Portfolio managementBarry Ritholtz talks asset allocaton with Sébastien Page, head of T. Rowe Price’s $363.5 billion multi-asset division. (ritholtz.com)Eric Balchunas and Joel Weber talk with Scott Schoelzel, the former PM of the Janus Twenty Fund, about what it’s like to run a hot, high-flying fund. (bloomberg.com)Brandon Beylo talks with Lawrence Hamtil about six industries ESG investors love to hate. (macro-ops.com)EpisodesMeb Faber talks options, the VIX, and tail risk strategies with Kevin Davitt and John Hiatt from the CBOE. (mebfaber.com)Joe Weisenthal and Tracy … [Read More...]

MarketsThe S&P 500 is historically concentrated in its top 10 holdings. (fortunefinancialadvisors.com)A look at ‘super-strong’ breadth readings. (sentimentrader.com)Is the value trade just a big bet on the vaccine? (nytimes.com)CryptoAnything Bitcoin-related is seeing a surge in trading volume. (ft.com)AppleHow Apple ($AAPL) could improve Fitness+. (sixcolors.com)How much revenue does Apple ($AAPL) generate on Apple Pay? (asymco.com)Goldman SachsGoldman Sachs ($GS) is set to launch a Marcus-branded checking account. (bloomberg.com)Goldman could turn to deals to build up Marcus. (reuters.com)Venture capitalAmy Whyte, “By every measure, 2020 was a big year for venture capital — at least for the established players.” (institutionalinvestor.com)There is no shortage of signs of froth in venture capital. (protocol.com)Venture-backed firms have new options when it comes … [Read More...]

BooksAn excerpt from “Beginners: The Curious Power of Lifelong Learning” by Tom Vanderbilt. (theguardian.com)An excerpt from “Ask Your Developer: How to Harness the Power of Software Developers and Win in the 21st Century” by Jeff Lawson. (fastcompany.com)An excerpt from “How to Survive: Self-Reliance in Extreme Circumstances” by John Hudson, the British military’s chief survival instructor. (wired.com)An excerpt from “Bravey: Chasing Dreams, Befriending Pain, and Other Big Ideas” by Alexi Pappas. (theatlantic.com)CompaniesAlibaba ($BABA) trades at a discount due to political risk. (notboring.substack.com)Why Spotify ($SPOT) is betting big on podcasts. (bloomberg.com)Is Nike ($NKE) losing its cool? (ft.com)TechnologyWhy Austin, Texas won’t become Silicon Valley 2.0. (texasmonthly.com)What does Internet 3.0 look like? Decentralized and more open. (stratechery.com)EnvironmentWant a better ocean? Eat more … [Read More...]

MarketsPenny stock volume is off the charts. (sentimentrader.com)The factors behind the surge in retail options trading. (economist.com)Big IPO pops just keep happening. (cnbc.com)StrategyInvestors today are going to have to get used to a new macroeconomic regime. (awealthofcommonsense.com)2020 is a great reminder why trying to forecast markets is futile. (ritholtz.com)Why you should take a look back at your 2020 investing decisions. (realreturns.blog)CryptoCrypto investment firm Grayscale saw AUM surge tenfold in 2020. (markets.businessinsider.com)A former Bitcoin miner raises some alarm bells. (institutionalinvestor.com)When it comes to cryptocurrency there’s Bitcoin, Ethereum and everything else. (visualcapitalist.com)SPACsWith so many SPACs the balance of power has shifted to potential acquisition targets. (institutionalinvestor.com)Why are SPACs still so U.S.-centric? (qz.com)FundsThe pandemic did not put a … [Read More...]

MarketsLast week was the sixth busiest, by share volume, for US equities in history. (msn.com)A record number of open call options, means a record amount of gamma. (sentimentrader.com)Commodity prices are on the rise. (economist.com)StrategyJoe Wiggins, “Investors should make as few forecasts as possible and avoid at all costs making narrow, specific or short-term forecasts, where our success rate will be miserably low.” (behaviouralinvestment.com)As an investor you have to be willing to re-visit your own biases. (theirrelevantinvestor.com)AppleThe M1 chip was a long time coming. (kensegall.com)Making the case for a 12-inch Macbook Air. (macworld.com)Dan Moren, “Apple’s tracking tags are probably the worst kept secret in the history of the company’s products…” (sixcolors.com)FinanceWhy the newly public Affirm ($AFRM) … [Read More...]

QuotesMeb Faber, “Most of the excess returns from the best performing stock periods have come from valuations going from really low back to average or above. (and vice versa).” (mebfaber.com)Larry Swedroe, “The conventional wisdom that past performance is a strong predictor of future performance is so strongly ingrained in our culture that it seems almost no one stops to ask if the conventional wisdom is correct, even in the face of persistent failure.” (evidenceinvestor.com)Johann Colloredo-Mansfeld, “Historically, markets demonstrate a cyclical fallibility. Investors tend to over-extend when heading into bad times and exhibit excessive caution when heading into good times.” (mailchi.mp)Paper”Cryptoassets: The Guide to Bitcoin, Blockchain, and Cryptocurrency for Investment Professionals” by Matt Hougan and David Lawant. (cfainstitute.org)”Why is … [Read More...]

StrategyThe relationship between interest rates and asset classes is complicated. (capitalspectator.com)If you have to invest in a sector or theme, limit your exposure. (monevator.com)Beating the market requires skill, discipline and luck. (zeninvestor.org)Even smart people make investment mistakes. (evidenceinvestor.com)TeslaThe crazy Tesla ($TSLA) story by the numbers. (compoundadvisors.com)At some point don’t you have to take some profits and diversify your portfolio? (ofdollarsanddata.com)Why you are likely to miss out on the next Tesla ($TSLA). (impersonalfinances.com)Decision makingMore information and data does not making for better decisions. (awealthofcommonsense.com)For better or worse, humans are story-telling machines. (ritholtz.com)CryptoIt is estimated some 20% of Bitcoin are stranded in lost wallets. (nytimes.com)Brokers are struggling to manage the volatility of Bitcoin trading on the back end. … [Read More...]

MarketsSigns of speculation are easy to find. (theirrelevantinvestor.com)The Citi Panic / Euphoria model is at a record high. (sentimentrader.com)Another measure showing the breadth of the current equity rally. (allstarcharts.com)Markets get really basic stuff wrong all the time. (ft.com)RetailRetail traders are gathering in new places to discuss stocks. (wsj.com)A Q&A with the guy betting it all on Tesla ($TSLA) shares. (330ramp.com)A majority of the English Premier League have sponsorship deals with trading platforms. (evidenceinvestor.com)CryptoICE ($ICE), will take its cryptocurrency venture, Bakkt, public by merging it with a SPAC. (wsj.com)What problem does Bitcoin actually solve? (justinpaterno.com)CompaniesPeople bought a lot of WD-40 ($WDFC) while at home. (bloomberg.com)Airbnb ($ABNB) hosts are trying to get around paying the platform for rentals. … [Read More...]