MarketsThe stock market typically bottoms before the economy. (theirrelevantinvestor.com)Higher inflation has come along with higher interest rate volatility. (capitalspectator.com)FundsThe bear market has boosted interest in liquid alternative funds. (wsj.com)Why picking a winning thematic fund is so challenging. (morningstar.com)WorkWorkers fled big cities for rural areas in pandemic. Will they come back? (wsj.com)Three things to help prevent job candidates from ghosting. (hunterwalk.medium.com)Being a succesful ‘video creator’ is a tenuous experience. (hollywoodreporter.com)EconomyThe American consumer has never been better prepared for a recession. (awealthofcommonsense.com)Why Bill McBride isn’t on ‘recession watch’ just yet. (calculatedriskblog.com)Some product categories that are already seeing price declines. (ritholtz.com)Housing affordability is at its worst level since the GFC. (calculatedrisk.substack.com)How higher mortgage rates are working their … [Read More...]
Research links: memory bias
ResearchIs the overnight effect the biggest anomaly hiding in plain sight? (elmwealth.com)How factors can be used in fixed income management. (mrzepczynski.blogspot.com)Don’t use the CAPE ratio to time markets. (evidenceinvestor.com)When selecting mutual funds it matters more to avoid the worst funds than identifying the best. (alphaarchitect.com)Why public pension funds should adopt a one-size-fits-all portfolio or ‘Universal Investment Portfolio.’ (papers.ssrn.com)Are long/short strategies preferable to direct indexing when managing individual positions? (aqr.com)Comparing the performance of micro VCs and traditional VCs. (papers.ssrn.com)Robin Powell talks with Mario Klenzer and Gustav Tinghög about their research into who is at-risk of ‘financial BS.’ (youtube.com) [Read More...]
Tuesday links: supply and demand imbalances
StrategyBear markets, 101. (monevator.com)Investing isn’t supposed to be fun or exciting. (morningstar.com)Why you should sin a little when it comes to market timing. (bloomberg.com)Your benchmark is not necessarily the stock market. (thefinancialbodyguard.com)CryptoBitcoin miners are up against it, from a profit perspective. (ft.com)Matt Hougan, “I think crypto remains in the land of hype and hyperbole.” (etf.com)Netflix Netflix ($NFLX) is investing more in Asia. (finance.yahoo.com)Streaming subscribers prefer HBO Max but are still holding on their Netflix ($NFLX) subs. (variety.com)Spotify ($SPOT) is acting more like an Aggregator than Netflix ($NFLX). (stratechery.com)Fund managementMuni bonds are increasingly held by funds not individuals. (wsj.com)Charles Schwab ($SCHW) is lowering expenses on a handful of ETFs. (riabiz.com)EconomyFifteen reasons why inflation got out of … [Read More...]
Adviser links: good enough rules
PodcastsChristine Benz and Jeff Ptak talk with David Lau, CEO of DPL Financial Partners, about low cost annuities. (morningstar.com)Peter Lazaroff talks with Prof. Nicole Boyson about adviser conflicts. (peterlazaroff.com)Daniel Crosby talks with Steve Atkinson. As Managing Director at Buckingham Wealth about what makes for a trusted advisor. (standarddeviationspod.com)Reese Harper talks with Adam Cmejla of Integrated Planning & Wealth Management about embracing a practice niche. (getelements.com)AlternativesBank of America ($BAC) has joined the crowd investing in iCapital. (riaintel.com)Fidelity Diversifying Solutions is the company’s entry in the alts space. (pionline.com)TaxesTax planning is a lot more than tax loss harvesting. (investmentnews.com)A bear market is a great time for direct indexing to flex their tax-loss harvesting muscles. (investmentnews.com)Practice managementNine steps to launching a … [Read More...]
Monday links: current data points
MarketsIs the 60/40 portfolio dead and buried? (awealthofcommonsense.com)History is a great reminder that the stock market is not the economy. (morningstar.com)CryptoMike Novogratz, “Yes, crypto is in a recession. The rest of the economy is also going to get a recession.” (nymag.com)Why this crypto recession is different than previous ones. (bloomberg.com)Crypto bosses are telling everyone to just hang on. (msn.com)CompaniesTech companies are locating data centers in cities closer to users. (technologyreview.com)Product searches on Amazon ($AMZN) are only getting more confusing. (wsj.com)SportsWhy sports team value seem to be immune from the economy. (frontofficesports.com)Why institutional capital is pouring into pro sports. (axios.com)Fund managementIs a value-oriented ESG fund an oxymoron? (morningstar.com)Earlier on Abnormal ReturnsAdviser links: good enough rules. (abnormalreturns.com)The … [Read More...]
Sunday links: cementing culture
MarketsHigh yield bond spreads are on the rise. (mrzepczynski.blogspot.com)Banks are in no hurry to raise savings account yields. (awealthofcommonsense.com)How cash stacks up as an inflation hedge. (morningstar.com)StrategyESG has lost all its meaning. (execsum.co)Timing the stock market is really hard. (bestinterest.blog)How Wes Gray invests his own money. (alphaarchitect.com)Fund managementVanguard continues to gain ground on Blackrock ($BLK) in ETFs. (etf.com)Fidelity has launched its DIY direct indexing platform. (investmentnews.com)GlobalManufacturing in Singapore is bouncing back. (wsj.com)China’s surveillance state is only getting more powerful as technology expands. (nytimes.com)PolicyThe U.S. wasted a decade of low interest rates to help rebuild the country’s infrastcuture. (qz.com)How Covid hospital relief inequitably flowed through the system. (washingtonpost.com)Why don’t Americans care more about the … [Read More...]
Saturday links: an extraordinary gift
AutosAuto companies are eliminating the end-of-lease purchase options. (autoblog.com)How Hoboken has dramatically improved pedestrian safety. (curbed.com)Self-driving semi-trucks are the first practical application of AV. (wsj.com)Yes, you should let guest charge their cars at your house. (slate.com)Air travelSuper jumbo A380s are once again flying. (bloomberg.com)People have forgotten how to behave on flights. (wsj.com)Airline staff shortages aren’t going anywhere. (axios.com)EnergyCompanies want to buy domestically produced solar panels, but there’s not enough of them. (wsj.com)Better heat pump technology is coming. (protocol.com)How retrofitting older buildings to be more energy efficient works. (technologyreview.com)How NET Power aims to make natural gas more efficient. (nytimes.com)Why do oil refineries keep closing? (washingtonpost.com)EnvironmentWhat happens to the boat business when … [Read More...]
Podcast links: moral questions
BusinessMeb Faber talks with Robin Goldstein and Daniel Summer authors of “Can Legal Weed Win?” (mebfaber.com)Derek Thompson talks with Scott Keyes about why air travel is so messed up right now. (theringer.com)VentureJosh Brown and Michael Batnick talk Web3 and VC with Howard Lindzon and Packy McCormick. (thereformedbroker.com)Tracy Alloway and Joe Weisenthal talk the state of venture with Tyler Tringas, founder of the Calm Fund. (bloomberg.com)FinanceFrederick Geischen talks fintech and more with Marc Rubinstein (neckar.substack.com)Jim O’Shaughnessy talks with Dave Chilton a Canadian author, investor, and a venture capitalist. (infiniteloopspodcast.com)Michael Covel talks with Jim Cullen author of “The Case for Long-Term Value Investing: A guide to the data and strategies that drive stock market success.” (trendfollowing.com)Jason Buck talks … [Read More...]
Friday links: ironclad economic rules
MarketsMeme stock traders love bankrupt stocks. (axios.com)Stock market grifters are nothing new, the case of the 1901 promotion boom. (novelinvestor.com)TeslaTesla ($TSLA) is prompting more automakers to sell their cars exclusively online. (nytimes.com)GM ($GM) and Ford ($F) are taking on Tesla in different ways. (wsj.com)GasolineHow closely do oil and gasoline move together? (fredblog.stlouisfed.org)Ethanol prices have been outpacing gasoline prices. (wsj.com)WorkMore teachers are planning to leave education sooner than they planned. (wsj.com)Gig workers are, by definition, interchangeable. (hbr.org)Earlier on Abnormal ReturnsPodcast links: moral questions. (abnormalreturns.com)What you missed in our Thursday linkfest. (abnormalreturns.com)Longform links: budget culture. (abnormalreturns.com)Are you a financial adviser looking for some out-of-the-box thinking? Then check out our weekly e-mail newsletter. (newsletter.abnormalreturns…. [Read More...]
Longform links: budget culture
BooksAn excerpt from Dan McCrum’s “Money Men: A Hot Startup, A Billion Dollar Fraud, A Fight for the Truth.” (ft.com)An excerpt from “Cabin Fever: The Harrowing Journey of a Cruise Ship at the Dawn of the Pandemic”. by Michael Smith and Jonathan Franklin. (bloomberg.com)FinancePrivate equity firms are increasingly swapping companies amongst themselves. (on.ft.com)How Susquehanna founder Jeff Yass goes out of his way to avoid paying taxes. (propublica.org)Where does wealth go after asset prices fall? (noahpinion.substack.com)EntertainmentAMC ($AMC) CEO Adam Aron is pulling out all the stops to transform the company. (latimes.com)Everything is on the table when it comes to Netflix’s ($NFLX) content strategy. (theinformation.com)How Pixar went from an idea to a commercial juggernaut. (theringer.com)LongreadsCharlie Warzel, “But some … [Read More...]
Thursday links: an impossible task
MarketsBig drops to start a year tend to see big bounces back. (lplresearch.com)What’s going on with TIPS prices? (eversightwealth.com)CryptoQuant hedge funds are feasting on crypto. (ft.com)How much longer can FTX support the crypto industry? (bloomberg.com)Coinbase ($COIN) Pro is going away. (theblock.co)A big profile of Binance CEO Changpeng Zhao. (bloomberg.com)FinanceRising interest rates are going to put fintech to the test. (economist.com)It’s up to Opendoor ($OPEN) to show that iBuying can work. (bloomberg.com)VoiceA startup has built voice AI to help call centers. (techcrunch.com)Amazon ($AMZN) Alexa can now mimic a voice. (yahoo.com)EconomyWeekly initial unemployment claims have stopped going down. (bonddad.blogspot.com)A recession will put pressure on the work-from-home revolution. (theatlantic.com)Earlier on Abnormal ReturnsLongform links: budget culture. … [Read More...]
Personal finance links: difficult comparisons
HousingThe American housing market is very different than 2008. (cnbc.com)Housing prices may finally be set to cool off. (wealthfoundme.com)Why cutting back on lattes isn’t going to help you afford a house. (ritholtz.com)Can you hedge the price of your house? Probably not. (awealthofcommonsense.com)When title insurance actually comes into play. (humbledollar.com)LessonsTen lessons from a FIRE journey including ‘Enjoy the present moment.’ (tawcan.com)Ten lessons from ten years of ‘fake retirement’ including: ‘You will lose and then regain your identity.’ (financialsamurai.com)Twelve paradoxes of wealth including ‘The more we learn about investing, the more we realize we don’t know anything.’ (humbledollar.com)PerspectiveDina Isola, “The gift of challenging times is that it forces us out of our primitive/survival mode in favor of using … [Read More...]
Wednesday links: valuation compression
MarketsSeven thing that could actually go right for the markets. (blog.validea.com)Where the equity risk premium stands. (economist.com)StrategyPicking stocks is hard, the case of Meta ($META). (theirrelevantinvestor.com)The problem with trying to ‘buy the dip.’ (onveston.substack.com)Venture capitalA profile of Union Square Ventures and how it uses ‘deep thinking and unusual discipline’ to outperform its peers. (readthegeneralist.com)Sequoia Capital is feeling the pain of the bear market. (newcomer.co)The SECWhy the SEC could look to regulate index providers. (etf.com)Activist hedge funds don’t want to have to disclose more about their positions. (institutionalinvestor.com)SportsSports betting firms are betting big on content partnerships. (hollywoodreporter.com)The NBA is not immune from a drop in viewership. (variety.com)Did the Boehly group overpay for Chelsea FC? (nypost…. [Read More...]
Research links: predicting the future
SentimentOn the intersection of sentiment and style returns. (papers.ssrn.com)How much does news move markets? (papers.ssrn.com)Bullish investors love posting GIFs. (papers.ssrn.com)AlternativesHow peer effects drove institutional investors into alternative investments. (papers.ssrn.com)Capitalism is essentially a big experiment where startups are trials. (morganstanley.com)What Sebastian Mallaby’s “The Power Law” teaches us about venture capital. (advisorperspectives.com)ResearchPortfolio rebalancing is not a ‘free lunch.’ (caia.org)Comparing factor momentum to stock momentum. (papers.ssrn.com)Why retail options trading is unusually profitable for wholesalers. (evidenceinvestor.com)Why ETF investors need to take into account deviations from NAV. (alphaarchitect.com)Why ESG investing should be long/short. (institutionalinvestor.com)What is the ‘Cockroach Portfolio’? (rogersplanning.blogspot.com) [Read More...]
Tuesday links: taking your lumps
MarketsThe stock market is oversold, what comes next? (ritholtz.com)Markets are moving faster than ever before. (theirrelevantinvestor.com)Some timeless lessons from the past two years including ‘Be careful who you take financial advice from.’ (awealthofcommonsense.com)CompaniesHundreds of companies are down 80% from their highs. (theirrelevantinvestor.com)A lot of companies were fueled by ‘Covid cocaine’ the past two years. (gothamgal.com)StrategyJoe Wiggins, “Bear markets are a breeding ground for emotions-based investing.” (behaviouralinvestment.com)The benefits of diversification change over time. (morningstar.com)CryptoThe crypto bear market is having an effect on sports marketing deals. (nypost.com)Crypto owners likely have some tax loss harvesting to do. (thomaskopelman.com)Fund managementThe story of the past few years as told through Tiger Global. (nymag.com)A list of the most powerful people … [Read More...]
Adviser links: leading to self-acceptance
PodcastsMichael Kitces talks with Ryan Townsley, who is the founder of Town Capital, about transitioning into a career of wealth management. (kitces.com)Daniel Crosby talks taxes with Jeff Levine, Chief Planning Officer, Buckingham Wealth Partners. (standarddeviationspod.com)WomenWhy Social Security rules are biased against women. (thinkadvisor.com)What advisers can do to make sure women are more involved in a couple’s decision making. (barrons.com)AdvisersThe SEC has fined Charles Schwab ($SCHW) $187 million over robo-advisor disclosures. (riaintel.com)The SECURE Act has complicated passing on IRAs to heirs. (financial-planning.com)The four phases of retirement including the ‘reinvention phase.’ (fa-mag.com)LGBTQ+ clients have unique financial planning needs. (morningstar.com)Results from the AARP–National Geographic “Second Half of Life Study.” (aarp.org)What it’s like to bring your son … [Read More...]
Monday links: finding new edges
MarketsThe shift from euphoria to fear has been stunning. (youngmoney.co)Markets just seem to move faster these days. (theirrelevantinvestor.com)Some things you can do to take advantage of the bear market including ‘Consider a Roth IRA conversion.’ (humbledollar.com)CryptoA short Bitcoin ETF launches tomorrow on the NYSE. (coindesk.com)What Sam Bankman-Fried, co-founder and CEO of FTX, is saying about the state of crypto. (npr.org)GlobalWhy grain is stuck in Ukraine. (vox.com)Russia’s war in Ukraine is to blame for rising food prices. (reason.com)Wholesale fertilizer prices are declining after soaring to multi-year highs. (bnnbloomberg.ca)Rich Russians are now flying to places other than Europe. (nytimes.com)EconomyHousing inventory is on the rise. (calculatedriskblog.com)Why housing completions are set to rise sharply in 2022. (calculatedrisk.substack…. [Read More...]
Sunday links: silly and dumb
Bear marketsHow this bear market is different than the Covid swoon. (howardlindzon.com)How long does it take stocks to bottom in a bear market? (awealthofcommonsense.com)StrategyBorrowing against your portfolio is a lot less attractive when interest rates no longer zero. (theatlantic.com)Why trying to maximize annual returns is counterproductive. (collaborativefund.com)A 60/40 portfolio is not all that balanced, risk-wise. (pragcap.com)Why time is an investor’s best friend. (bankeronfire.com)CryptoThe swagger has been wrung out of the cryptocurrency markets. (wsj.com)Six lessons from the cryptocurrency bust. (humbledollar.com)AppleWhat problem does CarPlay solve? (sixcolors.com)Apple ($AAPL) is changing how its lock screen works. (techradar.com)Why Apple ($AAPL) did a big deal with MLS. (frontofficesports.com)PolicyHow long Covid is showing up in the employment data. (bloomberg.com)Medical debt is a … [Read More...]
Saturday links: positive changes
AutosTesla ($TSLA) is raising prices for its vehicles. (engadget.com)What it’s like to spend a week with a new Ford ($F) F-150 Lightning EV. (ritholtz.com)The NHTSA is looking into Tesla ($TSLA) Autopilot crashes. (nytimes.com)How used automotive batteries could be repurposed for less strenuous uses. (newatlas.com)EnergyNextEra Energy ($NEE) aims to go carbon-free by 2045. (wsj.com)The administration is proposing new standards for gas-fired furnaces. (wsj.com)Renewables are helping keep the lights on in Texas. (cnn.com)The case against historical preservation laws. (marginalrevolution.com)EnvironmentAustralia is now taking climate change seriously. (wired.com)The Barents Sea is rapidly warming. (theguardian.com)Melting Arctic ice makes it easier to lay undersea cables. (wsj.com)AnimalsHoneybees don’t like heat. (modernfarmer.com)Armadillos are moving north. (nationalgeographic.com)Some signs that polar bears may … [Read More...]
Podcast links: end of the everything bubble
The bizPeter Kafka talks with Bill Simmons about the changing business of podcasting. (vox.com)Spotify ($SPOT) is planning a push into audiobooks. (theverge.com)WorkCardiff Garcia talks with Martin Sandbu is European Economics Commentator at the Financial Times, about the jobs of the future. (shows.acast.com)Derek Thompson talks remote work with Julia Hobsbawm, the author of “The Nowhere Office.” (theringer.com)BusinessPatrick O’Shaughnessy talks precision manufacturing with Josh Wolfe and Chris Power, founder of Hadrian. (joincolossus.com)Russ Roberts talks search with former Google Ads boss Sridhar Ramaswamy. (econtalk.org)Everything BubbleDerek Thompson talks with Kevin Roose about the end of the ‘everything bubble.’ (theringer.com)Ezra Klein talks with Rana Foorhar about the end of the ‘everything bubble.’ (nytimes.com)FinanceJoe Weisenthal and Tracy Alloway talk short selling … [Read More...]